904 Parkview Dr · Boonville, IN 47601

$349,000

8 bd · 4.0 ba · 3,712 sqft · MultiFamily public records · 83 Days on market

Built 1968 0.43 ac lot $94/sqft · 23% above area Est $284k · 23% over

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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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

CONSIDERING DIVERSIFYING YOUR PORTFOLIO??? Everyone should. .. and instead of several rental homes in different locations. .. jump on this property!!! Four (4) units. .. . all in good condition. .. all 2 bedrooms, one bath, kitchen with range, refrigerator, washer, dryer. .. and a spacious living room!!! All units and building are in good condition!!! This owner takes very good care of his properties! Rents are below where they should be. .. .but that is a solvable issue!!! One is currently vacant for you to see. The other three are rented. Don't miss this property!!!! We don't get 4 unit properties very often I!!! Corner lot! Off street parking!! No smokers! No pets!

Key facts

• 0.43 acre lot
• 8 parking spots
• Built 1968

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $328k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.5% in Boonville — 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 66/100 on livability (#278 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Warrick County School Corporation (suburban): math 54% / reading 59% proficiency, ranked #24 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 158 active listings in the ZIP; 249 units permitted in Warrick County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Warrick County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $37k; list at $349k implies a 834% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $328,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.02%
• DSCR: 1.71
• GRM: 6.6

CMA / ARV

• ARV (median comp): $284,174
• List price: $349,000
• Delta: 22.81%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
919 Parkview Dr	0.06mi	8/4.0	3,625 (-2%)	3mo	$245,000	$68	91

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: 6.9%
• Equity multiple: 1.27×
• Total profit: $26,432
• Equity at exit: $52,037

10-year hold

• IRR: 16.2%
• Equity multiple: 2.33×
• Total profit: $129,649
• Equity at exit: $30,175

Cash invested: $97,720 (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 47601

• Active inventory: 158
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $4,400 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$196 /mo · $2,354/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $1,304

Break-even live

Break-even rent $2,749

Max offer price $349,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,502	-5% $1,403	+0% $1,304	+5% $1,205	+10% $1,107
Rent	-10% $957	-5% $1,130	+0% $1,304	+5% $1,478	+10% $1,652
Rate	-1.0pp $1,480	-0.5pp $1,393	base $1,304	+0.5pp $1,214	+1.0pp $1,122

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,400
Total (4 units)			$4,400

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-02
   status $349,000 Pending 83 DOM
2. 2026-06-01
   days on market $349,000 Active 83 DOM
3. 2026-05-31
   days on market $349,000 Active 82 DOM
4. 2026-05-30
   days on market $349,000 Active 81 DOM
5. 2026-03-10
   listed $349,000 Active 676-char remark

   Show marketing remark (676 chars)

   CONSIDERING DIVERSIFYING YOUR PORTFOLIO??? Everyone should. .. and instead of several rental homes in different locations. .. jump on this property!!! Four (4) units. .. . all in good condition. .. all 2 bedrooms, one bath, kitchen with range, refrigerator, washer, dryer. .. and a spacious living room!!! All units and building are in good condition!!! This owner takes very good care of his properties! Rents are below where they should be. .. .but that is a solvable issue!!! One is currently vacant for you to see. The other three are rented. Don't miss this property!!!! We don't get 4 unit properties very often I!!! Corner lot! Off street parking!! No smokers! No pets!

6. 2026-03-03
   historical $349,000 676-char remark

   Show marketing remark (676 chars)

   CONSIDERING DIVERSIFYING YOUR PORTFOLIO??? Everyone should. .. and instead of several rental homes in different locations. .. jump on this property!!! Four (4) units. .. . all in good condition. .. all 2 bedrooms, one bath, kitchen with range, refrigerator, washer, dryer. .. and a spacious living room!!! All units and building are in good condition!!! This owner takes very good care of his properties! Rents are below where they should be. .. .but that is a solvable issue!!! One is currently vacant for you to see. The other three are rented. Don't miss this property!!!! We don't get 4 unit properties very often I!!! Corner lot! Off street parking!! No smokers! No pets!

7. 2016-05-13
   soldstatus $37,380 58-char remark

   Show marketing remark (58 chars)

   2 Story Apartment building sold in as is/where is conditon

8. 2015-12-01
   listed $38,000 58-char remark

   Show marketing remark (58 chars)

   2 Story Apartment building sold in as is/where is conditon

ⓘ 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: $2,354 · $196/mo
• Projected year-2 tax: $2,660 · $222/mo
• Expected delta: +$306/yr (+$26/mo · 13.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,800
• − Mortgage interest: −$19,549
• − Property taxes: −$2,354
• − Insurance: −$1,745
• − Repairs & maintenance: −$4,224
• − Management: −$4,224
• − Depreciation: −$10,153
• Taxable income: $10,551
• Est. tax owed @ 24.0%: −$2,532
• After-tax cash flow: $13,118/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: Warrick County School Corporation
• NCES district ID: 1812390
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $62,801
• Composite: 49.38/100
• National rank: #2014
• State rank: #24 of 301 in IN

Livability — Boonville

• Score: 66/100
• State rank: #278
• US rank: #11520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonville, IN
• Population (ZIP): 13,119

Population outlook (Warrick County) Hauer SSP2

• Today (2025): 66,569 people
• By 2030: 68,404 · +2.8%
• By 2040: 71,131 · +6.9%
• By 2050: 72,743 · +9.3%
• By 2075: 76,088 · +14.3%
• By 2100: 72,261 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warrick

• 2024 margin: Solid R (+30.2) · D 34.1% · R 64.3% · Other 1.5%
• 2008→2024 swing: -17.4pp toward R · 2008: -12.8pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+27.8 2016: R+33.9 2012: R+26.6 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.46%
• Current HPI: 207.7817
• 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

+818.4% since first listed

4 events — show timeline

• 2026-03-10 Listed $349,000 IRMLS
• 2026-03-03 Coming Soon $349,000 IRMLS
• 2016-05-13 Sold (MLS) $37,380 IRMLS
• 2015-12-01 Listed $38,000 IRMLS

Property tax history

-2.0%/yr

Latest (2024): $2,354 · -3.1% YoY. Source: county tax records.