2089 Derby Way · Memphis, IN 47143

$274,990

4 bd · 2.5 ba · 2,014 sqft · SingleFamily · 101 Days on market

Built 2026 Good condition 9,148 sqft lot Est $278k · at est. $29/mo HOA · 1% of rent ↓ 2% since listing

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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).

• Cash flow +12.3/30.0
• ARV discount +8.0/15.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to our Essex plan. The open-concept main floor features a spacious family room that flows seamlessly into the dining area and modern kitchen. The kitchen shines with granite countertops, stainless steel appliances, and white shaker-style cabinetry. Upstairs, you'll find a spacious owner's suite complete with a walk-in closet and a private bath featuring dual vanities. Three additional bedrooms with walk-in closets provide plenty of room for family or guests. The versatile downstairs flex space, half bathroom, and upstairs laundry room allow for added comfort and convenience. From cozy nights in to hosting, this home delivers comfort, functionality, and value.

Key facts

• Inviting kitchen
• Elegant cabinetry
• Open layout

Tags

• OPEN LAYOUT
• INVITING KITCHEN
• ELEGANT CABINETRY
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• FLEX ROOM

Property features AI

Finance

• Other: Property listed as part of a subdivision labeled Other
• HOA & community: Homeowners association with an annual fee of $350 (about $29.17/month)

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener
• Security: Smoke detector(s); Carbon monoxide detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential single-family site-built home; 2 stories; Built by Century Complete
• Construction: Vinyl siding; Slab foundation
• Exterior features: Shingle roof; Lot dimensions approximately 69 x 128; Lot size about 0.21 acres; Lot described as Other

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: Total of 4 rooms (includes bedroom count within room total)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 bathroom on the main level
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Smoke and carbon monoxide detectors; Energy-efficient windows
• Laundry & utility: Laundry located on the upper level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $275k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-50 ($-606/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (13.5% below list).
• Recommended offer: $238k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 5.0% in Memphis — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: amenities F, commute F, health & safety F.
• Zoned schools: Henryville Elementary School (math 30% / reading 33%, grade F, #678 of 994 statewide, top 68%, 647 students, 43% FRL); Henryville Jr & Sr High School (math 29% / reading 45%, grade F, #247 of 369 statewide, top 70%, 461 students, 32% FRL).
• 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $237,839 (13.5% 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 101 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.86% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.79%
• DSCR: 0.97
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $277,932
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2061 Derby Way	0.17mi	4/2.5	2,014 (0%)	1mo	$277,990	$138	91
1008 Legend Ct	0.15mi	4/2.5	2,014 (0%)	3mo	$259,990	$129	90
2068 Derby Way	0.12mi	4/2.5	2,014 (0%)	6mo	$264,991	$132	90
2014 Derby Way	0.12mi	4/2.5	1,953 (-3%)	3mo	$279,900	$143	87
2013 Derby Way	0.17mi	4/2.5	2,053 (+2%)	2mo	$299,900	$146	87
2060 Derby Way	0.12mi	5/3.0 (+1)	2,180 (+8%)	1mo	$289,990	$133	73
2074 Derby Way	0.12mi	5/3.0 (+1)	2,180 (+8%)	4mo	$279,990	$128	70
2072 Derby Way	0.12mi	5/3.0 (+1)	2,180 (+8%)	6mo	$284,991	$131	69
1024 Legend Ct	0.16mi	5/3.0 (+1)	2,180 (+8%)	6mo	$266,491	$122	67
1014 Legend Ct	0.12mi	4/3.0	1,774 (-12%)	8mo	$254,991	$144	66
2019 Derby Way	0.17mi	4/2.0	1,771 (-12%)	5mo	$278,975	$158	66
1010 Legend Ct	0.14mi	4/3.0	1,774 (-12%)	7mo	$249,991	$141	66

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: -17.6%
• Equity multiple: 0.38×
• Total profit: $-47,721
• Equity at exit: $41,002

10-year hold

• IRR: -9.6%
• Equity multiple: 0.41×
• Total profit: $-45,475
• Equity at exit: $23,776

Cash invested: $76,997 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,378 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$29
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-50

