2112 E Market St · New Albany, IN 47150

$179,000

4 bd · 2.0 ba · 1,872 sqft · Townhouse public records · 35 Days on market

Built 1925 6,882 sqft lot

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Why this score? — see what drove the C 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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +6.0/10.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR OPPORTUNITY in Downtown New Albany! Conveniently located near shopping, restaurants, and quick interstate access, this versatile property offers multiple possibilities. Currently configured as a duplex featuring: Main Level Unit - 2 Bedrooms / 2 Bathrooms - Upper Level Unit - 1 Bedroom / 1 Bathroom Whether you're looking to expand your rental portfolio, convert it back into a single-family home, or live in one unit while renting the other to help offset expenses, this property offers flexibility and income potential. The property has been consistently rented for years, making it a great opportunity for investors or owner-occupants alike. Don't miss your chance to add this inco

Key facts

• Income potential
• Near shopping
• Versatile property

Tags

• DOWNTOWN NEW ALBANY
• NEAR SHOPPING
• NEAR RESTAURANTS
• QUICK INTERSTATE ACCESS
• VERSATILE PROPERTY
• INCOME POTENTIAL

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water; Connected to public water; Public sewer
• Home design: Residential zoning; Above-grade finished living area reported
• Construction: Frame construction with vinyl siding
• Exterior features: Covered porch; Porch; Garage(s) on property; Paved road access

Interior

• Kitchen: Upstairs kitchen; First-floor kitchen; Oven; Range
• Bedrooms: Upstairs bedroom area; First-floor bedrooms (two)
• Flooring: Carpet in some living and family rooms; Wood flooring in multiple living areas and bedrooms
• Bathrooms: Three full bathrooms; Downstairs full bathroom
• Heating & cooling: Heat pump heating; Central air conditioning; Window or wall air conditioning units
• Interior features: Crawl space basement; Sidewalks (nearby)
• Laundry & utility: Main level laundry; Washer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $179k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $174k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.8% in New Albany — 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 73/100 on livability (#100 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: commute C-, employment D+, schools D.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 269 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 297 units permitted in Floyd County in 2024 (84 in 5+ unit buildings).
• This rent runs 38% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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 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. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-4,641
• Equity at exit: $26,689

10-year hold

• IRR: 11.7%
• Equity multiple: 2.11×
• Total profit: $55,546
• Equity at exit: $15,477

Cash invested: $50,120 (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 47150

• Rents YoY: 7.2%
• Active inventory: 269
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,972 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$301 /mo · $3,616/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $244

Break-even live

Break-even rent $1,664

Max offer price $179,000

Occupancy floor 83%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 Thomas St New Albany, IN	3.0	2.5	1510	$2,300	$1.52	17d	1	0.45mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	19d	1	1.10mi

Listing history 14 events

1. 2026-06-18
   days on market $179,000 Active 35 DOM
2. 2026-06-17
   days on market $179,000 Active 34 DOM
3. 2026-06-16
   pricedays on market $179,000 Active 33 DOM
4. 2026-06-15
   days on market $185,000 Active 32 DOM
5. 2026-06-13
   days on market $185,000 Active 30 DOM
6. 2026-06-10
   days on market $185,000 Active 27 DOM
7. 2026-06-09
   days on market $185,000 Active 26 DOM
8. 2026-06-08
   days on market $185,000 Active 25 DOM
9. 2026-06-07
   days on market $185,000 Active 24 DOM
10. 2026-06-03
    days on market $185,000 Active 20 DOM
11. 2026-06-02
    days on market $185,000 Active 19 DOM
12. 2026-06-01
    days on market $185,000 Active 18 DOM
13. 2026-05-31
    days on market $185,000 Active 17 DOM
14. 2026-05-14
    listed $185,000 Active

ⓘ 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: $3,616 · $301/mo
• Projected year-2 tax: $3,616 · $301/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $23,669
• − Mortgage interest: −$10,027
• − Property taxes: −$3,616
• − Insurance: −$895
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − Depreciation: −$5,207
• Taxable income: $137
• Est. tax owed @ 24.0%: −$33
• After-tax cash flow: $2,890/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: New Albany-Floyd County Consolidated Schools
• NCES district ID: 1807410
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $54,709
• Composite: 41.57/100
• National rank: #3441
• State rank: #68 of 301 in IN

Livability — New Albany

• Score: 73/100
• State rank: #100
• US rank: #5454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Albany, IN
• County: Floyd County · 49,144 people
• City population: 49,144
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 49,144
• Household income: $62,820
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1737.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 82,092 people
• By 2030: 84,384 · +2.8%
• By 2040: 87,919 · +7.1%
• By 2050: 89,958 · +9.6%
• By 2075: 94,159 · +14.7%
• By 2100: 91,907 · +12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Floyd

• 2024 margin: R (+15.5) · D 41.4% · R 56.9% · Other 1.7%
• 2008→2024 swing: -5.4pp toward R · 2008: -10.1pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+14.1 2016: R+20.1 2012: R+14.3 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.20%
• Current HPI: 206.7738
• Rent YoY: ▲ 7.24%
• Metro: Louisville/Jefferson County, KY-IN
• 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

1 event — show timeline

• 2026-05-14 Listed $185,000 SIRA

Property tax history

+5.5%/yr

Latest (2024): $3,616 · +11.0% YoY. Source: county tax records.