1704 Wabash Ave · Vincennes, IN 47591

$99,900

2 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 160 Days on market

Built 1957 $96/sqft · 7% below area Est $107k · 7% under ↓ 13% since listing

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Why this score? — see what drove the D 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 +13.5/30.0
• ARV discount +10.5/15.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• 1% rule +3.1/10.0
• 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

A Fresh Start with Space to Grow You’re looking for a home that’s mostly move-in ready, thoughtfully updated, and still gives you the chance to add your own personal touch. This one does exactly that. This 2-bedroom home with a bonus room—perfect for a third bedroom, home office, or playroom—offers 1,040 square feet of comfortable living space, plus a full basement for storage or future possibilities. While the home needs a little TLC, many of the big updates are already done. The heart of the home features a newly remodeled kitchen with brand-new cabinets, new flooring, and all-new appliances, along with a new hot water heater for added peace of mind. Outside, enjoy the nice front porch, fenced-in backyard, detached garage, and shed, all set on . 54 acres in a nice location. This home gives you the updates you want—and the opportunity to make it truly your own.

Key facts

• Move-in ready
• New appliances
• Updated kitchen

Tags

• MOVE-IN READY
• UPDATED KITCHEN
• NEW APPLIANCES
• FENCED-IN BACKYARD
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $4 ($44/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (18.6% below list).
• Recommended offer: $81k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 5.0% in Vincennes — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Benjamin Franklin Elementary Sch (math 64% / reading 54%, grade B-, #151 of 994 statewide, top 16%, 485 students, 47% FRL); George Rogers Clark School (math 27% / reading 34%, grade F, #203 of 330 statewide, top 63%, 609 students, 57% FRL); Lincoln High School (math 27% / reading 47%, grade F, #247 of 369 statewide, top 70%, 765 students, 55% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 139 active listings in the ZIP; 2 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 $691 of loan paydown is wiped out by about $3k 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 160 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — 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 $81,269 (18.6% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 10.2

CMA / ARV

• ARV (median comp): $107,079
• List price: $99,900
• Delta: -6.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1172 E Locust St	0.39mi	2/1.0	1,008 (-3%)	4mo	$130,000	$129	74
1317 Wabash Ave	0.27mi	2/1.0	936 (-10%)	3mo	$144,000	$154	69
1001 E Locust St	0.54mi	2/1.0	1,092 (+5%)	1mo	$65,000	$60	66
1304 Broadway St	0.65mi	2/1.0	1,014 (-2%)	2mo	$35,000	$35	63
902 N 12 St	0.46mi	2/1.0	952 (-8%)	4mo	$114,900	$121	62
1159 E Saint Clair St	0.43mi	2/1.0	904 (-13%)	2mo	$120,000	$133	56
1306 Ridgeway Ave	0.53mi	3/1.0 (+1)	1,144 (+10%)	1mo	$97,000	$85	53
1027 N 10th St	0.55mi	2/1.0	904 (-13%)	0mo	$62,000	$69	52
402 N 15th St	0.50mi	2/1.0	884 (-15%)	3mo	$120,000	$136	49
25 N 15th St	0.68mi	2/1.0	900 (-14%)	1mo	$69,000	$77	45
914 N 9th St	0.67mi	2/1.5	1,186 (+14%)	4mo	$73,501	$62	40
862 Ridgeway Ave	0.69mi	3/2.0 (+1)	1,188 (+14%)	2mo	$159,000	$134	33

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-15,973
• Equity at exit: $14,895

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-13,686
• Equity at exit: $8,638

Cash invested: $27,972 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 139
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $813 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $4

Break-even live

Break-even rent $808

Max offer price $99,900

Occupancy floor 95%

Sensitivity live

Price	-10% $60	-5% $32	+0% $4	+5% $-25	+10% $-53
Rent	-10% $-61	-5% $-28	+0% $4	+5% $36	+10% $68
Rate	-1.0pp $54	-0.5pp $29	base $4	+0.5pp $-22	+1.0pp $-49

