618 W Cherry St · Boonville, IN 47601

$116,000

2 bd · 1.0 ba · 1,062 sqft · SingleFamily public records · 124 Days on market

Built 1900 1.06 ac lot Est $150k · 23% 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 +13.2/30.0
• Schools +4.9/10.0
• 1% rule +4.5/10.0
• DSCR +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This parcel has 3 single family homes. One stick built home, a double wide home and a single wide. Homes are currently rented on month to month terms. Great investment opportunity! This property is part of a package being sold together. Rare chance to acquire a portfolio of 10 income producing properties. Properties are 10 single family homes and 2 empty lots located in Boonville, Indiana. Don’t miss this opportunity to expand your investment portfolio!

Key facts

• 1.06 acre lot
• Built 1900
• Listed 124 days

🏷️ Possibly a rental listed for sale. The $116,000 price doesn't fit this home's estimated sale value (~$149,742) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $116k.

Deal economics

• At list price, monthly cash flow is $-2 ($-30/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (5.2% below list).
• Recommended offer: $102k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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.
• Zoned schools: Loge Elementary School (math 67% / reading 62%, grade B, #78 of 994 statewide, top 9%, 404 students, 54% FRL); Boonville Middle School (math 37% / reading 47%, grade D-, #102 of 330 statewide, top 32%, 700 students, 51% FRL); Boonville High School (math 32% / reading 60%, grade D-, #163 of 369 statewide, top 44%, 881 students, 44% FRL) — zoned schools average 49% FRL vs 24% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $802 of loan paydown is wiped out by about $3k 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

• It's been on market 124 days — a 12% lower offer ($102k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $102,080 (12.0% 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 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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?
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 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: 0.95% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $149,742
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
618 W Cherry St	0.00mi	2/1.0	1,062 (0%)	1mo	$96,667	$91	99
613 W Walnut St	0.14mi	2/1.0	1,102 (+4%)	8mo	$169,000	$153	81
323 S Vine St	0.15mi	2/1.0	1,080 (+2%)	15mo	$99,900	$93	78
419 S Third St	0.37mi	2/1.0	1,128 (+6%)	3mo	$120,000	$106	70
710 S 5th St	0.55mi	3/1.5 (+1)	1,080 (+2%)	3mo	$159,000	$147	62
715 N 2nd St	0.73mi	2/1.0	1,092 (+3%)	7mo	$127,500	$117	55
621 N Third St	0.72mi	2/2.0	1,080 (+2%)	6mo	$192,500	$178	55
215 E Chestnut St	0.69mi	3/1.0 (+1)	1,107 (+4%)	4mo	$165,000	$149	53
1311 S Third St	0.75mi	2/1.0	1,010 (-5%)	6mo	$169,900	$168	52
308 E Elm St	0.55mi	3/1.0 (+1)	912 (-14%)	5mo	$58,000	$64	42
1200 S 3rd St	0.67mi	3/2.0 (+1)	1,218 (+15%)	2mo	$172,000	$141	34
514 E Maple St	0.69mi	2/1.0	902 (-15%)	14mo	$115,000	$127	31

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: -16.4%
• Equity multiple: 0.42×
• Total profit: $-18,896
• Equity at exit: $17,296

10-year hold

• IRR: -8.0%
• Equity multiple: 0.49×
• Total profit: $-16,416
• Equity at exit: $10,030

Cash invested: $32,480 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$608
• Tax from tax record: −$215 /mo · $2,578/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-2

Break-even live

Break-even rent $1,103

Max offer price $115,561

Occupancy floor 95%

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: $29,000
• Closing costs: $3,480
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1112 Perkins Dr Unit A Boonville, IN	2.0	1.0	815	$1,100	$1.35	21d	1	1.16mi

Listing history 2 events

1. 2026-04-13
   status Pending
2. 2025-12-10
   listed $116,000 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: $2,578 · $215/mo
• Projected year-2 tax: $2,578 · $215/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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,200
• − Mortgage interest: −$6,498
• − Property taxes: −$2,578
• − Insurance: −$580
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$3,375
• Taxable loss: −$1,942
• Est. tax savings @ 24.0%: +$466
• After-tax cash flow: $436/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

2 events — show timeline

• 2026-04-13 Pending — IRMLS
• 2025-12-10 Listed $116,000 IRMLS

Property tax history

+0.1%/yr

Latest (2024): $2,578 · -11.9% YoY. Source: county tax records.