1405 S 15th St · Vincennes, IN 47591

$215,000

6 bd · 4.0 ba · 2,600 sqft · MultiFamily public records · 6 Days on market

Built 1914 10,019 sqft lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Tri-plex investment property. There is a large (Unit 1/2) 3 bedroom 2 bath, a medium size (Unit A) 2 bedroom 1 bath, and a smaller (Unit B) 1 bedroom 1 bath. Currently fully occupied. Roof was replaced in 2016. HVAC on Unit 1/2 has been replaced in 2023.

Key facts

• 0.23 acre lot
• 6 parking spots
• Built 1914

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info:
• HOA & community:

Exterior

• Parking: 6 open parking spaces
• Security:
• Utilities: Public water; Public sewer
• Home design: Residential income property (triplex); Single-story; Entry level details not provided
• Construction: Vinyl siding; Slab foundation; Built area above grade: 2,600
• Exterior features: Corner lot; Level lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms:
• Flooring: Vinyl flooring
• Bathrooms: 4 full bathrooms; 6 bathrooms on the main level
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Range; Refrigerator
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Cap rate 10.3% vs local median 5.1% 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: Francis Vigo Elementary School (math 52% / reading 37%, grade F, #379 of 994 statewide, top 41%, 347 students, 62% 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 58% FRL track the district average.
• Market conditions: 139 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $215,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.19% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.40%
• DSCR: 1.64
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.18×
• Total profit: $11,089
• Equity at exit: $32,057

10-year hold

• IRR: 14.2%
• Equity multiple: 2.14×
• Total profit: $68,581
• Equity at exit: $18,589

Cash invested: $60,200 (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: 14.0×

Monthly cashflow live

• Estimated rent: $2,556 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $722

Break-even live

Break-even rent $1,642

Max offer price $215,000

Occupancy floor 67%

Sensitivity live

Price	-10% $844	-5% $783	+0% $722	+5% $661	+10% $601
Rent	-10% $520	-5% $621	+0% $722	+5% $823	+10% $924
Rate	-1.0pp $831	-0.5pp $777	base $722	+0.5pp $667	+1.0pp $610

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,556
Total (2 units)			$2,556

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   days on market $215,000 Active 6 DOM
2. 2026-06-18
   days on market $215,000 Active 4 DOM
3. 2026-06-17
   days on market $215,000 Active 3 DOM
4. 2026-06-16
   days on market $215,000 Active 2 DOM
5. 2026-06-15
   listed $215,000 Active 1 DOM

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,393 · $116/mo
• Expected delta: +$435/yr (+$36/mo · 45.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°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: $30,672
• − Mortgage interest: −$12,043
• − Property taxes: −$958
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,454
• − Management: −$2,454
• − Depreciation: −$6,255
• Taxable income: $5,434
• Est. tax owed @ 24.0%: −$1,304
• After-tax cash flow: $7,364/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

+19.5% since first listed

15 events — show timeline

• 2026-06-14 Listed $215,000 IRMLS
• 2025-09-26 Pending — IRMLS
• 2025-08-11 Listed $199,000 IRMLS
• 2024-05-16 Sold (MLS) $187,000 IRMLS
• 2024-04-05 Pending — IRMLS
• 2024-03-26 Relisted — IRMLS
• 2024-03-14 Pending — IRMLS
• 2024-01-18 Listed $189,900 IRMLS
• 2023-08-08 Delisted — IRMLS
• 2023-07-31 Listed $165,000 IRMLS
• 2023-07-31 Delisted — IRMLS
• 2023-05-30 Sold (MLS) $150,000 IRMLS
• 2023-04-27 Pending — IRMLS
• 2023-04-11 Price Changed $169,900 IRMLS
• 2023-03-28 Listed $179,900 IRMLS

Property tax history

-7.3%/yr

Latest (2024): $958 · -41.0% YoY. Source: county tax records.