604 W National Hwy · Washington, IN 47501

$149,900

3 bd · 1.0 ba · 1,059 sqft · SingleFamily public records · 126 Days on market

Built 1895 7,405 sqft lot Est $161k · 7% under

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Why this score? — see what drove the C- 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 +19.9/30.0
• ARV discount +10.6/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 2 bedroom, 1 bath home featuring classic high ceilings, main floor laundry, nice front and back porch, off-street parking, and detached garage. Plus updated windows, gas water heater, HVAC, and electrical 200 amp panel.

Key facts

• Covered front porch
• Covered deck
• Main-level laundry

Tags

• HARD SURFACE FLOORING
• MAIN-LEVEL LAUNDRY
• COVERED FRONT PORCH
• COVERED DECK
• DETACHED ONE-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.9% in Washington — 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 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 Intermediate (math 28% / reading 19%, grade F, #782 of 994 statewide, top 79%, 445 students, 68% FRL); 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).
• Market conditions: 115 active listings in the ZIP; 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 $4k 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 126 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $150k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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 1895 — 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. 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.
6. 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.
7. 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: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $160,968
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 W Sycamore St	0.10mi	3/1.5	1,152 (+9%)	1mo	$225,000	$195	78
10 W Sycamore St	0.34mi	3/2.0	1,050 (-1%)	8mo	$199,500	$190	72
102 Sycamore St	0.31mi	2/1.0 (-1)	1,120 (+6%)	2mo	$174,500	$156	69
210 W Vantrees St	0.41mi	2/1.0 (-1)	1,056 (-0%)	10mo	$50,000	$47	67
705 SW 1st St	0.36mi	2/2.0 (-1)	1,116 (+5%)	5mo	$170,000	$152	61
412 Meredith St	0.59mi	3/1.0	1,021 (-4%)	7mo	$160,000	$157	61
904 W Main St	0.39mi	3/1.0	1,144 (+8%)	10mo	$75,000	$66	60
508 NW 3rd St	0.69mi	3/1.0	1,120 (+6%)	7mo	$156,000	$139	52
401 W Flora St	0.53mi	3/2.0	1,132 (+7%)	11mo	$125,000	$110	50
804 S Meridian St	0.46mi	2/1.0 (-1)	1,154 (+9%)	12mo	$139,800	$121	48
706 SE 2nd St	0.54mi	2/1.0 (-1)	936 (-12%)	7mo	$78,500	$84	45
407 Ogdon St	0.66mi	3/2.0	1,190 (+12%)	2mo	$193,000	$162	43

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: -8.3%
• Equity multiple: 0.69×
• Total profit: $-12,803
• Equity at exit: $22,351

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $3,709
• Equity at exit: $12,961

Cash invested: $41,972 (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: 115
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,539 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $180

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 83%

Sensitivity live

Price	-10% $284	-5% $232	+0% $180	+5% $128	+10% $76
Rent	-10% $58	-5% $119	+0% $180	+5% $241	+10% $302
Rate	-1.0pp $255	-0.5pp $218	base $180	+0.5pp $141	+1.0pp $102

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-28
   status Pending
2. 2026-04-15
   price $149,900
3. 2026-04-15
   price $149,000
4. 2025-12-19
   listed $159,000 Active
5. 2025-01-24
   soldstatus $90,000 Closed 228-char remark

   Show marketing remark (228 chars)

   Spacious 2 bedroom, 1 bath home featuring classic high ceilings, main floor laundry, nice front and back porch, off-street parking, and detached garage. Plus updated windows, gas water heater, HVAC, and electrical 200 amp panel.

6. 2025-01-23
   soldstatus $90,000
7. 2025-01-06
   status Pending 228-char remark

   Show marketing remark (228 chars)

   Spacious 2 bedroom, 1 bath home featuring classic high ceilings, main floor laundry, nice front and back porch, off-street parking, and detached garage. Plus updated windows, gas water heater, HVAC, and electrical 200 amp panel.

8. 2024-12-31
   listed $95,900 Active 228-char remark

   Show marketing remark (228 chars)

   Spacious 2 bedroom, 1 bath home featuring classic high ceilings, main floor laundry, nice front and back porch, off-street parking, and detached garage. Plus updated windows, gas water heater, HVAC, and electrical 200 amp panel.

ⓘ 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 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,470
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,478
• − Management: −$1,478
• − Depreciation: −$4,361
• Taxable loss: −$241
• Est. tax savings @ 24.0%: +$58
• After-tax cash flow: $2,218/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

+56.3% since first listed

8 events — show timeline

• 2026-04-28 Pending — IRMLS
• 2026-04-15 Price Changed $149,900 IRMLS
• 2026-04-15 Price Changed $149,000 IRMLS
• 2025-12-19 Listed $159,000 IRMLS
• 2025-01-24 Sold (MLS) $90,000 IRMLS
• 2025-01-23 Sold (Public Records) $90,000 Public Records
• 2025-01-06 Pending — IRMLS
• 2024-12-31 Listed $95,900 IRMLS