321 SE 7th St · Washington, IN 47501

$95,000

2 bd · 1.0 ba · 1,204 sqft · SingleFamily public records · 114 Days on market

Built 1900 4,800 sqft lot $79/sqft · 35% below area Est $146k · 35% under ↓ 14% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2-bedroom, 1-bath home offers practical updates and flexible living space. A roof installed just two years ago and an efficient gas furnace provide added reliability. The inviting front porch adds character, while the rear mudroom offers versatile use as a home office, drop zone, or additional storage. The unfinished basement provides ample storage and potential for future finishing. Conveniently located near National Highway, the home offers easy access to shopping, dining, and everyday amenities.

Key facts

• Rear mudroom
• Inviting front porch
• Unfinished basement

Tags

• EFFICIENT GAS FURNACE
• INVITING FRONT PORCH
• REAR MUDROOM
• UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $573 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 4.9% in Washington — 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 72/100 on livability (#110 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Washington Community Schools (town): math 36% / reading 38% proficiency, ranked #174 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 112 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; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

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 $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.55% ✓
• Cap rate: 13.53%
• Cash-on-cash: 25.85%
• DSCR: 2.15
• GRM: 5.4

CMA / ARV

• ARV (median comp): $146,103
• List price: $95,000
• Delta: -34.98%
• 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
317 SE 7th St	0.02mi	2/1.0	1,051 (-13%)	2mo	$162,500	$155	76
107 NE 2nd St	0.49mi	2/1.0	1,228 (+2%)	2mo	$95,000	$77	72
415 E William St	0.60mi	2/1.0	1,211 (+1%)	2mo	$138,000	$114	70
102 Sycamore St	0.49mi	2/1.0	1,120 (-7%)	2mo	$174,500	$156	64
106 NE 10th St	0.42mi	2/1.0	1,088 (-10%)	6mo	$55,000	$51	60
500 E Maple St	0.70mi	3/1.5 (+1)	1,208 (+0%)	4mo	$110,000	$91	57
1109 Washington Ave	0.32mi	3/2.0 (+1)	1,328 (+10%)	3mo	$196,000	$148	56
705 SW 1st St	0.51mi	2/2.0	1,116 (-7%)	5mo	$170,000	$152	55
310 N Meridian St	0.66mi	3/1.5 (+1)	1,229 (+2%)	5mo	$82,000	$67	55
201 SW 3rd St	0.62mi	2/2.0	1,260 (+5%)	6mo	$175,000	$139	54
502 W Sycamore St	0.71mi	3/1.5 (+1)	1,152 (-4%)	1mo	$225,000	$195	52
16 Kelly Dr	0.71mi	3/1.0 (+1)	1,120 (-7%)	0mo	$145,000	$129	50

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: 19.5%
• Equity multiple: 1.79×
• Total profit: $21,085
• Equity at exit: $14,165

10-year hold

• IRR: 27.8%
• Equity multiple: 3.45×
• Total profit: $65,283
• Equity at exit: $8,214

Cash invested: $26,600 (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 47501

• Home prices YoY: -23.2%
• Active inventory: 112
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,474 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$54 /mo · $645/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $573

Break-even live

Break-even rent $749

Max offer price $95,000

Occupancy floor 56%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 E National Hwy Washington, IN	1.0–2.0	1.0–1.5	960	$1,250	$1.30	44d	1	0.89mi
499 S 100 E Apt 12 Washington, IN	3.0	2.5	1500	$1,500	$1.00	44d	1	1.09mi
8 Longbranch Dr Unit NA Washington, IN	3.0	2.0	1340	$1,700	$1.27	44d	1	1.12mi

Listing history 20 events

1. 2026-06-18
   days on market $95,000 Active 114 DOM
2. 2026-06-17
   days on market $95,000 Active 113 DOM
3. 2026-06-16
   days on market $95,000 Active 112 DOM
4. 2026-06-15
   days on market $95,000 Active 111 DOM
5. 2026-06-13
   days on market $95,000 Active 109 DOM
6. 2026-06-12
   days on market $95,000 Active 108 DOM
7. 2026-06-09
   days on market $95,000 Active 105 DOM
8. 2026-06-08
   days on market $95,000 Active 104 DOM
9. 2026-06-07
   days on market $95,000 Active 103 DOM
10. 2026-06-07
    days on market $95,000 Active 102 DOM
11. 2026-06-04
    days on market $95,000 Active 99 DOM
12. 2026-06-02
    days on market $95,000 Active 98 DOM
13. 2026-06-01
    days on market $95,000 Active 97 DOM
14. 2026-05-31
    days on market $95,000 Active 96 DOM
15. 2026-05-31
    days on market $95,000 Active 95 DOM
16. 2026-02-24
    listed $95,000 Active 508-char remark

    Show marketing remark (508 chars)

    This 2-bedroom, 1-bath home offers practical updates and flexible living space. A roof installed just two years ago and an efficient gas furnace provide added reliability. The inviting front porch adds character, while the rear mudroom offers versatile use as a home office, drop zone, or additional storage. The unfinished basement provides ample storage and potential for future finishing. Conveniently located near National Highway, the home offers easy access to shopping, dining, and everyday amenities.

17. 2024-10-25
    listed $99,000 Active
18. 2024-03-08
    price $99,900
19. 2023-12-12
    price $104,900
20. 2023-09-05
    listed $109,900 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: $645 · $54/mo
• Projected year-2 tax: $726 · $61/mo
• Expected delta: +$81/yr (+$7/mo · 12.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,690
• − Mortgage interest: −$5,321
• − Property taxes: −$645
• − Insurance: −$475
• − Repairs & maintenance: −$1,415
• − Management: −$1,415
• − Depreciation: −$2,764
• Taxable income: $5,654
• Est. tax owed @ 24.0%: −$1,357
• After-tax cash flow: $5,519/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: Washington Community Schools
• NCES district ID: 1812450
• Math proficiency: 36% ▼ -1.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $45,422
• Composite: 31.57/100
• National rank: #5952
• State rank: #174 of 301 in IN

Livability — Washington

• Score: 72/100
• State rank: #110
• US rank: #5706

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IN
• City population: 18,335
• Population (ZIP): 18,335

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 33,940 people
• By 2030: 34,457 · +1.5%
• By 2040: 35,412 · +4.3%
• By 2050: 35,803 · +5.5%
• By 2075: 35,173 · +3.6%
• By 2100: 29,799 · -12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Hispanic 4% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.5% · Other 1.4%
• 2008→2024 swing: -29.1pp toward R · 2008: -35.2pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+62.0 2016: R+62.8 2012: R+50.8 2008: R+35.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.30%
• Current HPI: 213.3049
• 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

-13.6% since first listed

5 events — show timeline

• 2026-02-24 Listed $95,000 IRMLS
• 2024-10-25 Listed $99,000 IRMLS
• 2024-03-08 Price Changed $99,900 IRMLS
• 2023-12-12 Price Changed $104,900 IRMLS
• 2023-09-05 Listed $109,900 IRMLS

Property tax history

+2.2%/yr

Latest (2024): $645 · +12.5% YoY. Source: county tax records.