16 Kelly Dr · Washington, IN 47501

$169,900

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 17 Days on market

Built 1984 0.38 ac lot Est $139k · 22% over

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Why this score? — see what drove the F 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 +12.9/30.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This charming ranch-style home offers a welcoming covered front porch perfect for relaxing evenings. Inside, you’ll find 3 bedrooms, a spacious living room, kitchen, and 1 full bath. Step outside to enjoy the back patio area, ideal for entertaining or enjoying the outdoors. The property also features a 1 car detached garage with an additional storage room, providing plenty of space for tools, hobbies, or extra storage needs.

Key facts

• Covered front porch
• Back patio area
• Detached garage

Tags

• COVERED FRONT PORCH
• BACK PATIO AREA
• DETACHED GARAGE
• ADDITIONAL STORAGE ROOM

Property features AI

Finance

• Other: Lot approximately 0.38 acres (dimensions 115 x 145)

Exterior

• Parking: Attached garage with garage door opener (1 car); Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Shingle roof; Built on crawl space
• Exterior features: Covered porch; Patio

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: 5 total rooms (includes bedrooms and living areas)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s); Eat-in kitchen
• Laundry & utility: Washer; Dryer; Laundry on main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-12 ($-139/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (12.9% below list).
• Recommended offer: $148k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.9% in Washington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Zoned schools: Washington Upper Elementary (math 44% / reading 43%, grade D, #90 of 330 statewide, top 27%, 361 students, 62% FRL); Washington High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 780 students, 58% FRL) — zoned schools at 60% FRL track the district average.
• 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $170k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $147,953 (12.9% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $138,880
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Kelly Dr	0.00mi	3/1.0	1,120 (0%)	0mo	$145,000	$129	100
820 S State Rd 57	0.37mi	2/1.0 (-1)	1,080 (-4%)	0mo	$105,000	$97	72
11 Kelly Dr	0.07mi	3/2.0	1,220 (+9%)	21mo	$170,000	$139	60
822 SE 1st St	0.52mi	2/1.0 (-1)	1,111 (-1%)	16mo	$90,000	$81	56
705 SW 1st St	0.69mi	2/2.0 (-1)	1,116 (-0%)	5mo	$170,000	$152	54
804 S Meridian St	0.60mi	2/1.0 (-1)	1,154 (+3%)	12mo	$139,800	$121	52
809 S State Road 57	0.52mi	3/1.0	1,186 (+6%)	19mo	$147,000	$124	50
180 E 150 S	0.58mi	2/1.0 (-1)	1,036 (-8%)	7mo	$70,000	$68	50
317 SE 7th St	0.73mi	2/1.0 (-1)	1,051 (-6%)	2mo	$162,500	$155	49
319 SE 7th St	0.72mi	2/1.0 (-1)	1,012 (-10%)	23mo	$122,500	$121	26

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: -16.8%
• Equity multiple: 0.41×
• Total profit: $-28,244
• Equity at exit: $25,333

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-25,440
• Equity at exit: $14,690

Cash invested: $47,572 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,480 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$219 /mo · $2,624/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $-12

Break-even live

Break-even rent $1,494

Max offer price $167,850

Occupancy floor 96%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
499 S 100 E Apt 12 Washington, IN	3.0	2.5	1500	$1,500	$1.00	43d	1	1.18mi
2005 E National Hwy Washington, IN	1.0–2.0	1.0–1.5	960	$1,250	$1.30	43d	1	1.20mi
8 Longbranch Dr Unit NA Washington, IN	3.0	2.0	1340	$1,700	$1.27	44d	1	1.22mi

Listing history 12 events

1. 2026-06-09
   statusdays on market $169,900 Pending 17 DOM
2. 2026-06-08
   days on market $169,900 Active 16 DOM
3. 2026-06-07
   days on market $169,900 Active 15 DOM
4. 2026-06-07
   days on market $169,900 Active 14 DOM
5. 2026-06-04
   days on market $169,900 Active 11 DOM
6. 2026-06-02
   days on market $169,900 Active 10 DOM
7. 2026-06-01
   days on market $169,900 Active 9 DOM
8. 2026-05-31
   days on market $169,900 Active 8 DOM
9. 2026-05-31
   days on market $169,900 Active 7 DOM
10. 2026-05-15
    status Pending
11. 2026-05-08
    listed $169,900 Active
12. 2025-01-30
    soldstatus $110,000

ⓘ 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: $2,624 · $219/mo
• Projected year-2 tax: $2,624 · $219/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 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,754
• − Mortgage interest: −$9,517
• − Property taxes: −$2,624
• − Insurance: −$850
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$4,943
• Taxable loss: −$3,019
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $585/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

+54.5% since first listed

3 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-08 Listed $169,900 IRMLS
• 2025-01-30 Sold (Public Records) $110,000 Public Records

Property tax history

-1.8%/yr

Latest (2024): $2,624 · +3.8% YoY. Source: county tax records.