1931 Washington Ave · Vincennes, IN 47591

$120,000

3 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 46 Days on market

Built 1910 3,659 sqft lot $93/sqft · at area comps Est $122k · at est.

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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).

• Cash flow +15.3/30.0
• ARV discount +8.1/15.0
• DSCR +4.7/10.0
• Livability +3.5/5.0
• 1% rule +3.1/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice corner lot location for this one and a half story home. Features include: covered front porch, large living room, dining room, kitchen with breakfast nook, laundry room on main level, 2 bedrooms, 2 baths, sun room, and a fenced in backyard with patio area. Average monthly electric a month: $165.00. Average gas during the summer/spring months $53.00, average gas during fall/winter months $197.00.

Key facts

• 3,659 sq ft lot
• Built 1910
• Listed 46 days

Tags

• PRIVATE FENCED BACKYARD
• WALKING DISTANCE TO PARK

Property features AI

Exterior

• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residential, site-built home; One-story
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Covered porch; Corner lot; Privacy wood fencing

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: Bedrooms included in total room count (10 total rooms)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Forced-air heating; Central air conditioning; Ceiling fans
• Interior features: Kitchen island; Window treatments; Fireplaces in dining room, living room, kitchen, basement and bedroom; Full unfinished basement
• Laundry & utility: Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $44 ($528/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (18.8% below list).
• Recommended offer: $98k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.0% in Vincennes — 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 70/100 on livability (#148 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 D-.
• Vincennes Community School Corporation (town): math 34% / reading 38% proficiency, ranked #193 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benjamin Franklin Elementary Sch (math 64% / reading 54%, grade B-, #151 of 994 statewide, top 16%, 485 students, 47% FRL); George Rogers Clark School (math 27% / reading 34%, grade F, #203 of 330 statewide, top 63%, 609 students, 57% FRL); Lincoln High School (math 27% / reading 47%, grade F, #247 of 369 statewide, top 70%, 765 students, 55% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 139 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $120k implies a 1211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $97,500 (18.8% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 19% 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. 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: 0.81% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• GRM: 10.3

CMA / ARV

• ARV (median comp): $121,531
• List price: $120,000
• Delta: -1.26%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
862 Ridgeway Ave	0.08mi	3/2.0	1,188 (-8%)	2mo	$159,000	$134	82
1203 Ritterskamp Ave	0.09mi	3/1.0	1,194 (-7%)	6mo	$137,500	$115	75
1218 Mckinley Ave	0.14mi	2/1.0 (-1)	1,206 (-6%)	0mo	$185,000	$153	74
1303 N Upper 11th St	0.44mi	2/1.5 (-1)	1,298 (+1%)	1mo	$121,000	$93	71
1306 Ridgeway Ave	0.17mi	3/1.0	1,144 (-11%)	1mo	$97,000	$85	69
115 E Jefferson Ave	0.63mi	3/1.0	1,318 (+2%)	0mo	$125,000	$95	62
911 N 9th St	0.70mi	3/1.0	1,296 (+1%)	1mo	$27,500	$21	61
1704 Indiana Ave	0.23mi	2/1.0 (-1)	1,128 (-12%)	4mo	$130,000	$115	56
1007 N 10th St	0.63mi	3/1.0	1,384 (+8%)	3mo	$115,000	$83	52
1151 E St. Clair St	0.29mi	2/1.0 (-1)	1,096 (-15%)	6mo	$105,900	$97	47
108 E Eberwine Ave	0.63mi	2/2.0 (-1)	1,160 (-10%)	2mo	$55,000	$47	47
914 N 9th St	0.71mi	2/1.5 (-1)	1,186 (-8%)	4mo	$73,501	$62	44

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-16,691
• Equity at exit: $17,892

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-11,123
• Equity at exit: $10,375

Cash invested: $33,600 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 139
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$47 /mo · $563/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $44

Break-even live

Break-even rent $919

Max offer price $120,000

Occupancy floor 90%

Sensitivity live

Price	-10% $112	-5% $78	+0% $44	+5% $10	+10% $-24
Rent	-10% $-33	-5% $5	+0% $44	+5% $83	+10% $121
Rate	-1.0pp $104	-0.5pp $75	base $44	+0.5pp $13	+1.0pp $-19