Break-even live

Break-even rent $2,442

Max offer price $267,687

Occupancy floor 97%

Sensitivity live

Price	-10% $140	-5% $45	+0% $-50	+5% $-145	+10% $-241
Rent	-10% $-238	-5% $-144	+0% $-50	+5% $43	+10% $137
Rate	-1.0pp $88	-0.5pp $19	base $-50	+0.5pp $-122	+1.0pp $-194

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: $68,748
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 20 events

1. 2026-06-21
   days on market $274,990 Active 101 DOM
2. 2026-06-18
   days on market $274,990 Active 98 DOM
3. 2026-06-17
   days on market $274,990 Active 97 DOM
4. 2026-06-16
   days on market $274,990 Active 96 DOM
5. 2026-06-15
   days on market $274,990 Active 95 DOM
6. 2026-06-13
   days on market $274,990 Active 93 DOM
7. 2026-06-10
   pricedays on market $274,990 Active 90 DOM
8. 2026-06-09
   days on market $277,990 Active 89 DOM
9. 2026-06-08
   days on market $277,990 Active 88 DOM
10. 2026-06-07
    days on market $277,990 Active 87 DOM
11. 2026-06-03
    days on market $277,990 Active 83 DOM
12. 2026-06-02
    days on market $277,990 Active 82 DOM
13. 2026-06-01
    days on market $277,990 Active 81 DOM
14. 2026-05-31
    days on market $277,990 Active 80 DOM
15. 2026-05-15
    price $275,990 680-char remark

    Show marketing remark (680 chars)

    Welcome home to our Essex plan. The open-concept main floor features a spacious family room that flows seamlessly into the dining area and modern kitchen. The kitchen shines with granite countertops, stainless steel appliances, and white shaker-style cabinetry. Upstairs, you'll find a spacious owner's suite complete with a walk-in closet and a private bath featuring dual vanities. Three additional bedrooms with walk-in closets provide plenty of room for family or guests. The versatile downstairs flex space, half bathroom, and upstairs laundry room allow for added comfort and convenience. From cozy nights in to hosting, this home delivers comfort, functionality, and value.

16. 2026-05-14
    price $275,990
17. 2026-04-24
    price $277,990 680-char remark

    Show marketing remark (680 chars)

    Welcome home to our Essex plan. The open-concept main floor features a spacious family room that flows seamlessly into the dining area and modern kitchen. The kitchen shines with granite countertops, stainless steel appliances, and white shaker-style cabinetry. Upstairs, you'll find a spacious owner's suite complete with a walk-in closet and a private bath featuring dual vanities. Three additional bedrooms with walk-in closets provide plenty of room for family or guests. The versatile downstairs flex space, half bathroom, and upstairs laundry room allow for added comfort and convenience. From cozy nights in to hosting, this home delivers comfort, functionality, and value.

18. 2026-04-23
    price $277,990
19. 2026-03-13
    listed $282,990 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome home to our Essex plan. The open-concept main floor features a spacious family room that flows seamlessly into the dining area and modern kitchen. The kitchen shines with granite countertops, stainless steel appliances, and white shaker-style cabinetry. Upstairs, you'll find a spacious owner's suite complete with a walk-in closet and a private bath featuring dual vanities. Three additional bedrooms with walk-in closets provide plenty of room for family or guests. The versatile downstairs flex space, half bathroom, and upstairs laundry room allow for added comfort and convenience. From cozy nights in to hosting, this home delivers comfort, functionality, and value.

20. 2026-03-12
    listed $282,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,541
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,283
• − Management: −$2,283
• − HOA: −$348
• − Depreciation: −$8,000
• Taxable loss: −$5,277
• Est. tax savings @ 24.0%: +$1,266
• After-tax cash flow: $661/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a modern kitchen and bathrooms, well-maintained exterior, and energy-efficient windows. It is ready for a new owner or tenant with minor cosmetic updates to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Landscaping improvements — Enhanced landscaping can attract more buyers and renters.
• Both Updating window treatments — Modern window treatments can improve the home's aesthetic and energy efficiency.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — Enhanced landscaping can attract more buyers and renters. ↑
• Both Updating window treatments — Modern window treatments can improve the home's aesthetic and energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-2.5% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $275,990 Zillow
• 2026-05-14 Price Changed $275,990 IRMLS
• 2026-04-24 Price Changed $277,990 Zillow
• 2026-04-23 Price Changed $277,990 IRMLS
• 2026-03-13 Listed $282,990 Zillow
• 2026-03-12 Listed $282,990 IRMLS