906 Washington Way · Memphis, IN 47143

$139,900

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 81 Days on market

Built 1995 10,454 sqft lot Est $185k · 25% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

Key facts

• Split floor plan
• City water
• Convenient location

Tags

• CONVENIENT LOCATION
• MOVE IN READY
• KITCHEN APPLIANCES INCLUDED
• SPLIT FLOOR PLAN
• CITY WATER
• CITY SEWER

Property features AI

Exterior

• Utilities: Public sewer; Public water
• Home design: Double wide mobile home; Single-story; Residential zoning; Entry level: Main level
• Construction: Vinyl siding; Block foundation; Built with crawl space
• Exterior features: Deck; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Main level primary bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Thermal windows; Eat-in kitchen; Split bedrooms; Utility room
• Laundry & utility: Main level laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 5.1% in Memphis — 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 70/100 on livability (#164 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Market conditions: 94 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $140k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.49% ✓
• Cap rate: 12.79%
• Cash-on-cash: 23.19%
• DSCR: 2.03
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $185,472
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13202 Blue Lick Rd	0.16mi	3/1.0	1,158 (+0%)	2mo	$187,000	$161	85
1011 Main St	0.09mi	2/1.0 (-1)	986 (-14%)	10mo	$151,000	$153	54
807 Main St	0.15mi	2/1.0 (-1)	1,018 (-12%)	15mo	$175,000	$172	52

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: 13.6%
• Equity multiple: 1.54×
• Total profit: $21,339
• Equity at exit: $20,860

10-year hold

• IRR: 22.5%
• Equity multiple: 2.92×
• Total profit: $75,322
• Equity at exit: $12,096

Cash invested: $39,172 (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 47143

• Home prices YoY: -30.4%
• Active inventory: 94
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,086 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$99 /mo · $1,188/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $691

Break-even live

Break-even rent $1,212

Max offer price $139,900

Occupancy floor 62%

Sensitivity live

Price	-10% $770	-5% $730	+0% $691	+5% $651	+10% $611
Rent	-10% $526	-5% $608	+0% $691	+5% $773	+10% $855
Rate	-1.0pp $761	-0.5pp $726	base $691	+0.5pp $654	+1.0pp $617

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-22
   price $139,900
2. 2026-04-20
   price $144,900
3. 2026-03-25
   price $149,900
4. 2026-03-07
   listed $154,900 Active
5. 2016-11-16
   soldstatus $79,000 328-char remark

   Show marketing remark (328 chars)

   Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

6. 2016-11-15
   soldstatus $79,000 328-char remark

   Show marketing remark (328 chars)

   Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

7. 2016-11-15
   soldstatus $79,000

   Show marketing remark (328 chars)

   Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

8. 2016-08-24
   listed $79,900 328-char remark

   Show marketing remark (328 chars)

   Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

9. 2016-08-24
   listed $79,900 328-char remark

   Show marketing remark (328 chars)

   Move in ready home with 3 Bedrooms and 2 full baths. Home will quality for FHA financing. Updates include new carpet, newer windows and roof. New shed included with the home. Split bedrooms with large walk in closets. Large utility room with cabinets. Great deck and lots of parking. Great location just 20 min. from Louisville.

ⓘ 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: $1,188 · $99/mo
• Projected year-2 tax: $1,189 · $99/mo
• Expected delta: +$1/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,033
• − Mortgage interest: −$7,837
• − Property taxes: −$1,188
• − Insurance: −$1,497
• − Repairs & maintenance: −$2,003
• − Management: −$2,003
• − Depreciation: −$4,070
• Taxable income: $6,436
• Est. tax owed @ 24.0%: −$1,545
• After-tax cash flow: $6,742/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)

No district data.

Livability — Memphis

• Score: 70/100
• State rank: #164
• US rank: #7848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, IN
• Population (ZIP): 3,775

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 5% American 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.60%
• Current HPI: 184.1286
• 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

+75.1% since first listed

9 events — show timeline

• 2026-05-22 Price Changed $139,900 SIRA
• 2026-04-20 Price Changed $144,900 SIRA
• 2026-03-25 Price Changed $149,900 SIRA
• 2026-03-07 Listed $154,900 SIRA
• 2016-11-16 Sold (MLS) $79,000 IRMLS
• 2016-11-15 Sold (Public Records) $79,000 Public Records
• 2016-11-15 Sold (MLS) $79,000 SIRA
• 2016-08-24 Listed $79,900 SIRA
• 2016-08-24 Listed $79,900 IRMLS

Property tax history

+13.8%/yr

Latest (2024): $1,188 · -0.9% YoY. Source: county tax records.