1020 S Prince St · Princeton, IN 47670

$250,000

4 bd · 1.0 ba · 900 sqft · MultiFamily public records · 59 Days on market

Built 2019 6,970 sqft lot $278/sqft · 527% above area

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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 +11.3/30.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Schools +2.7/10.0
• 1% rule +2.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Excellent Opportunity to Own not 1 but 2 Duplexes located in Princeton. Both duplexes custom built by the Amish, open floor plan concept for Liv Rm. , Dining and Kitchen with nice size bar for seating and or a table as well. Each unit consist of 2 Beds, 1 Bath, Laundry Rm as well as Liv Rm, Dining Area, & Kitchen. Upon entering you will have a coat closet as well as numerous additional closets throughout. Laundry room with Washer & Dryer provided and has exit door. Most Tenants are on a month to month lease but have resided here for some time. Each Unit (Race St & Prince St) have a Tenant that takes care of yard with Owner discounting their rent at a slight reduction. Restrictions: No Smoking, No Pets. Parking Pad is available for each tenant in front of the building.

Key facts

• Exit door
• Laundry room
• Coat closet

Tags

• CUSTOM BUILT BY THE AMISH
• OPEN FLOOR PLAN CONCEPT
• COAT CLOSET
• NUMEROUS ADDITIONAL CLOSETS
• LAUNDRY ROOM
• EXIT DOOR

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (24.3% below list).
• Recommended offer: $189k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.6% in Princeton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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.
• Current owner paid $4k; list at $250k implies a 5456% gain — meaningful room to come down on a strong offer.

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 $189,300 (24.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
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 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: 0.76% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• GRM: 11.0

CMA / ARV

• ARV (median comp): $79,752
• List price: $250,000
• Delta: 213.47%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.9%
• Equity multiple: 0.34×
• Total profit: $-46,284
• Equity at exit: $37,276

10-year hold

• IRR: -11.4%
• Equity multiple: 0.32×
• Total profit: $-47,902
• Equity at exit: $21,615

Cash invested: $70,000 (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: 22.0×

Monthly cashflow live

• Estimated rent: $1,893 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$170 /mo · $2,040/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-90

Break-even live

Break-even rent $2,007

Max offer price $234,150

Occupancy floor 100%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,894
Total (2 units)			$1,893

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
629 S Second Ave Princeton, IN	1.0–3.0	1.0–2.0	1001	$1,450	$1.45	44d	29	1.28mi

Listing history 17 events

1. 2026-06-18
   days on market $250,000 Active 59 DOM
2. 2026-06-17
   days on market $250,000 Active 58 DOM
3. 2026-06-16
   days on market $250,000 Active 57 DOM
4. 2026-06-15
   days on market $250,000 Active 56 DOM
5. 2026-06-13
   days on market $250,000 Active 54 DOM
6. 2026-06-12
   days on market $250,000 Active 53 DOM
7. 2026-06-09
   days on market $250,000 Active 50 DOM
8. 2026-06-08
   days on market $250,000 Active 49 DOM
9. 2026-06-07
   days on market $250,000 Active 48 DOM
10. 2026-06-04
    days on market $250,000 Active 44 DOM
11. 2026-06-02
    days on market $250,000 Active 43 DOM
12. 2026-06-01
    days on market $250,000 Active 42 DOM
13. 2026-05-31
    days on market $250,000 Active 41 DOM
14. 2026-05-31
    days on market $250,000 Active 40 DOM
15. 2026-04-20
    listed $250,000 Active 795-char remark

    Show marketing remark (795 chars)

    Excellent Opportunity to Own not 1 but 2 Duplexes located in Princeton. Both duplexes custom built by the Amish, open floor plan concept for Liv Rm. , Dining and Kitchen with nice size bar for seating and or a table as well. Each unit consist of 2 Beds, 1 Bath, Laundry Rm as well as Liv Rm, Dining Area, & Kitchen. Upon entering you will have a coat closet as well as numerous additional closets throughout. Laundry room with Washer & Dryer provided and has exit door. Most Tenants are on a month to month lease but have resided here for some time. Each Unit (Race St & Prince St) have a Tenant that takes care of yard with Owner discounting their rent at a slight reduction. Restrictions: No Smoking, No Pets. Parking Pad is available for each tenant in front of the building.

16. 2019-02-01
    soldstatus $4,500 198-char remark

    Show marketing remark (198 chars)

    Nice Large Lot on Princeton's South end, Lot is aprox 50x142, all hookups available. Level and has ingress/egress driveway on prince and rear ally access. Beautiful spot for development of any kind.

17. 2018-06-07
    listed $4,500 198-char remark

    Show marketing remark (198 chars)

    Nice Large Lot on Princeton's South end, Lot is aprox 50x142, all hookups available. Level and has ingress/egress driveway on prince and rear ally access. Beautiful spot for development of any kind.

ⓘ 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: $2,040 · $170/mo
• Projected year-2 tax: $2,082 · $174/mo
• Expected delta: +$42/yr (+$4/mo · 2.1%)

ⓘ 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 (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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,716
• − Mortgage interest: −$14,004
• − Property taxes: −$2,040
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − Depreciation: −$7,273
• Taxable loss: −$5,485
• Est. tax savings @ 24.0%: +$1,316
• After-tax cash flow: $240/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

+5455.6% since first listed

3 events — show timeline

• 2026-04-20 Listed $250,000 IRMLS
• 2019-02-01 Sold (MLS) $4,500 IRMLS
• 2018-06-07 Listed $4,500 IRMLS

Property tax history

+53.4%/yr

Latest (2024): $2,040 · -1.0% YoY. Source: county tax records.