10100 State Road 662 Rd · Newburgh, IN 47630

$279,900

2 bd · 1.5 ba · 2,328 sqft · SingleFamily public records · 10 Days on market

Built 1940 0.40 ac lot Est $345k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.1/30.0
• Schools +4.9/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated 2-3 bedroom ranch home on a large . 40 acre fenced lot. This home offers a spacious open floor plan with a large living room with wood floors. The updated kitchen opens up to an eating area and a cozy family room with a fireplace. 2 bedrooms and spacious full bath as well as a half bath on the main level. The basement has a large bedroom, utility room and large closet for extra storage. There is 2 car carport with storage and a huge deck overlooking the yard. Fence has double gate for access to put an RV or boat in the back yard.

Key facts

• Large deck
• Quick access to i 69
• Carport

Tags

• UPDATED KITCHEN
• FENCED IN LARGE BACKYARD
• LARGE DECK
• CARPORT
• NEARBY RIVERTOWN TRAIL
• QUICK ACCESS TO I 69

Property features AI

Exterior

• Parking: Has garage (2 spaces); Carport
• Utilities: Public water; Septic tank
• Home design: Single-family residence (site-built); One story; Shingle roof; Block foundation
• Construction: Vinyl siding; Home warranty included
• Exterior features: Deck; Privacy wood fencing; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: Total rooms: 7
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; One half bathroom; Two bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Central air; Ceiling fan(s)
• Interior features: Breakfast bar; Beamed ceilings; Laminate counters; Built-in features; Finished basement (partial); Sump pump in basement; One fireplace in family room
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-395 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (25.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (42.4% below list).
• Recommended offer: $161k (42.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#21 in IN, #1,922 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: 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: Newburgh Elementary School (math 70% / reading 63%, grade B+, #65 of 994 statewide, top 7%, 629 students, 32% FRL); Castle South Middle School (math 43% / reading 57%, grade C, #48 of 330 statewide, top 15%, 712 students, 34% FRL); Castle High School (math 56% / reading 80%, grade B, #22 of 369 statewide, top 6%, 1,961 students, 26% FRL).
• Market conditions: Rents rising fast (+8.7%/yr); 383 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $175k; list at $280k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $161,242 (42.4% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.58% ✗
• Cap rate: 4.60%
• Cash-on-cash: -6.06%
• DSCR: 0.73
• GRM: 14.5

CMA / ARV

• ARV (on-the-fly): $344,544
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10177 Kimberly Ln	0.41mi	3/2.5 (+1)	2,295 (-1%)	2mo	$345,000	$150	68
5566 Grimm Rd	0.14mi	3/2.5 (+1)	2,626 (+13%)	8mo	$335,000	$128	56
472 Westbriar Cir	0.53mi	3/2.0 (+1)	2,272 (-2%)	12mo	$585,000	$257	55
10211 Kimberly Ln	0.41mi	3/2.5 (+1)	2,144 (-8%)	9mo	$269,000	$125	51
5111 Tippecanoe Dr	0.58mi	3/2.5 (+1)	2,448 (+5%)	6mo	$355,000	$145	50
10533 Williamsburg Dr	0.59mi	3/2.5 (+1)	2,160 (-7%)	10mo	$280,000	$130	43
169 Driftwood Ln	0.70mi	3/3.0 (+1)	2,370 (+2%)	20mo	$480,000	$203	36
10066 Marquette St	0.59mi	3/2.5 (+1)	2,189 (-6%)	22mo	$325,000	$148	35
10722 Willow Creek Rd	0.62mi	3/2.5 (+1)	1,989 (-15%)	11mo	$325,000	$163	29
5133 Epworth Rd	0.66mi	3/3.0 (+1)	2,596 (+12%)	20mo	$280,000	$108	22

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.21×
• Total profit: $-62,161
• Equity at exit: $41,734

10-year hold

• IRR: -8.4%
• Equity multiple: 0.38×
• Total profit: $-48,342
• Equity at exit: $24,201

Cash invested: $78,372 (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 47630

• Rents YoY: 8.7%
• Active inventory: 383
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $1,612 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$85 /mo · $1,018/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-395

Break-even live

Break-even rent $2,113

Max offer price $210,037

Occupancy floor —

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
603 W Water St Newburgh, IN	3.0	2.0	2810	$3,700	$1.32	43d	1	1.19mi

Listing history 8 events

1. 2026-06-09
   status $279,900 Pending 10 DOM
2. 2026-06-08
   days on market $279,900 Active 10 DOM
3. 2026-06-07
   pricedays on market $279,900 Active 9 DOM
4. 2026-06-02
   days on market $289,900 Active 4 DOM
5. 2026-06-01
   days on market $289,900 Active 3 DOM
6. 2026-05-31
   days on market $289,900 Active 2 DOM
7. 2026-05-30
   remarks 699-char remark
8. 2026-05-30
   listed $289,900 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: $1,018 · $85/mo
• Projected year-2 tax: $1,699 · $142/mo
• Expected delta: +$681/yr (+$57/mo · 66.8%)

ⓘ 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,349
• − Mortgage interest: −$15,679
• − Property taxes: −$1,018
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − Depreciation: −$8,143
• Taxable loss: −$9,986
• Est. tax savings @ 24.0%: +$2,397
• After-tax cash flow: $-2,349/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 — Newburgh

• Score: 80/100
• State rank: #21
• US rank: #1922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Warrick County · 39,818 people
• City population: 39,818
• Metro: Evansville, IN-KY
• Population (ZIP): 39,818
• Household income: $94,162
• Rent vs Own: 19.7% rent · 80.3% own
• Severe rent burden: 770.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 5% Black 3% Hispanic / Latino 3% Asian 3%
• Common ancestry: Italian 3% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 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: ▼ -187.44%
• Current HPI: 185.7643
• Rent YoY: ▲ 8.69%
• Metro: Evansville, IN-KY
• 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

+65.8% since first listed

3 events — show timeline

• 2026-05-29 Listed $289,900 IRMLS
• 2020-06-11 Sold (MLS) $174,900 IRMLS
• 2020-02-21 Listed $174,900 IRMLS

Property tax history

+8.5%/yr

Latest (2024): $1,018 · +3.2% YoY. Source: county tax records.