5012 Washington St · West Point, IN 47992

$145,000

2 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 128 Days on market

Built 1950 4,356 sqft lot $118/sqft · 19% below area Est $180k · 19% under

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Why this score? — see what drove the C 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).

• ARV discount +15.0/15.0
• Cash flow +13.0/30.0
• Appreciation +10.0/10.0
• Schools +4.0/10.0
• DSCR +3.9/10.0
• 1% rule +2.7/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

An excellent opportunity to own an affordable 2-bedroom, 1-bath home offering 1,224 sq ft of living space. This home features newer flooring and fresh paint throughout, creating a clean and inviting interior. The functional layout includes a spacious living room, separate dining area, and a kitchen with ample cabinet space. Designed for low-maintenance living, this property includes off-street parking and a simple exterior, making ownership easy and manageable. Ideal for a first-time homebuyer, downsizer, or real estate investor, this home is a great option for those searching for an affordable home, starter home, or investment property in Indiana. A practical and budget-friendly choice in today’s market.

Key facts

• 4,356 sq ft lot
• Built 1950
• Listed 128 days

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 $-7 ($-87/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (22.8% below list).
• Recommended offer: $112k (22.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 53/100 on livability (#646 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Tippecanoe School Corporation (rural): math 44% / reading 49% proficiency, ranked #80 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $49k; list at $145k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,915 (22.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• GRM: 10.8

CMA / ARV

• ARV (median comp): $179,538
• List price: $145,000
• Delta: -19.24%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7016 Main St	0.03mi	2/1.0	1,158 (-5%)	14mo	$145,000	$125	78
8013 W 510 S	0.65mi	3/2.0 (+1)	1,338 (+9%)	1mo	$315,000	$235	45
7234 Turner Rd	0.49mi	3/1.0 (+1)	1,040 (-15%)	14mo	$195,000	$188	35

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.1%
• Equity multiple: 2.93×
• Total profit: $78,458
• Equity at exit: $130,627

10-year hold

• IRR: 21.4%
• Equity multiple: 6.70×
• Total profit: $231,306
• Equity at exit: $281,703

Cash invested: $40,600 (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 47992

• Home prices YoY: 8.9%
• Active inventory: 7
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,119 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-7

Break-even live

Break-even rent $1,128

Max offer price $143,718

Occupancy floor 96%

Sensitivity live

Price	-10% $75	-5% $34	+0% $-7	+5% $-48	+10% $-89
Rent	-10% $-96	-5% $-51	+0% $-7	+5% $37	+10% $81
Rate	-1.0pp $66	-0.5pp $30	base $-7	+0.5pp $-45	+1.0pp $-83

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-01-14
   listed $145,000 Active 720-char remark

   Show marketing remark (720 chars)

   An excellent opportunity to own an affordable 2-bedroom, 1-bath home offering 1,224 sq ft of living space. This home features newer flooring and fresh paint throughout, creating a clean and inviting interior. The functional layout includes a spacious living room, separate dining area, and a kitchen with ample cabinet space. Designed for low-maintenance living, this property includes off-street parking and a simple exterior, making ownership easy and manageable. Ideal for a first-time homebuyer, downsizer, or real estate investor, this home is a great option for those searching for an affordable home, starter home, or investment property in Indiana. A practical and budget-friendly choice in today’s market.

2. 2025-09-18
   historical
3. 2025-06-11
   status Active
4. 2025-05-15
   status Pending
5. 2025-04-29
   listed $150,000 Active
6. 2023-10-25
   soldstatus $49,000
7. 2023-10-13
   soldstatus $49,000 Closed
8. 2023-10-13
   soldstatus $49,000 Closed
9. 2023-09-18
   status Pending
10. 2023-09-18
    status Pending
11. 2023-08-30
    status Active
12. 2023-08-30
    price $49,900
13. 2023-08-30
    price $49,900
14. 2023-08-29
    status Active
15. 2023-08-21
    status Pending
16. 2023-08-21
    status Pending
17. 2023-08-13
    historical
18. 2023-07-11
    price $59,900
19. 2023-07-11
    price $59,900
20. 2023-06-02
    price $69,900
21. 2023-05-30
    price $66,900
22. 2023-05-24
    price $69,900
23. 2023-04-21
    price $77,900
24. 2023-04-21
    price $77,900
25. 2023-04-04
    status Active
26. 2023-04-04
    status Active
27. 2023-03-24
    status Pending
28. 2023-03-21
    status Pending
29. 2023-03-06
    listed $84,900 Active
30. 2023-03-06
    listed $84,900 Active

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $847 · $71/mo
• Projected year-2 tax: $1,040 · $87/mo
• Expected delta: +$193/yr (+$16/mo · 22.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,430
• − Mortgage interest: −$8,122
• − Property taxes: −$847
• − Insurance: −$725
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$4,218
• Taxable loss: −$2,631
• Est. tax savings @ 24.0%: +$632
• After-tax cash flow: $544/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: Tippecanoe School Corporation
• NCES district ID: 1811340
• Math proficiency: 44% ▼ -6.00%
• Reading proficiency: 49% ▼ -5.00%
• Median HH income: $55,087
• Composite: 40.36/100
• National rank: #3741
• State rank: #80 of 301 in IN

Livability — West Point

• Score: 53/100
• State rank: #646
• US rank: #24488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Point, IN
• Population (ZIP): 1,523

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 11% Two or more races 7%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 4% · Canada

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.36%
• Current HPI: 260.3795
• 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

+70.8% since first listed

30 events — show timeline

• 2026-01-14 Listed $145,000 IRMLS
• 2025-09-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-06-11 Relisted — MIBOR as Distributed by MLS Grid
• 2025-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2025-04-29 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2023-10-25 Sold (Public Records) $49,000 Public Records
• 2023-10-13 Sold (MLS) $49,000 IRMLS
• 2023-10-13 Sold (MLS) $49,000 MIBOR as Distributed by MLS Grid
• 2023-09-18 Pending — IRMLS
• 2023-09-18 Pending — MIBOR as Distributed by MLS Grid
• 2023-08-30 Relisted — IRMLS
• 2023-08-30 Price Changed $49,900 IRMLS
• 2023-08-30 Price Changed $49,900 MIBOR as Distributed by MLS Grid
• 2023-08-29 Relisted — MIBOR as Distributed by MLS Grid
• 2023-08-21 Pending — MIBOR as Distributed by MLS Grid
• 2023-08-21 Pending — IRMLS
• 2023-08-13 Delisted — IRMLS
• 2023-07-11 Price Changed $59,900 IRMLS
• 2023-07-11 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2023-06-02 Price Changed $69,900 IRMLS
• 2023-05-30 Price Changed $66,900 IRMLS
• 2023-05-24 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2023-04-21 Price Changed $77,900 IRMLS
• 2023-04-21 Price Changed $77,900 MIBOR as Distributed by MLS Grid
• 2023-04-04 Relisted — IRMLS
• 2023-04-04 Relisted — MIBOR as Distributed by MLS Grid
• 2023-03-24 Pending — MIBOR as Distributed by MLS Grid
• 2023-03-21 Pending — IRMLS
• 2023-03-06 Listed $84,900 IRMLS
• 2023-03-06 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

+20.4%/yr

Latest (2024): $847 · +348.6% YoY. Source: county tax records.