1001 E Locust St · Vincennes, IN 47591

$82,500

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 194 Days on market

Built 1971 5,227 sqft lot $76/sqft · 22% below area Est $105k · 22% under ↓ 17% 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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.8/10.0
• 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

Listing remarks MLS

Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

Key facts

• Extra room
• Main-floor laundry
• Nice yard

Tags

• DETACHED GARAGE
• NICE YARD
• COMFORTABLE LIVING AREA
• EXTRA ROOM
• HOME OFFICE
• MAIN-FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $82k).
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.1% 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: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $570 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.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $17k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $72,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 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 1971 — 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: 1.18% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.38%
• DSCR: 1.37
• GRM: 7.1

CMA / ARV

• ARV (median comp): $105,151
• List price: $82,500
• Delta: -21.54%
• 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
1001 E Locust St	0.00mi	2/1.0 (-1)	1,092 (0%)	0mo	$65,000	$60	95
1704 Indiana Ave	0.25mi	2/1.0 (-1)	1,128 (+3%)	4mo	$130,000	$115	75
1172 E Locust St	0.16mi	2/1.0 (-1)	1,008 (-8%)	4mo	$130,000	$129	72
1306 Ridgeway Ave	0.50mi	3/1.0	1,144 (+5%)	0mo	$97,000	$85	68
914 N 9th St	0.29mi	2/1.5 (-1)	1,186 (+9%)	4mo	$73,501	$62	62
862 Ridgeway Ave	0.43mi	3/2.0	1,188 (+9%)	2mo	$159,000	$134	60
1218 Mckinley Ave	0.38mi	2/1.0 (-1)	1,206 (+10%)	0mo	$185,000	$153	59
507 Kessinger St	0.61mi	3/1.0	982 (-10%)	0mo	$60,000	$61	55
902 N 12 St	0.34mi	2/1.0 (-1)	952 (-13%)	4mo	$114,900	$121	55
1317 Wabash Ave	0.32mi	2/1.0 (-1)	936 (-14%)	3mo	$144,000	$154	54
1304 Broadway St	0.72mi	2/1.0 (-1)	1,014 (-7%)	2mo	$35,000	$35	48
108 E Eberwine Ave	0.72mi	2/2.0 (-1)	1,160 (+6%)	2mo	$55,000	$47	46

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: -3.5%
• Equity multiple: 0.87×
• Total profit: $-3,050
• Equity at exit: $12,301

10-year hold

• IRR: 6.2%
• Equity multiple: 1.46×
• Total profit: $10,737
• Equity at exit: $7,133

Cash invested: $23,100 (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: 136
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$433
• Tax from tax record: −$142 /mo · $1,702/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $161

Break-even live

Break-even rent $771

Max offer price $82,500

Occupancy floor 78%

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 N 7th St Unit A Vincennes, IN	2.0	1.0	1000	$975	$0.97	43d	1	0.44mi

Listing history 7 events

1. 2026-05-14
   status Pending 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

2. 2026-03-11
   price $82,500 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

3. 2026-03-03
   price $89,900 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

4. 2026-03-03
   status Active 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

5. 2026-02-13
   status Pending 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

6. 2025-10-29
   price $94,900 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

7. 2025-10-14
   listed $99,900 Active 210-char remark

   Show marketing remark (210 chars)

   Charming 2-bedroom, 1-bath home with a spacious detached garage and a nice yard. Inside, you’ll find a comfortable living area with an extra room ideal for a home office and convenient main-floor laundry.

ⓘ 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: $1,702 · $142/mo
• Projected year-2 tax: $1,702 · $142/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 4/10 Moderate 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,700
• − Mortgage interest: −$4,621
• − Property taxes: −$1,702
• − Insurance: −$412
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,400
• Taxable income: $692
• Est. tax owed @ 24.0%: −$166
• After-tax cash flow: $1,771/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

-17.4% since first listed

7 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-03-11 Price Changed $82,500 IRMLS
• 2026-03-03 Price Changed $89,900 IRMLS
• 2026-03-03 Relisted — IRMLS
• 2026-02-13 Pending — IRMLS
• 2025-10-29 Price Changed $94,900 IRMLS
• 2025-10-14 Listed $99,900 IRMLS

Property tax history

-0.7%/yr

Latest (2024): $1,702 · +2.9% YoY. Source: county tax records.