1010 N 9th St · Vincennes, IN 47591

$55,000

4 bd · 2.0 ba · 1,586 sqft · MultiFamily public records · 112 Days on market

Built 1885 $35/sqft · 15% below area Est $64k · 15% under ↓ 35% 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 +14.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

3 Beds 2 Baths - House 1010 N. 9th St. , Vincennes , IN 47591 * FOR SALE BY OWNER' OWNER FINANCING MUST SELL * NO BANKS * $55,000 3. bed/2bath 1586 square feet This home is price to sell the home is right here in the city and is nearby. All sorts of restaurants as well as anything you need day today. We are selling at a discount so she will move fast. Probably the best part is that we are OWNER FINANCING this home for $55k. This is NOT a lease purchase or rent-to-own where you pay for years and own nothing, but REAL owner financing where the buyer gets the deed at closing. We are looking for a reasonable down payment and income history to do the loan for the new owner. No credit check, we just check verifiable income. This home at this price won't last long!

Key facts

• Built 1885
• Listed 112 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 5.0% in Vincennes — 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 (#148 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Vincennes Community School Corporation (town): math 34% / reading 38% proficiency, ranked #193 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($50k) 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.

Risks & watch-outs

• Watch-outs: built in 1885 — 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 $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1885 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.49% ✓
• Cap rate: 21.41%
• Cash-on-cash: 53.97%
• DSCR: 3.40
• GRM: 3.4

CMA / ARV

• ARV (median comp): $64,404
• List price: $55,000
• Delta: -14.60%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.1%
• Equity multiple: 3.29×
• Total profit: $35,229
• Equity at exit: $8,201

10-year hold

• IRR: 57.4%
• Equity multiple: 6.69×
• Total profit: $87,588
• Equity at exit: $4,755

Cash invested: $15,400 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 139
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $693

Break-even live

Break-even rent $491

Max offer price $55,000

Occupancy floor 44%

Sensitivity live

Price	-10% $724	-5% $708	+0% $693	+5% $677	+10% $662
Rent	-10% $585	-5% $639	+0% $693	+5% $747	+10% $801
Rate	-1.0pp $720	-0.5pp $707	base $693	+0.5pp $678	+1.0pp $664

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $55,000 Active 112 DOM
2. 2026-06-18
   days on market $55,000 Active 110 DOM
3. 2026-06-17
   days on market $55,000 Active 109 DOM
4. 2026-06-16
   days on market $55,000 Active 108 DOM
5. 2026-06-15
   days on market $55,000 Active 107 DOM
6. 2026-06-13
   days on market $55,000 Active 105 DOM
7. 2026-06-12
   days on market $55,000 Active 104 DOM
8. 2026-06-09
   days on market $55,000 Active 101 DOM
9. 2026-06-08
   days on market $55,000 Active 100 DOM
10. 2026-06-07
    days on market $55,000 Active 99 DOM
11. 2026-06-07
    days on market $55,000 Active 98 DOM
12. 2026-06-04
    days on market $55,000 Active 95 DOM
13. 2026-06-02
    days on market $55,000 Active 94 DOM
14. 2026-06-01
    days on market $55,000 Active 93 DOM
15. 2026-05-31
    days on market $55,000 Active 92 DOM
16. 2026-05-31
    days on market $55,000 Active 91 DOM
17. 2026-02-27
    listed $55,000 Active 773-char remark

    Show marketing remark (773 chars)

    3 Beds 2 Baths - House 1010 N. 9th St. , Vincennes , IN 47591 * FOR SALE BY OWNER' OWNER FINANCING MUST SELL * NO BANKS * $55,000 3. bed/2bath 1586 square feet This home is price to sell the home is right here in the city and is nearby. All sorts of restaurants as well as anything you need day today. We are selling at a discount so she will move fast. Probably the best part is that we are OWNER FINANCING this home for $55k. This is NOT a lease purchase or rent-to-own where you pay for years and own nothing, but REAL owner financing where the buyer gets the deed at closing. We are looking for a reasonable down payment and income history to do the loan for the new owner. No credit check, we just check verifiable income. This home at this price won't last long!

18. 2025-07-14
    price $65,000
19. 2025-07-02
    price $74,900
20. 2025-07-02
    listed $84,900 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: $922 · $77/mo
• Projected year-2 tax: $922 · $77/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 3/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 1/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,418
• − Mortgage interest: −$3,081
• − Property taxes: −$922
• − Insurance: −$275
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$1,600
• Taxable income: $7,913
• Est. tax owed @ 24.0%: −$1,899
• After-tax cash flow: $6,413/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: Vincennes Community School Corporation
• NCES district ID: 1812120
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $38,359
• Composite: 30.05/100
• National rank: #6354
• State rank: #193 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vincennes, IN
• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• 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

-35.2% since first listed

4 events — show timeline

• 2026-02-27 Listed $55,000 Fizber.com
• 2025-07-14 Price Changed $65,000 IRMLS
• 2025-07-02 Price Changed $74,900 IRMLS
• 2025-07-02 Listed $84,900 IRMLS

Property tax history

-1.9%/yr

Latest (2024): $922 · +6.8% YoY. Source: county tax records.