620 W Spring St · New Albany, IN 47150

$165,000

3 bd · 2.0 ba · 1,440 sqft · Townhouse public records · 22 Days on market

Built 1870 2,613 sqft lot ↓ 11% 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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTORS! Duplex available on corner lot. Built in 1870 & fully renovated. this duplex was formerly Herman Hamilton's grocery in the 1950s! Apt A rents for $900, 2 BR, 1 BA, New AC in 2025, laundry hookups, 2 entrances. Apt B rents $800, 1 BR, 1 BA, laundry hookups, 2 entrances, nice backyard. Shed belongs to tenant. Tenant pays heat & elec. Landlord pays water & sewer for each unit. All appliancess stay. Newer windows. Detached one car garage with loft can be rented separately. Sq ft & rm sz approx. Price reflects need for new roof but roof is not leaking. Needs new gutters to divert water from crawl space.

Key facts

• Garage
• Built 1870
• Listed 21 days

Property features AI

Finance

• Other: Above-grade finished area: 1,440
• HOA & community: Sidewalks in the community

Exterior

• Parking: Detached garage; Garage faces front; Off-street parking; 1 garage space
• Utilities: Public water connection; Public sewer
• Home design: Single-story; Vinyl siding; Brick/mortar foundation; Shingle roof; Multifamily zoning; Resale property; Facing information not provided
• Construction: Built with vinyl siding; Brick/mortar foundation; Shingle roof
• Exterior features: Deck; Paved driveway; Corner lot; Paved road access

Interior

• Kitchen: Oven; Range; Refrigerator; Self-cleaning oven
• Bedrooms: Main-level primary bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Main-level primary bedroom; Utility room; Window treatments; Blinds; Screens; Thermal windows
• Laundry & utility: Laundry closet on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $26 ($307/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 $131k (20.4% below list).
• Recommended offer: $131k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.9% 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+, amenities F.
• 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.
• Zoned schools: Georgetown Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 683 students, 28% FRL); Highland Hills Middle School (math 53% / reading 57%, grade B-, #26 of 330 statewide, top 8%, 1,652 students, 19% FRL); Floyd Central High School (math 50% / reading 80%, grade B, #31 of 369 statewide, top 9%, 1,873 students, 19% FRL) — zoned schools average 22% FRL vs 38% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.2%/yr); 278 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $5k 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

• It's been on market 22 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• 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 $131,418 (20.4% below list)

Questions for the listing agent

1. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.80% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.58×
• Total profit: $-19,319
• Equity at exit: $24,602

10-year hold

• IRR: 2.9%
• Equity multiple: 1.24×
• Total profit: $11,221
• Equity at exit: $14,266

Cash invested: $46,200 (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 47150

• Rents YoY: 7.2%
• Active inventory: 278
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,314 high
• Mortgage (P&I): −$865
• Tax from tax record: −$79 /mo · $943/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $26

Break-even live

Break-even rent $1,282

Max offer price $165,000

Occupancy floor 93%

Sensitivity live

Price	-10% $119	-5% $72	+0% $26	+5% $-21	+10% $-68
Rent	-10% $-78	-5% $-26	+0% $26	+5% $78	+10% $129
Rate	-1.0pp $109	-0.5pp $68	base $26	+0.5pp $-17	+1.0pp $-61

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 E Spring St Unit 310-203 New Albany, IN	2.0	2.5	1005	$1,250	$1.24	5d	1	0.67mi
309 E Spring St Unit 310-106 New Albany, IN	2.0	2.0	1005	$1,250	$1.24	19d	1	0.67mi
1108 State St New Albany, IN	2.0	1.0	982	$1,150	$1.17	23d	1	0.77mi
520 Culbertson Ave Unit B New Albany, IN	3.0	2.0	1000	$1,395	$1.40	5d	1	0.85mi
608 E Spring St Unit 2 New Albany, IN	2.0	2.0	1100	$1,195	$1.09	5d	1	0.85mi
608 E Spring St Unit 2 New Albany, IN	2.0	2.0	1100	$1,195	$1.09	25d	1	0.85mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	21d	1	0.95mi
812 Culbertson Ave New Albany, IN	2.0	1.0	1000	$1,095	$1.09	23d	1	1.02mi
905 E Elm St New Albany, IN	1.0–2.0	1.0	937	$1,035	$1.10	25d	1	1.03mi
901 E Oak St New Albany, IN	3.0	1.0	1100	$1,350	$1.23	25d	1	1.04mi
1112 E Spring St Unit 1 New Albany, IN	2.0	2.0	1200	$1,440	$1.20	25d	1	1.16mi
1307 E Market St #1 New Albany, IN	2.0	1.0	936	$1,190	$1.27	19d	1	1.27mi
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	25d	1	1.29mi
1808 Bono Rd New Albany, IN	1.0–2.0	1.0–2.0	1000	$1,035	$1.03	5d	1	1.33mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	5d	1	1.38mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	22d	1	1.46mi

Listing history 8 events

1. 2026-06-15
   days on market $165,000 Active 22 DOM
2. 2026-06-13
   days on market $165,000 Active 20 DOM
3. 2026-06-01
   days on market $165,000 Active 19 DOM
4. 2026-05-31
   days on market $165,000 Active 18 DOM
5. 2026-05-22
   price $165,000
6. 2026-05-22
   status Active
7. 2026-05-08
   historical
8. 2026-04-29
   listed $185,000 Active

ⓘ 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: $943 · $79/mo
• Projected year-2 tax: $1,173 · $98/mo
• Expected delta: +$230/yr (+$19/mo · 24.4%)

ⓘ 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 · 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: $15,770
• − Mortgage interest: −$9,243
• − Property taxes: −$943
• − Insurance: −$825
• − Repairs & maintenance: −$1,262
• − Management: −$1,262
• − Depreciation: −$4,800
• Taxable loss: −$2,563
• Est. tax savings @ 24.0%: +$615
• After-tax cash flow: $922/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

-10.8% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $165,000 SIRA
• 2026-05-22 Relisted — SIRA
• 2026-05-08 Delisted — SIRA
• 2026-04-29 Listed $185,000 SIRA

Property tax history

+1.8%/yr

Latest (2024): $943 · -2.5% YoY. Source: county tax records.