702 Cherokee Dr · New Albany, IN 47150

$185,000

3 bd · 1.5 ba · 1,536 sqft · SingleFamily public records · 5 Days on market

Built 1963 9,060 sqft lot Est $230k · 20% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +12.4/30.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious Bi-Level on a Large Corner Lot offering 1,536 square feet! 4 Bedrooms, 1.5 Bath home with large Eat-In Kitchen, Formal Living Room and Family Room, Garage, Fenced Yard. .. Great Home at a Great Price! New Paint and Carpeting! Appliances are negotiable. Average Utilities: Electric-$82, Gas-$63, All measurements are approximate and not guarenteed.

Key facts

• Oversized corner lot
• Open concept kitchen
• Fenced back yard

Tags

• OVERSIZED CORNER LOT
• TWO COMMON AREA LIVING SPACES
• OPEN CONCEPT KITCHEN
• FENCED BACK YARD
• STAINLESS KITCHEN APPLIANCES

Property features AI

Exterior

• Parking: Attached garage (1 car) with garage facing front
• Utilities: Public sewer; Public water (connected)
• Home design: Vinyl siding; Frame construction; Resale property
• Construction: Vinyl siding and frame construction; Below-grade finished area present
• Exterior features: Paved driveway; Walk-out basement access

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Includes a family room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Entrance foyer; Eat-in kitchen; Mud room; Utility room
• Laundry & utility: Laundry room in basement; Basement utility/sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-31 ($-377/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (20.8% below list).
• Recommended offer: $146k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.8% in New Albany — 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 73/100 on livability (#100 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: commute C-, employment D+, schools D.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 269 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 297 units permitted in Floyd County in 2024 (84 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 $6k of value loss. Plan a longer hold.
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $90k; list at $185k implies a 106% 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 $146,435 (20.8% 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. Built in 1963 — 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. 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?
5. 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?
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: 0.79% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $230,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Cherokee Dr	0.03mi	3/1.5	1,536 (0%)	6mo	$247,000	$161	93
604 Navajo Dr	0.09mi	3/1.5	1,636 (+6%)	4mo	$245,000	$150	81
701 Cherokee Dr	0.05mi	4/1.5 (+1)	1,728 (+12%)	3mo	$255,000	$148	69
806 Elmwood Ave	0.35mi	3/1.5	1,394 (-9%)	1mo	$225,000	$161	67
15 Robin Rd	0.56mi	4/2.0 (+1)	1,510 (-2%)	0mo	$253,000	$168	64
2424 Stover Dr	0.52mi	3/1.5	1,400 (-9%)	2mo	$244,900	$175	59
2319 Alta Ave	0.44mi	2/1.0 (-1)	1,384 (-10%)	0mo	$125,000	$90	56
1801 Rita Dr	0.49mi	3/1.5	1,722 (+12%)	2mo	$255,000	$148	55
1763 N Audubon Dr	0.74mi	4/1.0 (+1)	1,536 (0%)	5mo	$160,000	$104	54
2592 E Robin Rd	0.59mi	2/1.0 (-1)	1,414 (-8%)	7mo	$183,000	$129	47
211 Lawn Ct	0.71mi	3/1.0	1,754 (+14%)	1mo	$180,000	$103	41
2653 Roanoke Ave	0.72mi	4/2.0 (+1)	1,355 (-12%)	4mo	$299,000	$221	37

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.51×
• Total profit: $-25,497
• Equity at exit: $27,584

10-year hold

• IRR: 1.0%
• Equity multiple: 1.08×
• Total profit: $4,262
• Equity at exit: $15,995

Cash invested: $51,800 (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 47150

• Rents YoY: 7.2%
• Active inventory: 269
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,464 high
• Mortgage (P&I): −$970
• Tax from tax record: −$141 /mo · $1,692/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $-31

Break-even live

Break-even rent $1,504

Max offer price $179,454

Occupancy floor 97%

Sensitivity live

Price	-10% $73	-5% $21	+0% $-31	+5% $-84	+10% $-136
Rent	-10% $-147	-5% $-89	+0% $-31	+5% $26	+10% $84
Rate	-1.0pp $62	-0.5pp $16	base $-31	+0.5pp $-79	+1.0pp $-128