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 N 7th St Unit A Vincennes, IN	2.0	1.0	1000	$975	$0.97	44d	1	0.83mi

Listing history 21 events

1. 2026-06-21
   days on market $120,000 Active 46 DOM
2. 2026-06-18
   days on market $120,000 Active 44 DOM
3. 2026-06-17
   days on market $120,000 Active 43 DOM
4. 2026-06-16
   days on market $120,000 Active 42 DOM
5. 2026-06-15
   days on market $120,000 Active 41 DOM
6. 2026-06-13
   days on market $120,000 Active 39 DOM
7. 2026-06-12
   days on market $120,000 Active 38 DOM
8. 2026-06-09
   pricedays on market $120,000 Active 35 DOM
9. 2026-06-08
   days on market $130,000 Active 34 DOM
10. 2026-06-07
    days on market $130,000 Active 33 DOM
11. 2026-06-07
    days on market $130,000 Active 32 DOM
12. 2026-06-04
    days on market $130,000 Active 29 DOM
13. 2026-06-02
    days on market $130,000 Active 28 DOM
14. 2026-06-01
    days on market $130,000 Active 27 DOM
15. 2026-05-31
    days on market $130,000 Active 26 DOM
16. 2026-05-31
    days on market $130,000 Active 25 DOM
17. 2026-05-05
    listed $130,000 Active 271-char remark
18. 2026-01-07
    soldstatus $9,150
19. 2022-08-01
    soldstatus $67,000 Closed 403-char remark

    Show marketing remark (403 chars)

    Nice corner lot location for this one and a half story home. Features include: covered front porch, large living room, dining room, kitchen with breakfast nook, laundry room on main level, 2 bedrooms, 2 baths, sun room, and a fenced in backyard with patio area. Average monthly electric a month: $165.00. Average gas during the summer/spring months $53.00, average gas during fall/winter months $197.00.

20. 2022-06-22
    status Pending 403-char remark

    Show marketing remark (403 chars)

    Nice corner lot location for this one and a half story home. Features include: covered front porch, large living room, dining room, kitchen with breakfast nook, laundry room on main level, 2 bedrooms, 2 baths, sun room, and a fenced in backyard with patio area. Average monthly electric a month: $165.00. Average gas during the summer/spring months $53.00, average gas during fall/winter months $197.00.

21. 2022-04-12
    listed $69,900 Active 403-char remark

    Show marketing remark (403 chars)

    Nice corner lot location for this one and a half story home. Features include: covered front porch, large living room, dining room, kitchen with breakfast nook, laundry room on main level, 2 bedrooms, 2 baths, sun room, and a fenced in backyard with patio area. Average monthly electric a month: $165.00. Average gas during the summer/spring months $53.00, average gas during fall/winter months $197.00.

ⓘ 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: $563 · $47/mo
• Projected year-2 tax: $792 · $66/mo
• Expected delta: +$228/yr (+$19/mo · 40.5%)

ⓘ 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 ≥105°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: $11,700
• − Mortgage interest: −$6,722
• − Property taxes: −$563
• − Insurance: −$600
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$3,491
• Taxable loss: −$1,548
• Est. tax savings @ 24.0%: +$372
• After-tax cash flow: $900/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: Vincennes Community School Corporation
• NCES district ID: 1812120
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $38,359
• Composite: 30.05/100
• National rank: #6354
• State rank: #193 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vincennes, IN
• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• 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

+71.7% since first listed

6 events — show timeline

• 2026-06-09 Price Changed $120,000 IRMLS
• 2026-05-05 Listed $130,000 IRMLS
• 2026-01-07 Sold (Public Records) $9,150 Public Records
• 2022-08-01 Sold (MLS) $67,000 IRMLS
• 2022-06-22 Pending — IRMLS
• 2022-04-12 Listed $69,900 IRMLS

Property tax history

-1.7%/yr

Latest (2024): $563 · -49.0% YoY. Source: county tax records.