610 W State St · Princeton, IN 47670

$50,000

2 bd · 2.5 ba · 1,624 sqft · SingleFamily public records · 97 Days on market

Built 1948 0.25 ac lot $31/sqft · 71% below area ↓ 15% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two story home on nice size city lot. The home has 3 bedrooms and 2 full bathrooms, living room, dining room, kitchen and basement. The home does need some TLC. - All offers must be entered through propoffers.com.

Key facts

• 0.25 acre lot
• Built 1948
• Listed 97 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Cap rate 25.2% vs local median 4.6% in Princeton — 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 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $346 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1948 — 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 $45,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.04% ✓
• Cap rate: 25.23%
• Cash-on-cash: 67.65%
• DSCR: 4.01
• GRM: 2.7

CMA / ARV

• ARV (median comp): $172,237
• List price: $50,000
• Delta: -70.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
724 W Emerson St S	0.10mi	3/2.0 (+1)	1,767 (+9%)	5mo	$75,000	$42	69
404 W Spruce St	0.31mi	2/2.0	1,413 (-13%)	1mo	$245,000	$173	61
315 S Gibson St	0.55mi	3/2.0 (+1)	1,587 (-2%)	4mo	$176,000	$111	60
402 N Gibson St	0.53mi	3/1.5 (+1)	1,557 (-4%)	2mo	$225,000	$145	58
222 E Clark St	0.56mi	2/2.0	1,745 (+8%)	5mo	$175,000	$100	55
421 S Spring St	0.53mi	3/1.5 (+1)	1,536 (-5%)	5mo	$86,000	$56	53
325 W Pine St	0.36mi	3/2.0 (+1)	1,799 (+11%)	12mo	$209,000	$116	49
624 S First St	0.51mi	3/1.0 (+1)	1,458 (-10%)	5mo	$180,000	$123	44
528 W Poplar Ave	0.57mi	3/2.5 (+1)	1,408 (-13%)	3mo	$239,900	$170	44
622 N Gibson St	0.59mi	3/2.0 (+1)	1,410 (-13%)	0mo	$242,000	$172	43
313 S Race St	0.67mi	3/1.0 (+1)	1,542 (-5%)	10mo	$137,400	$89	41
328 E Oak St	0.67mi	3/2.0 (+1)	1,416 (-13%)	2mo	$198,500	$140	39

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: 67.1%
• Equity multiple: 4.02×
• Total profit: $42,227
• Equity at exit: $7,455

10-year hold

• IRR: 71.3%
• Equity multiple: 8.27×
• Total profit: $101,751
• Equity at exit: $4,323

Cash invested: $14,000 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,518 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$127 /mo · $1,523/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $789

Break-even live

Break-even rent $519

Max offer price $50,000

Occupancy floor 43%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 S Main St Princeton, IN	3.0	2.0	2050	$1,600	$0.78	43d	1	0.56mi
629 S Second Ave Princeton, IN	1.0–3.0	1.0–2.0	1001	$1,188	$1.19	43d	29	0.96mi
1651 W Tulip Blossom Ln Princeton, IN	3.0	2.0	1538	$1,622	$1.05	43d	2	1.04mi

Listing history 18 events

1. 2026-06-18
   days on market $50,000 Active 97 DOM
2. 2026-06-17
   price $50,000 Active 96 DOM
3. 2026-06-17
   days on market $55,000 Active 96 DOM
4. 2026-06-16
   days on market $55,000 Active 95 DOM
5. 2026-06-15
   days on market $55,000 Active 94 DOM
6. 2026-06-13
   days on market $55,000 Active 92 DOM
7. 2026-06-12
   days on market $55,000 Active 91 DOM
8. 2026-06-09
   days on market $55,000 Active 88 DOM
9. 2026-06-08
   days on market $55,000 Active 87 DOM
10. 2026-06-07
    days on market $55,000 Active 86 DOM
11. 2026-06-04
    days on market $55,000 Active 82 DOM
12. 2026-06-02
    days on market $55,000 Active 81 DOM
13. 2026-06-01
    days on market $55,000 Active 80 DOM
14. 2026-05-31
    days on market $55,000 Active 79 DOM
15. 2026-05-31
    days on market $55,000 Active 78 DOM
16. 2026-05-15
    price $55,000 213-char remark

    Show marketing remark (213 chars)

    Two story home on nice size city lot. The home has 3 bedrooms and 2 full bathrooms, living room, dining room, kitchen and basement. The home does need some TLC. - All offers must be entered through propoffers.com.

17. 2026-04-14
    price $60,000 213-char remark

    Show marketing remark (213 chars)

    Two story home on nice size city lot. The home has 3 bedrooms and 2 full bathrooms, living room, dining room, kitchen and basement. The home does need some TLC. - All offers must be entered through propoffers.com.

18. 2026-03-13
    listed $65,000 Active 213-char remark

    Show marketing remark (213 chars)

    Two story home on nice size city lot. The home has 3 bedrooms and 2 full bathrooms, living room, dining room, kitchen and basement. The home does need some TLC. - All offers must be entered through propoffers.com.

ⓘ 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: $1,523 · $127/mo
• Projected year-2 tax: $1,523 · $127/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,216
• − Mortgage interest: −$2,801
• − Property taxes: −$1,523
• − Insurance: −$250
• − Repairs & maintenance: −$1,457
• − Management: −$1,457
• − Depreciation: −$1,455
• Taxable income: $9,273
• Est. tax owed @ 24.0%: −$2,225
• After-tax cash flow: $7,245/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

-15.4% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $55,000 IRMLS
• 2026-04-14 Price Changed $60,000 IRMLS
• 2026-03-13 Listed $65,000 IRMLS

Property tax history

+5.0%/yr

Latest (2024): $1,523 · +4.8% YoY. Source: county tax records.