321 E Chestnut St · Boonville, IN 47601

$119,900

2 bd · 1.0 ba · 1,620 sqft · SingleFamily public records · 10 Days on market

Built 1900 7,405 sqft lot Est $151k · 20% under ↓ 4% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming yet spacious home in Boonville, ready for its next chapter. Situated on a desirable corner lot and backing up to the Warrick County School Corporation, the property offers a beautiful backyard setting with added privacy. Inside, you’ll find a generous family room featuring a built-in bar that flows seamlessly into the dining area, complete with sliding doors leading to the carport—perfect for use as a covered patio for relaxing or entertaining. The inviting living room is just off the covered front porch, creating a warm welcome for guests. The kitchen includes a refrigerator, electric range, pantry cabinet, and a window over the sink with a peaceful vie

Key facts

• 7,405 sq ft lot
• Built 1900
• Listed 10 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories; Entry level on main floor
• Construction: Vinyl siding; Brick/mortar foundation; Asphalt shingle roof; Built as a site-built home
• Exterior features: Covered porch; Corner lot

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Master bedroom on the main floor
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air; Ceiling fan(s)
• Interior features: Bar; Ceiling fans; Master bedroom on the main floor; Exterior-entry basement
• Laundry & utility: Washer included; Electric dryer hookup on the main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 11.4% vs local median 3.5% in Boonville — 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 66/100 on livability (#278 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Warrick County School Corporation (suburban): math 54% / reading 59% proficiency, ranked #24 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Loge Elementary School (math 67% / reading 62%, grade B, #78 of 994 statewide, top 9%, 404 students, 54% FRL); Boonville Middle School (math 37% / reading 47%, grade D-, #102 of 330 statewide, top 32%, 700 students, 51% FRL); Boonville High School (math 32% / reading 60%, grade D-, #163 of 369 statewide, top 44%, 881 students, 44% FRL) — zoned schools average 49% FRL vs 24% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 249 units permitted in Warrick County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Warrick County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $119,900

Questions for the listing agent

1. Built in 1900 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 1.41% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.25%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $150,660
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 E Chestnut St	0.00mi	3/1.0 (+1)	1,620 (0%)	0mo	$119,000	$73	95
222 N 5th St	0.14mi	2/1.0	1,630 (+1%)	5mo	$32,000	$20	88
515 N Fifth St	0.06mi	2/1.0	1,701 (+5%)	12mo	$159,000	$93	78
414 N Third St	0.20mi	3/2.0 (+1)	1,748 (+8%)	7mo	$13,000	$7	63
710 N Seventh St	0.18mi	2/2.0	1,776 (+10%)	11mo	$145,000	$82	62
315 W Walnut St	0.50mi	3/1.0 (+1)	1,679 (+4%)	5mo	$27,000	$16	61
607 N Sixth St	0.07mi	3/2.0 (+1)	1,438 (-11%)	10mo	$186,000	$129	60
317 E Locust St	0.31mi	3/2.0 (+1)	1,405 (-13%)	2mo	$113,800	$81	53
424 E Oak St	0.70mi	3/2.0 (+1)	1,649 (+2%)	4mo	$180,000	$109	52
812 Water St	0.32mi	3/2.0 (+1)	1,444 (-11%)	7mo	$210,000	$145	52
1109 N First St	0.49mi	3/1.5 (+1)	1,839 (+14%)	2mo	$240,000	$131	46
413 E Division St	0.60mi	3/2.0 (+1)	1,800 (+11%)	9mo	$200,000	$111	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.39×
• Total profit: $13,107
• Equity at exit: $17,877

10-year hold

• IRR: 19.0%
• Equity multiple: 2.59×
• Total profit: $53,380
• Equity at exit: $10,367

Cash invested: $33,572 (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 47601

• Active inventory: 158
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $510

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 65%

Sensitivity live

Price	-10% $593	-5% $552	+0% $510	+5% $469	+10% $428
Rent	-10% $377	-5% $443	+0% $510	+5% $577	+10% $644
Rate	-1.0pp $571	-0.5pp $541	base $510	+0.5pp $479	+1.0pp $448

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 Mayfair Dr Boonville, IN	3.0	2.0	1897	$1,695	$0.89	44d	1	1.11mi

Listing history 4 events

1. 2026-04-22
   status Pending
2. 2026-04-17
   price $119,900
3. 2026-04-11
   listed $124,900 Active
4. 2026-04-08
   historical $124,900

ⓘ 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 ≥106°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: $20,340
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$3,488
• Taxable income: $4,483
• Est. tax owed @ 24.0%: −$1,076
• After-tax cash flow: $5,049/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: Warrick County School Corporation
• NCES district ID: 1812390
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $62,801
• Composite: 49.38/100
• National rank: #2014
• State rank: #24 of 301 in IN

Livability — Boonville

• Score: 66/100
• State rank: #278
• US rank: #11520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonville, IN
• Population (ZIP): 13,119

Population outlook (Warrick County) Hauer SSP2

• Today (2025): 66,569 people
• By 2030: 68,404 · +2.8%
• By 2040: 71,131 · +6.9%
• By 2050: 72,743 · +9.3%
• By 2075: 76,088 · +14.3%
• By 2100: 72,261 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warrick

• 2024 margin: Solid R (+30.2) · D 34.1% · R 64.3% · Other 1.5%
• 2008→2024 swing: -17.4pp toward R · 2008: -12.8pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+27.8 2016: R+33.9 2012: R+26.6 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.46%
• Current HPI: 207.7817
• 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

-4.0% since first listed

4 events — show timeline

• 2026-04-22 Pending — IRMLS
• 2026-04-17 Price Changed $119,900 IRMLS
• 2026-04-11 Listed $124,900 IRMLS
• 2026-04-08 Coming Soon $124,900 IRMLS

Property tax history

+1.2%/yr

Latest (2024): $207 · +2.0% YoY. Source: county tax records.