211 S Meridian St · Washington, IN 47501

$140,000

4 bd · 2.0 ba · 2,436 sqft · SingleFamily public records · 83 Days on market

Built 1890 7,200 sqft lot $57/sqft · 25% below area Est $187k · 25% 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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +6.8/10.0
• 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

Nice 6 Bed/ 2 Bath home in Washington Indiana being Sold as an Income-Producing Rental. .. Currently has a Lease that is Producing $18,600 Annual Income with tenant paying all the utilities. Great Tenant!

Key facts

• 7,200 sq ft lot
• Built 1890
• Listed 83 days

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$187,132) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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.
• Market conditions: 112 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 $968 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $119k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 1.18% ✓
• Cap rate: 9.79%
• Cash-on-cash: 12.50%
• DSCR: 1.56
• GRM: 7.1

CMA / ARV

• ARV (median comp): $187,132
• List price: $140,000
• Delta: -25.19%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 N Meridian St	0.35mi	4/2.0	2,628 (+8%)	2mo	$150,000	$57	69
210 NE 10th St	0.69mi	4/2.0	2,472 (+2%)	3mo	$175,000	$71	63
7 Dewey Ave	0.20mi	3/2.0 (-1)	2,296 (-6%)	18mo	$190,500	$83	61
207 N Meridian St	0.31mi	3/1.5 (-1)	2,071 (-15%)	3mo	$165,000	$80	51
11 W Highland Ave	0.45mi	4/2.0	2,127 (-13%)	10mo	$250,000	$118	50
607 E Walnut St	0.49mi	4/2.0	2,648 (+9%)	17mo	$229,000	$86	48
715 W Walnut St	0.57mi	3/2.0 (-1)	2,280 (-6%)	11mo	$155,000	$68	48
208 E Maple St	0.58mi	5/2.0 (+1)	2,596 (+7%)	11mo	$115,000	$44	48
405 N Meridian St	0.43mi	5/1.5 (+1)	2,080 (-15%)	12mo	$155,000	$75	39
202 Campbell Hill Dr	0.60mi	3/3.0 (-1)	2,176 (-11%)	10mo	$327,000	$150	37
706 East Walnut St	0.56mi	5/2.0 (+1)	2,732 (+12%)	16mo	$135,000	$49	36
805 Center St	0.54mi	3/1.5 (-1)	2,130 (-13%)	15mo	$185,500	$87	34

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: 2.2%
• Equity multiple: 1.08×
• Total profit: $3,304
• Equity at exit: $20,874

10-year hold

• IRR: 11.8%
• Equity multiple: 1.93×
• Total profit: $36,283
• Equity at exit: $12,105

Cash invested: $39,200 (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: 112
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$99 /mo · $1,189/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $408

Break-even live

Break-even rent $1,129

Max offer price $140,000

Occupancy floor 70%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $140,000 Active 83 DOM
2. 2026-06-17
   days on market $140,000 Active 82 DOM
3. 2026-06-16
   days on market $140,000 Active 81 DOM
4. 2026-06-15
   days on market $140,000 Active 80 DOM
5. 2026-06-13
   days on market $140,000 Active 78 DOM
6. 2026-06-12
   days on market $140,000 Active 77 DOM
7. 2026-06-09
   days on market $140,000 Active 74 DOM
8. 2026-06-08
   days on market $140,000 Active 73 DOM
9. 2026-06-07
   days on market $140,000 Active 72 DOM
10. 2026-06-07
    days on market $140,000 Active 71 DOM
11. 2026-06-04
    days on market $140,000 Active 68 DOM
12. 2026-06-02
    days on market $140,000 Active 67 DOM
13. 2026-06-01
    days on market $140,000 Active 66 DOM
14. 2026-05-31
    days on market $140,000 Active 65 DOM
15. 2026-05-31
    days on market $140,000 Active 64 DOM
16. 2026-05-04
    price $140,000 204-char remark

    Show marketing remark (204 chars)

    Nice 6 Bed/ 2 Bath home in Washington Indiana being Sold as an Income-Producing Rental. .. Currently has a Lease that is Producing $18,600 Annual Income with tenant paying all the utilities. Great Tenant!

17. 2026-03-27
    listed $150,000 Active 204-char remark

    Show marketing remark (204 chars)

    Nice 6 Bed/ 2 Bath home in Washington Indiana being Sold as an Income-Producing Rental. .. Currently has a Lease that is Producing $18,600 Annual Income with tenant paying all the utilities. Great Tenant!

18. 2022-01-18
    soldstatus $119,000 641-char remark

    Show marketing remark (641 chars)

    Check out this well maintained 4 bedroom 2 bath home located just 35 minutes from Crane Naval Base and 45 minutes from Toyota. Home is spacious with 4 bedrooms on the second floor. Home also features a bonus room on the main floor that is currently used as a fifth bedroom. Home includes all kitchen appliances, nest thermostats as well as many other tech upgrades. Tastefully decorated with outdoor entertaining space including a bar and a hot tub. This home has many great details including a beautiful entry way and a covered balcony off the second story bedroom. Sellers offering home warranty! Buyers broker will need to hold earnest.

19. 2022-01-18
    soldstatus $119,000

    Show marketing remark (641 chars)

    Check out this well maintained 4 bedroom 2 bath home located just 35 minutes from Crane Naval Base and 45 minutes from Toyota. Home is spacious with 4 bedrooms on the second floor. Home also features a bonus room on the main floor that is currently used as a fifth bedroom. Home includes all kitchen appliances, nest thermostats as well as many other tech upgrades. Tastefully decorated with outdoor entertaining space including a bar and a hot tub. This home has many great details including a beautiful entry way and a covered balcony off the second story bedroom. Sellers offering home warranty! Buyers broker will need to hold earnest.

20. 2021-08-13
    listed $139,000 641-char remark

    Show marketing remark (641 chars)

    Check out this well maintained 4 bedroom 2 bath home located just 35 minutes from Crane Naval Base and 45 minutes from Toyota. Home is spacious with 4 bedrooms on the second floor. Home also features a bonus room on the main floor that is currently used as a fifth bedroom. Home includes all kitchen appliances, nest thermostats as well as many other tech upgrades. Tastefully decorated with outdoor entertaining space including a bar and a hot tub. This home has many great details including a beautiful entry way and a covered balcony off the second story bedroom. Sellers offering home warranty! Buyers broker will need to hold earnest.

21. 2018-11-30
    soldstatus $111,000
22. 2018-07-06
    listed $116,000

ⓘ 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: $1,189 · $99/mo
• Projected year-2 tax: $1,190 · $99/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 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: $19,747
• − Mortgage interest: −$7,842
• − Property taxes: −$1,189
• − Insurance: −$700
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$4,073
• Taxable income: $2,783
• Est. tax owed @ 24.0%: −$668
• After-tax cash flow: $4,233/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

+20.7% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $140,000 IRMLS
• 2026-03-27 Listed $150,000 IRMLS
• 2022-01-18 Sold (Public Records) $119,000 Public Records
• 2022-01-18 Sold (MLS) $119,000 IRMLS
• 2021-08-13 Listed $139,000 IRMLS
• 2018-11-30 Sold (MLS) $111,000 IRMLS
• 2018-07-06 Listed $116,000 IRMLS

Property tax history

+9.3%/yr

Latest (2024): $1,189 · +5.2% YoY. Source: county tax records.