402 W Sycamore St · Washington, IN 47501

$144,900

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 7 Days on market

Built 1946 0.31 ac lot Est $108k · 34% over

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.3/30.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this charming brick bungalow featuring 2 bedrooms and two baths, on a spacious lot. This well-maintained home offers beautiful hardwood floors, an attached garage, and plenty of character throughout. The updated furnace and sump pump with battery back-up provide peace of mind while the basement offers a bonus room for recreation or guests plus a large yard to enjoy. All appliances are included which makes the move easier. This adorable home is ready to make your own.

Key facts

• Brick bungalow
• Attached garage
• Bonus room

Tags

• BRICK BUNGALOW
• HARDWOOD FLOORS
• ATTACHED GARAGE
• UPDATED FURNACE
• SUMP PUMP WITH BATTERY BACK-UP
• BONUS ROOM

Property features AI

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family, site-built home; One story
• Construction: Brick and vinyl siding construction; Full, unfinished basement
• Exterior features: Covered porch; Shed(s); Landscaped, level lot

Interior

• Kitchen: Disposal; Microwave; Refrigerator; Electric range
• Bedrooms: Total rooms: 4
• Flooring: Hardwood floors; Ceramic tile
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating; Central air; Ceiling fans
• Interior features: Ceiling fans; Eat-in kitchen; Natural woodwork; Laminate countertops; Built-in features; Window treatments
• Laundry & utility: Washer and dryer included; Laundry located in basement; Electric water heater; Sump pump in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $53 ($631/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (7.9% below list).
• Recommended offer: $133k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.9% in Washington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#110 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Washington Community Schools (town): math 36% / reading 38% proficiency, ranked #174 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Intermediate (math 28% / reading 19%, grade F, #782 of 994 statewide, top 79%, 445 students, 68% FRL); Washington Upper Elementary (math 44% / reading 43%, grade D, #90 of 330 statewide, top 27%, 361 students, 62% FRL); Washington High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 780 students, 58% FRL).
• Market conditions: 115 active listings in the ZIP; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,413 (7.9% below list)

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $108,160
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Dewey Ave	0.25mi	2/1.0	864 (+4%)	1mo	$40,000	$46	81
519 Meredith St	0.64mi	3/1.0 (+1)	816 (-2%)	11mo	$82,000	$100	53
706 SE 2nd St	0.46mi	2/1.0	936 (+12%)	7mo	$78,500	$84	52
512 Meredith St	0.61mi	3/1.0 (+1)	816 (-2%)	13mo	$128,000	$157	52
413 NW 1st St	0.55mi	2/1.0	884 (+6%)	15mo	$156,000	$176	52
307 NE 4th St	0.65mi	1/1.0 (-1)	779 (-6%)	18mo	$101,000	$130	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-20,110
• Equity at exit: $21,605

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-13,117
• Equity at exit: $12,528

Cash invested: $40,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47501

• Home prices YoY: -23.2%
• Active inventory: 115
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,334 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,174/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $53

Break-even live

Break-even rent $1,268

Max offer price $144,900

Occupancy floor 91%

Sensitivity live

Price	-10% $153	-5% $103	+0% $53	+5% $3	+10% $-48
Rent	-10% $-53	-5% $0	+0% $53	+5% $105	+10% $158
Rate	-1.0pp $126	-0.5pp $89	base $53	+0.5pp $15	+1.0pp $-23

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-22
   days on market $144,900 Active 7 DOM
2. 2026-06-21
   days on market $144,900 Active 6 DOM
3. 2026-06-21
   days on market $144,900 Active 5 DOM
4. 2026-06-18
   days on market $144,900 Active 3 DOM
5. 2026-06-17
   days on market $144,900 Active 2 DOM
6. 2026-06-16
   remarks 482-char remark
7. 2026-06-16
   listed $144,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major 68% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,010
• − Mortgage interest: −$8,117
• − Property taxes: −$2,174
• − Insurance: −$724
• − Repairs & maintenance: −$1,281
• − Management: −$1,281
• − Depreciation: −$4,215
• Taxable loss: −$1,782
• Est. tax savings @ 24.0%: +$428
• After-tax cash flow: $1,059/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Washington Community Schools
• NCES district ID: 1812450
• Math proficiency: 36% ▼ -1.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $45,422
• Composite: 31.57/100
• National rank: #5952
• State rank: #174 of 301 in IN

Livability — Washington

• Score: 72/100
• State rank: #110
• US rank: #5706

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment F Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IN
• City population: 18,335
• Population (ZIP): 18,335

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 33,940 people
• By 2030: 34,457 · +1.5%
• By 2040: 35,412 · +4.3%
• By 2050: 35,803 · +5.5%
• By 2075: 35,173 · +3.6%
• By 2100: 29,799 · -12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Hispanic 4% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.5% · Other 1.4%
• 2008→2024 swing: -29.1pp toward R · 2008: -35.2pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+62.0 2016: R+62.8 2012: R+50.8 2008: R+35.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.30%
• Current HPI: 213.3049
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

1 event — show timeline

• 2026-06-11 Listed $144,900 IRMLS

Property tax history

-11.8%/yr

Latest (2018): $39 · -66.9% YoY. Source: county tax records.