1011 S First St · Boonville, IN 47601

$164,900

2 bd · 1.0 ba · 2,310 sqft · SingleFamily public records · 3 Days on market

Built 1920 7,841 sqft lot Est $208k · 21% under

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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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.3/10.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming two story home in Boonville with very nice curb appeal. There is a large living room as you enter this wonderful home. There is also a large bedroom (currently being used as living space; doors to room can be reinstalled) which includes a large walk in closet. On the main level you will find a nicely updated kitchen. The laundry and full bath are off the kitchen as well an another bedroom. Upstairs you will find a bonus area that can be used as a small second living area. You will also find a large upstairs bedroom. There are separate heating and cooling units on the first and second floor.

Key facts

• Metal roof
• Fenced back yard
• Oversized bedroom

Tags

• HISTORIC DOWNTOWN BOONVILLE
• LARGE FLEX SPACE
• OVERSIZED BEDROOM
• FENCED BACK YARD
• METAL ROOF
• MAINTENANCE FREE EXTERIOR

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story; Approximately 1,700 above-grade finished area
• Construction: Aluminum siding
• Exterior features: Front porch

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Crawl space basement; 6 total rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 8.6% vs local median 3.5% in Boonville — 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 66/100 on livability (#278 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Warrick County School Corporation (suburban): math 54% / reading 59% proficiency, ranked #24 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oakdale Elementary School (math 54% / reading 56%, grade C, #192 of 994 statewide, top 20%, 458 students, 56% FRL); Boonville Middle School (math 37% / reading 47%, grade D-, #102 of 330 statewide, top 32%, 700 students, 51% FRL); Boonville High School (math 32% / reading 60%, grade D-, #163 of 369 statewide, top 44%, 881 students, 44% FRL) — zoned schools average 50% FRL vs 24% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 249 units permitted in Warrick 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.
• Warrick County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y ago 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 1920 — 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 $164,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.03% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.27%
• DSCR: 1.37
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $207,900
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 E Oak St	0.47mi	2/2.0	2,112 (-9%)	3mo	$185,000	$88	57
324 S 1st St	0.51mi	3/3.0 (+1)	2,328 (+1%)	6mo	$210,000	$90	57
404 S Vine St	0.51mi	3/2.0 (+1)	2,468 (+7%)	20mo	$200,000	$81	39
510 W Walnut St	0.58mi	3/2.0 (+1)	1,989 (-14%)	5mo	$90,000	$45	36
1737 Arrowhead Dr	0.68mi	3/2.5 (+1)	2,141 (-7%)	11mo	$300,000	$140	36
801 Parkview Dr	0.61mi	3/2.0 (+1)	2,134 (-8%)	23mo	$249,900	$117	30
907 Nicholas Dr	0.73mi	3/3.0 (+1)	2,616 (+13%)	12mo	$241,000	$92	21

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-6,493
• Equity at exit: $24,587

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $20,260
• Equity at exit: $14,258

Cash invested: $46,172 (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 47601

• Active inventory: 158
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$87 /mo · $1,047/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $318

Break-even live

Break-even rent $1,292

Max offer price $164,900

Occupancy floor 76%

Sensitivity live

Price	-10% $412	-5% $365	+0% $318	+5% $272	+10% $225
Rent	-10% $184	-5% $251	+0% $318	+5% $385	+10% $452
Rate	-1.0pp $401	-0.5pp $360	base $318	+0.5pp $276	+1.0pp $232

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 Mayfair Dr Boonville, IN	3.0	2.0	1897	$1,695	$0.89	44d	1	0.93mi

Listing history 6 events

1. 2026-06-18
   days on market $164,900 Active 3 DOM
2. 2026-06-18
   status $164,900 Active 2 DOM
3. 2026-05-31
   status $164,900 Pending 2 DOM
4. 2026-05-31
   days on market $164,900 Active 2 DOM
5. 2026-05-30
   remarks 622-char remark
6. 2026-05-30
   listed $164,900 Active 1 DOM

ⓘ 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: $1,047 · $87/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: +$177/yr (+$15/mo · 16.9%)

ⓘ 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 (unshaded) · 0% 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,340
• − Mortgage interest: −$9,237
• − Property taxes: −$1,047
• − Insurance: −$824
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$4,797
• Taxable income: $1,180
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $3,537/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: Warrick County School Corporation
• NCES district ID: 1812390
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $62,801
• Composite: 49.38/100
• National rank: #2014
• State rank: #24 of 301 in IN

Livability — Boonville

• Score: 66/100
• State rank: #278
• US rank: #11520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonville, IN
• Population (ZIP): 13,119

Population outlook (Warrick County) Hauer SSP2

• Today (2025): 66,569 people
• By 2030: 68,404 · +2.8%
• By 2040: 71,131 · +6.9%
• By 2050: 72,743 · +9.3%
• By 2075: 76,088 · +14.3%
• By 2100: 72,261 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warrick

• 2024 margin: Solid R (+30.2) · D 34.1% · R 64.3% · Other 1.5%
• 2008→2024 swing: -17.4pp toward R · 2008: -12.8pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+27.8 2016: R+33.9 2012: R+26.6 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.46%
• Current HPI: 207.7817
• 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

+10.7% since first listed

10 events — show timeline

• 2026-05-29 Listed $164,900 IRMLS
• 2024-07-24 Relisted — IRMLS
• 2024-07-24 Price Changed $165,000 IRMLS
• 2024-07-05 Pending — IRMLS
• 2024-07-01 Price Changed $160,000 IRMLS
• 2024-06-19 Price Changed $168,000 IRMLS
• 2024-06-16 Price Changed $178,000 IRMLS
• 2024-06-08 Listed $185,900 IRMLS
• 2021-06-25 Sold (MLS) $146,000 IRMLS
• 2021-05-01 Listed $149,000 IRMLS

Property tax history

+7.5%/yr

Latest (2024): $1,047 · +0.8% YoY. Source: county tax records.