1638 S 3rd St · Terre Haute, IN 47802

$69,900

3 bd · 1.0 ba · 1,172 sqft · SingleFamily public records · 116 Days on market

Built 1910 5,227 sqft lot $60/sqft · 28% below area Est $97k · 28% under ↓ 7% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great small office opportunity, this single family home has been used as a rental for years but is zoned C-6 and ready for a small business. Home has 6 rooms including a Kitchen, 2 car detached garage and 41' of S 3rd frontage. A must see opportunity!

Key facts

• Zoned c-6
• Detached garage
• 5,227 sq ft lot

Tags

• SMALL OFFICE OPPORTUNITY
• ZONED C-6
• DETACHED GARAGE
• 41' OF S 3RD FRONTAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.7% in Terre Haute — 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 75/100 on livability (#63 in IN, #4,186 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.2%/yr); 187 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.54% ✓
• Cap rate: 12.71%
• Cash-on-cash: 22.93%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (median comp): $97,315
• List price: $69,900
• Delta: -28.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1816 S 7th St	0.39mi	2/1.0 (-1)	1,151 (-2%)	1mo	$123,000	$107	73
1805 S 6th St	0.22mi	2/1.0 (-1)	1,260 (+8%)	6mo	$110,000	$87	67
2301 S 8th St	0.63mi	2/1.0 (-1)	1,113 (-5%)	0mo	$146,500	$132	57
1415 S 8th St	0.46mi	3/1.0	1,031 (-12%)	2mo	$148,000	$144	57
1525 S 8th St	0.41mi	3/1.0	1,344 (+15%)	1mo	$130,000	$97	56
1425 S 11th St	0.65mi	2/1.0 (-1)	1,120 (-4%)	2mo	$82,500	$74	56
1012 S 9th St	0.72mi	3/1.0	1,214 (+4%)	7mo	$105,000	$86	55
1319 S 9th St	0.56mi	2/1.0 (-1)	1,099 (-6%)	5mo	$30,000	$27	54
2424 S 5th St	0.60mi	3/1.0	1,042 (-11%)	3mo	$108,000	$104	51
1510 S 10th St	0.58mi	2/1.0 (-1)	1,042 (-11%)	1mo	$60,000	$58	48
2228 S 8th St	0.63mi	2/1.0 (-1)	1,330 (+14%)	2mo	$87,040	$65	42
2427 Arleth Street St	0.63mi	4/1.5 (+1)	1,316 (+12%)	6mo	$145,500	$111	38

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 · 1.23% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.54×
• Total profit: $10,618
• Equity at exit: $10,422

10-year hold

• IRR: 21.3%
• Equity multiple: 2.66×
• Total profit: $32,502
• Equity at exit: $6,044

Cash invested: $19,572 (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 47802

• Home prices YoY: -26.8%
• Rents YoY: 1.2%
• Active inventory: 187
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,077 high
• Mortgage (P&I): −$367
• Tax from tax record: −$81 /mo · $971/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $374

Break-even live

Break-even rent $603

Max offer price $69,900

Occupancy floor 60%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1611 S 7th St Apt 4 Terre Haute, IN	2.0	1.0	1022	$795	$0.78	43d	1	0.31mi
1201 S 7th St Unit 3 Terre Haute, IN	3.0	1.0	880	$925	$1.05	43d	1	0.48mi
500 College Ave Terre Haute, IN	2.0	1.0	809	$792	$0.98	43d	14	0.49mi
1011 S 4th St Terre Haute, IN	2.0	1.0	1268	$750	$0.59	43d	1	0.50mi
600 S Center St Unit 602 Terre Haute, IN	3.0	1.5	1500	$2,500	$1.67	43d	1	0.83mi
2440 S 11th St Terre Haute, IN	2.0	1.0	800	$1,000	$1.25	43d	1	0.88mi
1320 S 19th St Terre Haute, IN	2.0	1.0	830	$700	$0.84	43d	1	1.37mi

Listing history 18 events

1. 2026-06-19
   days on market $69,900 Active 116 DOM
2. 2026-06-18
   days on market $69,900 Active 115 DOM
3. 2026-06-17
   days on market $69,900 Active 114 DOM
4. 2026-06-16
   days on market $69,900 Active 113 DOM
5. 2026-06-15
   days on market $69,900 Active 112 DOM
6. 2026-06-14
   days on market $69,900 Active 110 DOM
7. 2026-06-13
   days on market $69,900 Active 109 DOM
8. 2026-06-10
   days on market $69,900 Active 107 DOM
9. 2026-06-09
   days on market $69,900 Active 106 DOM
10. 2026-06-08
    days on market $69,900 Active 105 DOM
11. 2026-06-07
    days on market $69,900 Active 104 DOM
12. 2026-06-05
    days on market $69,900 Active 101 DOM
13. 2026-06-02
    days on market $69,900 Active 99 DOM
14. 2026-06-01
    days on market $69,900 Active 98 DOM
15. 2026-05-31
    days on market $69,900 Active 97 DOM
16. 2026-05-30
    days on market $69,900 Active 96 DOM
17. 2026-05-18
    price $69,900 251-char remark

    Show marketing remark (251 chars)

    Great small office opportunity, this single family home has been used as a rental for years but is zoned C-6 and ready for a small business. Home has 6 rooms including a Kitchen, 2 car detached garage and 41' of S 3rd frontage. A must see opportunity!

18. 2026-02-23
    listed $75,000 Active 251-char remark

    Show marketing remark (251 chars)

    Great small office opportunity, this single family home has been used as a rental for years but is zoned C-6 and ready for a small business. Home has 6 rooms including a Kitchen, 2 car detached garage and 41' of S 3rd frontage. A must see opportunity!

ⓘ 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: $971 · $81/mo
• Projected year-2 tax: $971 · $81/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,920
• − Mortgage interest: −$3,915
• − Property taxes: −$971
• − Insurance: −$350
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$2,033
• Taxable income: $3,583
• Est. tax owed @ 24.0%: −$860
• After-tax cash flow: $3,627/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: Vigo County School Corporation
• NCES district ID: 1812090
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 37% ▼ -8.00%
• Median HH income: $40,100
• Composite: 28.97/100
• National rank: #6625
• State rank: #202 of 301 in IN

Livability — Terre Haute

• Score: 75/100
• State rank: #63
• US rank: #4186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terre Haute, IN
• County: Vigo County · 91,193 people
• City population: 91,193
• Metro: Terre Haute, IN
• Population (ZIP): 33,135
• Household income: $57,395
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1102.0

Population outlook (Vigo County) Hauer SSP2

• Today (2025): 106,366 people
• By 2030: 105,674 · -0.7%
• By 2040: 103,731 · -2.5%
• By 2050: 101,200 · -4.9%
• By 2075: 95,674 · -10.1%
• By 2100: 85,910 · -19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 3% Slovak 2% Serbian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Vigo

• 2024 margin: R (+18.1) · D 40.0% · R 58.1% · Other 2.0%
• 2008→2024 swing: -33.9pp toward R · 2008: 15.8pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+14.7 2016: R+15.2 2012: D+0.8 2008: D+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.05%
• Current HPI: 183.0194
• Rent YoY: ▲ 1.23%
• Metro: Terre Haute, IN
• 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

-6.8% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $69,900 THAAR
• 2026-02-23 Listed $75,000 THAAR

Property tax history

-4.4%/yr

Latest (2024): $971 · +0.5% YoY. Source: county tax records.