909 N Hart St · Princeton, IN 47670

$17,500

2 bd · 1.0 ba · 1,118 sqft · SingleFamily public records · 85 Days on market

Built 1960 10,360 sqft lot $16/sqft · 87% below area ↓ 12% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This single family residence presents a great investment opportunity for handy homeowners and investors alike. Offering 1118 square feet of living area, providing an inviting canvas for personal touches and enhancements with a 0.24 acre lot!

Key facts

• 0.24 acre lot
• Built 1960
• Listed 85 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Recommended offer: $16k (6.0% below list) — sets the bar for market timing.
• Cap rate 58.0% vs local median 4.6% in Princeton — 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 71/100 on livability (#131 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 138 active listings in the ZIP; 4 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; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $121 of loan paydown is wiped out by about $525 of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $2k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $16,450 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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. 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?
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: 6.33% ✓
• Cap rate: 57.99%
• Cash-on-cash: 184.64%
• DSCR: 9.22
• GRM: 1.3

CMA / ARV

• ARV (median comp): $138,880
• List price: $17,500
• Delta: -87.40%
• 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
614 N Hart St	0.17mi	2/1.0	1,050 (-6%)	3mo	$167,000	$159	80
927 N Hart St	0.03mi	2/1.0	1,278 (+14%)	6mo	$137,500	$108	69
406 W Spruce St	0.24mi	2/1.5	1,242 (+11%)	2mo	$150,000	$121	67
508 N Race St	0.44mi	2/1.0	1,052 (-6%)	5mo	$15,000	$14	66
417 E Walnut St	0.43mi	3/2.0 (+1)	1,080 (-3%)	4mo	$190,000	$176	62
318 N Seminary St	0.47mi	3/1.0 (+1)	1,198 (+7%)	4mo	$132,000	$110	58
408 E Water St	0.67mi	2/1.0	1,076 (-4%)	7mo	$65,000	$60	56
314 N Spring St	0.60mi	3/1.0 (+1)	1,148 (+3%)	8mo	$72,000	$63	56
823 W Wood St	0.54mi	3/1.0 (+1)	1,012 (-10%)	2mo	$67,500	$67	52
209 S Gibson St	0.66mi	2/2.0	1,224 (+10%)	6mo	$150,500	$123	45
115 N Embree St	0.63mi	3/1.0 (+1)	1,209 (+8%)	9mo	$80,000	$66	44
208 S Race St	0.72mi	3/1.0 (+1)	1,231 (+10%)	6mo	$131,500	$107	39

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: —
• Equity multiple: 10.22×
• Total profit: $45,200
• Equity at exit: $2,609

10-year hold

• IRR: —
• Equity multiple: 21.67×
• Total profit: $101,259
• Equity at exit: $1,513

Cash invested: $4,900 (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 47670

• Home prices YoY: -32.2%
• Active inventory: 138
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,107 medium
• Mortgage (P&I): −$92
• Tax est. 1.5%: −$22 /mo · $262/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $754

Break-even live

Break-even rent $153

Max offer price $17,500

Occupancy floor 27%

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: $4,375
• Closing costs: $525
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 N Seminary St Princeton, IN	2.0	1.0	884	$995	$1.13	44d	1	0.60mi
318 S Gibson St Unit A Princeton, IN	1.0	1.0	750	$795	$1.06	44d	1	0.76mi
220 W Garfield Ave Princeton, IN	2.0	1.0	1000	$1,700	$1.70	44d	2	1.42mi
629 S Second Ave Princeton, IN	1.0–3.0	1.0–2.0	1001	$1,188	$1.19	44d	29	1.43mi

Listing history 9 events

1. 2026-06-04
   days on market $17,500 Active 85 DOM
2. 2026-06-02
   days on market $17,500 Active 84 DOM
3. 2026-06-01
   days on market $17,500 Active 83 DOM
4. 2026-05-31
   days on market $17,500 Active 82 DOM
5. 2026-05-31
   days on market $17,500 Active 81 DOM
6. 2026-05-07
   price $17,500 241-char remark

   Show marketing remark (241 chars)

   This single family residence presents a great investment opportunity for handy homeowners and investors alike. Offering 1118 square feet of living area, providing an inviting canvas for personal touches and enhancements with a 0.24 acre lot!

7. 2026-05-07
   price $17,500 241-char remark

   Show marketing remark (241 chars)

   This single family residence presents a great investment opportunity for handy homeowners and investors alike. Offering 1118 square feet of living area, providing an inviting canvas for personal touches and enhancements with a 0.24 acre lot!

8. 2026-04-03
   listed $20,000 Active 241-char remark

   Show marketing remark (241 chars)

   This single family residence presents a great investment opportunity for handy homeowners and investors alike. Offering 1118 square feet of living area, providing an inviting canvas for personal touches and enhancements with a 0.24 acre lot!

9. 2026-03-10
   listed $20,000 Active 241-char remark

   Show marketing remark (241 chars)

   This single family residence presents a great investment opportunity for handy homeowners and investors alike. Offering 1118 square feet of living area, providing an inviting canvas for personal touches and enhancements with a 0.24 acre lot!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $13,289
• − Mortgage interest: −$980
• − Property taxes: −$262
• − Insurance: −$88
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$509
• Taxable income: $9,324
• Est. tax owed @ 24.0%: −$2,238
• After-tax cash flow: $6,810/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: North Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Princeton

• Score: 71/100
• State rank: #131
• US rank: #6840

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, IN
• Population (ZIP): 11,638

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 5% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.47%
• Current HPI: 219.932
• 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

-12.5% since first listed

4 events — show timeline

• 2026-05-07 Price Changed $17,500 IRMLS
• 2026-05-07 Price Changed $17,500 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $20,000 IRMLS
• 2026-03-10 Listed $20,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2024): $882 · -24.0% YoY. Source: county tax records.