119 S Second St · Boonville, IN 47601

$600,000

64 bd · 64.0 ba · 7,470 sqft · MultiFamily public records · 203 Days on market

Built 1901 5,663 sqft lot $80/sqft · 68% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Conveniently located on the Boonville Square, this well-maintained investment property features eight studio-style apartments with consistent rental history. Each unit includes a full kitchen with appliances, LVT flooring, a spacious living area, a bedroom nook large enough for a king-sized bed, and a full bath with a tub/shower combo. Tenants have access to an on-site coin-operated laundry center that generates additional income, along with limited off-street parking available on a first-come, first-served basis. All eight units are currently occupied, offering immediate cash flow and long-term potential.

Key facts

• Full kitchen
• Spacious living area
• Full bath

Tags

• STUDIO-STYLE APARTMENTS
• FULL KITCHEN
• LVT FLOORING
• SPACIOUS LIVING AREA
• BEDROOM NOOK
• FULL BATH

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $402/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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.
• Market conditions: 158 active listings in the ZIP; 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 $4k of loan paydown is wiped out by about $18k 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 $168k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 203 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $250k; list at $600k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $528,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 203 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.47% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.95%
• DSCR: 2.02
• GRM: 5.7

CMA / ARV

• ARV (median comp): $245,000
• List price: $600,000
• Delta: 144.90%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.9%
• Equity multiple: 1.64×
• Total profit: $107,291
• Equity at exit: $89,462

10-year hold

• IRR: 24.5%
• Equity multiple: 3.12×
• Total profit: $356,449
• Equity at exit: $51,877

Cash invested: $168,000 (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 47601

• Active inventory: 158
• Price-to-rent: 45.5×

Monthly cashflow live

• Estimated rent: $8,800 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$343 /mo · $4,111/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,848
• Net cashflow: $3,213

Break-even live

Break-even rent $4,733

Max offer price $600,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$8,800
Total (8 units)			$8,800

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $600,000 Active 203 DOM
2. 2026-06-17
   days on market $600,000 Active 202 DOM
3. 2026-06-16
   days on market $600,000 Active 201 DOM
4. 2026-06-15
   days on market $600,000 Active 200 DOM
5. 2026-06-14
   days on market $600,000 Active 198 DOM
6. 2026-06-13
   days on market $600,000 Active 197 DOM
7. 2026-06-10
   days on market $600,000 Active 195 DOM
8. 2026-06-09
   days on market $600,000 Active 194 DOM
9. 2026-06-08
   days on market $600,000 Active 193 DOM
10. 2026-06-07
    days on market $600,000 Active 192 DOM
11. 2026-06-02
    days on market $600,000 Active 187 DOM
12. 2026-06-01
    days on market $600,000 Active 186 DOM
13. 2026-05-31
    days on market $600,000 Active 185 DOM
14. 2026-05-30
    days on market $600,000 Active 184 DOM
15. 2026-02-27
    price $600,000 613-char remark

    Show marketing remark (613 chars)

    Conveniently located on the Boonville Square, this well-maintained investment property features eight studio-style apartments with consistent rental history. Each unit includes a full kitchen with appliances, LVT flooring, a spacious living area, a bedroom nook large enough for a king-sized bed, and a full bath with a tub/shower combo. Tenants have access to an on-site coin-operated laundry center that generates additional income, along with limited off-street parking available on a first-come, first-served basis. All eight units are currently occupied, offering immediate cash flow and long-term potential.

16. 2025-12-12
    status Active 613-char remark

    Show marketing remark (613 chars)

    Conveniently located on the Boonville Square, this well-maintained investment property features eight studio-style apartments with consistent rental history. Each unit includes a full kitchen with appliances, LVT flooring, a spacious living area, a bedroom nook large enough for a king-sized bed, and a full bath with a tub/shower combo. Tenants have access to an on-site coin-operated laundry center that generates additional income, along with limited off-street parking available on a first-come, first-served basis. All eight units are currently occupied, offering immediate cash flow and long-term potential.

17. 2025-12-09
    status Pending 613-char remark

    Show marketing remark (613 chars)

    Conveniently located on the Boonville Square, this well-maintained investment property features eight studio-style apartments with consistent rental history. Each unit includes a full kitchen with appliances, LVT flooring, a spacious living area, a bedroom nook large enough for a king-sized bed, and a full bath with a tub/shower combo. Tenants have access to an on-site coin-operated laundry center that generates additional income, along with limited off-street parking available on a first-come, first-served basis. All eight units are currently occupied, offering immediate cash flow and long-term potential.

18. 2025-11-24
    listed $625,000 Active 613-char remark

    Show marketing remark (613 chars)

    Conveniently located on the Boonville Square, this well-maintained investment property features eight studio-style apartments with consistent rental history. Each unit includes a full kitchen with appliances, LVT flooring, a spacious living area, a bedroom nook large enough for a king-sized bed, and a full bath with a tub/shower combo. Tenants have access to an on-site coin-operated laundry center that generates additional income, along with limited off-street parking available on a first-come, first-served basis. All eight units are currently occupied, offering immediate cash flow and long-term potential.

19. 2014-02-03
    listed $189,900
20. 2010-07-15
    soldstatus $250,000

ⓘ 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: $4,111 · $343/mo
• Projected year-2 tax: $4,606 · $384/mo
• Expected delta: +$494/yr (+$41/mo · 12.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $105,600
• − Mortgage interest: −$33,609
• − Property taxes: −$4,111
• − Insurance: −$3,000
• − Repairs & maintenance: −$8,448
• − Management: −$8,448
• − Depreciation: −$17,455
• Taxable income: $30,529
• Est. tax owed @ 24.0%: −$7,327
• After-tax cash flow: $31,228/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

+140.0% since first listed

6 events — show timeline

• 2026-02-27 Price Changed $600,000 IRMLS
• 2025-12-12 Relisted — IRMLS
• 2025-12-09 Pending — IRMLS
• 2025-11-24 Listed $625,000 IRMLS
• 2014-02-03 Listed $189,900 IRMLS
• 2010-07-15 Sold (Public Records) $250,000 Public Records

Property tax history

-0.7%/yr

Latest (2024): $4,111 · +14.5% YoY. Source: county tax records.