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3133 Murr Ln New Albany, IN	3.0	2.0	1533	$1,850	$1.21	21d	1	0.73mi
940 University Woods Dr New Albany, IN	1.0–2.0	1.0–1.5	1000	$1,049	$1.05	16d	1	0.78mi
212 Maevi Dr New Albany, IN	3.0	1.0	1251	$1,375	$1.10	21d	1	1.05mi
1808 Bono Rd New Albany, IN	1.0–2.0	1.0–2.0	1000	$1,035	$1.03	3d	1	1.11mi
1429 Slate Run Rd New Albany, IN	1.0–2.0	1.0–2.0	1200	$1,365	$1.14	15d	4	1.17mi
2000 Paddle Wheel Ct Jeffersonville, IN	3.0–4.0	2.0	1175	$1,470	$1.25	2d	1	1.18mi
1559 Old Ford Rd New Albany, IN	2.0	1.0	1300	$1,500	$1.15	21d	1	1.49mi

Listing history 3 events

1. 2026-05-25
   listed $185,000 Active
2. 2012-04-09
   soldstatus $90,000 356-char remark

   Show marketing remark (356 chars)

   Spacious Bi-Level on a Large Corner Lot offering 1,536 square feet! 4 Bedrooms, 1.5 Bath home with large Eat-In Kitchen, Formal Living Room and Family Room, Garage, Fenced Yard. .. Great Home at a Great Price! New Paint and Carpeting! Appliances are negotiable. Average Utilities: Electric-$82, Gas-$63, All measurements are approximate and not guarenteed.

3. 2011-12-16
   listed $99,990 356-char remark

   Show marketing remark (356 chars)

   Spacious Bi-Level on a Large Corner Lot offering 1,536 square feet! 4 Bedrooms, 1.5 Bath home with large Eat-In Kitchen, Formal Living Room and Family Room, Garage, Fenced Yard. .. Great Home at a Great Price! New Paint and Carpeting! Appliances are negotiable. Average Utilities: Electric-$82, Gas-$63, All measurements are approximate and not guarenteed.

ⓘ 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: $1,692 · $141/mo
• Projected year-2 tax: $1,692 · $141/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,572
• − Mortgage interest: −$10,363
• − Property taxes: −$1,692
• − Insurance: −$925
• − Repairs & maintenance: −$1,406
• − Management: −$1,406
• − Depreciation: −$5,382
• Taxable loss: −$3,601
• Est. tax savings @ 24.0%: +$864
• After-tax cash flow: $487/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: New Albany-Floyd County Consolidated Schools
• NCES district ID: 1807410
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $54,709
• Composite: 41.57/100
• National rank: #3441
• State rank: #68 of 301 in IN

Livability — New Albany

• Score: 73/100
• State rank: #100
• US rank: #5454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Albany, IN
• County: Floyd County · 49,144 people
• City population: 49,144
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 49,144
• Household income: $62,820
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1737.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 82,092 people
• By 2030: 84,384 · +2.8%
• By 2040: 87,919 · +7.1%
• By 2050: 89,958 · +9.6%
• By 2075: 94,159 · +14.7%
• By 2100: 91,907 · +12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Floyd

• 2024 margin: R (+15.5) · D 41.4% · R 56.9% · Other 1.7%
• 2008→2024 swing: -5.4pp toward R · 2008: -10.1pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+14.1 2016: R+20.1 2012: R+14.3 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.20%
• Current HPI: 206.7738
• Rent YoY: ▲ 7.24%
• Metro: Louisville/Jefferson County, KY-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

+85.0% since first listed

3 events — show timeline

• 2026-05-25 Listed $185,000 SIRA
• 2012-04-09 Sold (MLS) $90,000 SIRA
• 2011-12-16 Listed $99,990 SIRA

Property tax history

-1.3%/yr

Latest (2024): $1,692 · -5.0% YoY. Source: county tax records.