235 Cherry St · New Albany, IN 47150

$120,000

4 bd · 2.0 ba · 2,312 sqft · SingleFamily public records · 145 Days on market

Built 1929 1,742 sqft lot ↓ 33% 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• 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

Look at the SQ FOOTAGE needs a lot of TLC!!! Look at the SIZE of these rooms. GREAT LOCATION CONVENIENTLY located to everything. Master bedroom, bath, laundry all on 1st floor. Peaceful setting, enjoy mature trees and large back yard.

Key facts

• Great location
• Large back yard
• Mature trees

Tags

• GREAT LOCATION
• MATURE TREES
• LARGE BACK YARD

Property features AI

Exterior

• Utilities: Public sewer; Public water
• Home design: Two-story single-family residence; Resale condition
• Construction: Brick and frame construction
• Exterior features: Paved road access; Residential zoning; Sidewalks

Interior

• Kitchen: Eat-in kitchen with breakfast bar
• Bedrooms: Second-floor bedrooms (three); Main-level primary bedroom
• Flooring: Carpet in living areas and bedrooms; Tile in kitchen
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Ceiling fans; Separate/formal dining room; Eat-in kitchen; Main-level primary bedroom; Split bedroom layout; Vaulted ceilings; Wood-burning fireplace (1)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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; 1 comparable units currently listed for rent nearby; 297 units permitted in Floyd County in 2024 (84 in 5+ unit buildings).
• This rent runs 32% 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 $830 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $60k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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. 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?
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: 1.41% ✓
• Cap rate: 11.69%
• Cash-on-cash: 19.29%
• DSCR: 1.86
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $261,256
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Graybrook Ln	0.50mi	4/2.0	2,250 (-3%)	15mo	$229,000	$102	60
613 W Spring St	0.55mi	3/2.5 (-1)	2,224 (-4%)	5mo	$252,000	$113	56
701 Knob Hill Rd	0.63mi	3/2.5 (-1)	2,250 (-3%)	10mo	$295,000	$131	51
809 W 7th St	0.33mi	3/2.0 (-1)	2,050 (-11%)	13mo	$249,000	$121	50
220 Clay St	0.46mi	3/1.0 (-1)	2,532 (+10%)	7mo	$110,000	$43	48
708 W Spring St	0.55mi	4/2.0	2,494 (+8%)	18mo	$285,000	$114	46
211 W Main St	0.66mi	3/3.0 (-1)	2,227 (-4%)	10mo	$98,500	$44	46
710 Valley View Trce	0.56mi	3/2.5 (-1)	2,412 (+4%)	22mo	$282,000	$117	42
514 E Oak St	0.69mi	3/2.0 (-1)	1,968 (-15%)	21mo	$127,000	$65	20

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.67×
• Total profit: $22,468
• Equity at exit: $17,892

10-year hold

• IRR: 27.3%
• Equity multiple: 3.90×
• Total profit: $97,530
• Equity at exit: $10,375

Cash invested: $33,600 (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 47150

• Rents YoY: 7.2%
• Active inventory: 269
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,690 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$115 /mo · $1,385/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $540

Break-even live

Break-even rent $1,006

Max offer price $120,000

Occupancy floor 63%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1810 Woodland Rd New Albany, IN	3.0	1.0	2016	$1,800	$0.89	21d	1	0.95mi

Listing history 17 events

1. 2026-06-18
   days on market $120,000 Active 145 DOM
2. 2026-06-17
   days on market $120,000 Active 144 DOM
3. 2026-06-16
   days on market $120,000 Active 143 DOM
4. 2026-06-15
   days on market $120,000 Active 142 DOM
5. 2026-06-13
   days on market $120,000 Active 140 DOM
6. 2026-06-10
   days on market $120,000 Active 137 DOM
7. 2026-06-09
   days on market $120,000 Active 136 DOM
8. 2026-06-08
   days on market $120,000 Active 135 DOM
9. 2026-06-07
   days on market $120,000 Active 134 DOM
10. 2026-06-03
    days on market $120,000 Active 130 DOM
11. 2026-06-02
    days on market $120,000 Active 129 DOM
12. 2026-06-01
    days on market $120,000 Active 128 DOM
13. 2026-05-31
    days on market $120,000 Active 127 DOM
14. 2026-03-09
    status Active
15. 2026-03-07
    historical
16. 2026-03-06
    price $120,000
17. 2026-01-21
    listed $180,000 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: $1,385 · $115/mo
• Projected year-2 tax: $1,385 · $115/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 ≥106°F today · 21 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: $20,274
• − Mortgage interest: −$6,722
• − Property taxes: −$1,385
• − Insurance: −$600
• − Repairs & maintenance: −$1,622
• − Management: −$1,622
• − Depreciation: −$3,491
• Taxable income: $4,833
• Est. tax owed @ 24.0%: −$1,160
• After-tax cash flow: $5,320/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

-33.3% since first listed

4 events — show timeline

• 2026-03-09 Relisted — SIRA
• 2026-03-07 Delisted — SIRA
• 2026-03-06 Price Changed $120,000 SIRA
• 2026-01-21 Listed $180,000 SIRA

Property tax history

+5.2%/yr

Latest (2024): $1,385 · -1.7% YoY. Source: county tax records.