2107 E National Hwy · Washington, IN 47501

$75,000

2 bd · 2.0 ba · 1,132 sqft · SingleFamily public records · 48 Days on market

Built 1944 0.63 ac lot $66/sqft · 58% below area ↓ 32% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment Opportunity on East National Highway – take a look at this home with kitchen, dining room, laundry room, bedroom, half bath, and large primary suite with private bath, basement and one car garage situated on . 627 acre +/-.

Key facts

• 0.63 acre lot
• Garage
• Built 1944

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Constructed with block, stone, vinyl siding, and wood siding
• Exterior features: Lot approximately 0.627 acres; Lot dimensions approximately 122 x 311

Interior

• Bedrooms: Master bedroom on main level
• Bathrooms: One full bathroom; One half bathroom; Two main-level bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Ceiling fans; Master bedroom on main level; Crawl space/partial basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.2% 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 Primary (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 370 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $519 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.89% ✓
• Cap rate: 15.20%
• Cash-on-cash: 31.80%
• DSCR: 2.41
• GRM: 4.4

CMA / ARV

• ARV (median comp): $177,574
• List price: $75,000
• Delta: -57.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2007 Grand Ave	0.44mi	2/1.0	1,100 (-3%)	11mo	$65,000	$59	62
1310 E Van Trees St	0.67mi	2/2.0	1,134 (+0%)	9mo	$140,000	$123	61
404 NE 19th St	0.58mi	3/1.0 (+1)	1,107 (-2%)	4mo	$148,650	$134	57
411 NE 18th St	0.64mi	2/1.5	1,152 (+2%)	14mo	$186,000	$161	54
948 E 75 St S	0.60mi	2/1.5	1,069 (-6%)	9mo	$208,500	$195	53
313 NE 19th St	0.55mi	3/1.0 (+1)	1,152 (+2%)	17mo	$155,000	$135	48
304 NE 16th St	0.60mi	2/1.0	1,008 (-11%)	4mo	$140,000	$139	47
1421 State St	0.49mi	3/1.0 (+1)	1,040 (-8%)	12mo	$167,450	$161	44
1306 State St	0.64mi	3/1.0 (+1)	1,080 (-5%)	23mo	$130,300	$121	35
105 NE 14th St	0.61mi	2/1.0	980 (-13%)	13mo	$72,500	$74	34
303 NE 14th St	0.71mi	2/1.0	970 (-14%)	23mo	$68,700	$71	20

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: 26.8%
• Equity multiple: 2.11×
• Total profit: $23,337
• Equity at exit: $11,183

10-year hold

• IRR: 34.4%
• Equity multiple: 4.15×
• Total profit: $66,153
• Equity at exit: $6,485

Cash invested: $21,000 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,414 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$136 /mo · $1,636/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $556

Break-even live

Break-even rent $710

Max offer price $75,000

Occupancy floor 56%

Sensitivity live

Price	-10% $599	-5% $578	+0% $556	+5% $535	+10% $514
Rent	-10% $445	-5% $501	+0% $556	+5% $612	+10% $668
Rate	-1.0pp $594	-0.5pp $576	base $556	+0.5pp $537	+1.0pp $517

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 E National Hwy Washington, IN	1.0–2.0	1.0–1.5	960	$1,250	$1.30	45d	1	0.14mi
8 Longbranch Dr Unit NA Washington, IN	3.0	2.0	1340	$1,700	$1.27	46d	1	0.30mi
499 S 100 E Apt 12 Washington, IN	3.0	2.5	1500	$1,500	$1.00	45d	1	0.32mi

Listing history 20 events

1. 2026-06-21
   days on market $75,000 Active 48 DOM
2. 2026-06-21
   days on market $75,000 Active 47 DOM
3. 2026-06-18
   days on market $75,000 Active 45 DOM
4. 2026-06-17
   days on market $75,000 Active 44 DOM
5. 2026-06-16
   days on market $75,000 Active 43 DOM
6. 2026-06-15
   days on market $75,000 Active 42 DOM
7. 2026-06-13
   days on market $75,000 Active 40 DOM
8. 2026-06-12
   days on market $75,000 Active 39 DOM
9. 2026-06-09
   days on market $75,000 Active 36 DOM
10. 2026-06-08
    days on market $75,000 Active 35 DOM
11. 2026-06-07
    days on market $75,000 Active 34 DOM
12. 2026-06-07
    days on market $75,000 Active 33 DOM
13. 2026-06-04
    days on market $75,000 Active 30 DOM
14. 2026-06-02
    days on market $75,000 Active 29 DOM
15. 2026-06-01
    days on market $75,000 Active 28 DOM
16. 2026-05-31
    days on market $75,000 Active 27 DOM
17. 2026-05-31
    days on market $75,000 Active 26 DOM
18. 2026-05-04
    listed $85,000 Active 240-char remark
19. 2023-11-21
    price $99,500
20. 2023-10-23
    listed $109,500 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: $1,636 · $136/mo
• Projected year-2 tax: $1,636 · $136/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,973
• − Mortgage interest: −$4,201
• − Property taxes: −$1,636
• − Insurance: −$375
• − Repairs & maintenance: −$1,358
• − Management: −$1,358
• − Depreciation: −$2,182
• Taxable income: $5,863
• Est. tax owed @ 24.0%: −$1,407
• After-tax cash flow: $5,271/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

-31.5% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $75,000 IRMLS
• 2026-05-04 Listed $85,000 IRMLS
• 2023-11-21 Price Changed $99,500 IRMLS
• 2023-10-23 Listed $109,500 IRMLS

Property tax history

-1.6%/yr

Latest (2024): $1,636 · +3.5% YoY. Source: county tax records.