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1520 Main St Apt 30 Vincennes, IN	1.0	1.0	825	$650	$0.79	45d	1	0.67mi
721 N 7th St Unit A Vincennes, IN	2.0	1.0	1000	$975	$0.97	45d	1	0.81mi

Listing history 21 events

1. 2026-06-22
   days on market $99,900 Active 160 DOM
2. 2026-06-21
   days on market $99,900 Active 159 DOM
3. 2026-06-21
   days on market $99,900 Active 158 DOM
4. 2026-06-18
   days on market $99,900 Active 156 DOM
5. 2026-06-17
   days on market $99,900 Active 155 DOM
6. 2026-06-16
   days on market $99,900 Active 154 DOM
7. 2026-06-15
   days on market $99,900 Active 153 DOM
8. 2026-06-13
   days on market $99,900 Active 151 DOM
9. 2026-06-12
   days on market $99,900 Active 150 DOM
10. 2026-06-09
    days on market $99,900 Active 147 DOM
11. 2026-06-08
    days on market $99,900 Active 146 DOM
12. 2026-06-07
    days on market $99,900 Active 145 DOM
13. 2026-06-07
    days on market $99,900 Active 144 DOM
14. 2026-06-04
    days on market $99,900 Active 141 DOM
15. 2026-06-02
    days on market $99,900 Active 140 DOM
16. 2026-06-01
    days on market $99,900 Active 139 DOM
17. 2026-05-31
    days on market $99,900 Active 138 DOM
18. 2026-05-31
    days on market $99,900 Active 137 DOM
19. 2026-04-24
    price $99,900 905-char remark

    Show marketing remark (905 chars)

    A Fresh Start with Space to Grow You’re looking for a home that’s mostly move-in ready, thoughtfully updated, and still gives you the chance to add your own personal touch. This one does exactly that. This 2-bedroom home with a bonus room—perfect for a third bedroom, home office, or playroom—offers 1,040 square feet of comfortable living space, plus a full basement for storage or future possibilities. While the home needs a little TLC, many of the big updates are already done. The heart of the home features a newly remodeled kitchen with brand-new cabinets, new flooring, and all-new appliances, along with a new hot water heater for added peace of mind. Outside, enjoy the nice front porch, fenced-in backyard, detached garage, and shed, all set on . 54 acres in a nice location. This home gives you the updates you want—and the opportunity to make it truly your own.

20. 2026-01-18
    price $105,000 905-char remark

    Show marketing remark (905 chars)

    A Fresh Start with Space to Grow You’re looking for a home that’s mostly move-in ready, thoughtfully updated, and still gives you the chance to add your own personal touch. This one does exactly that. This 2-bedroom home with a bonus room—perfect for a third bedroom, home office, or playroom—offers 1,040 square feet of comfortable living space, plus a full basement for storage or future possibilities. While the home needs a little TLC, many of the big updates are already done. The heart of the home features a newly remodeled kitchen with brand-new cabinets, new flooring, and all-new appliances, along with a new hot water heater for added peace of mind. Outside, enjoy the nice front porch, fenced-in backyard, detached garage, and shed, all set on . 54 acres in a nice location. This home gives you the updates you want—and the opportunity to make it truly your own.

21. 2026-01-13
    listed $115,000 Active 905-char remark

    Show marketing remark (905 chars)

    A Fresh Start with Space to Grow You’re looking for a home that’s mostly move-in ready, thoughtfully updated, and still gives you the chance to add your own personal touch. This one does exactly that. This 2-bedroom home with a bonus room—perfect for a third bedroom, home office, or playroom—offers 1,040 square feet of comfortable living space, plus a full basement for storage or future possibilities. While the home needs a little TLC, many of the big updates are already done. The heart of the home features a newly remodeled kitchen with brand-new cabinets, new flooring, and all-new appliances, along with a new hot water heater for added peace of mind. Outside, enjoy the nice front porch, fenced-in backyard, detached garage, and shed, all set on . 54 acres in a nice location. This home gives you the updates you want—and the opportunity to make it truly your own.

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $874 · $73/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 ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $9,752
• − Mortgage interest: −$5,596
• − Property taxes: −$874
• − Insurance: −$500
• − Repairs & maintenance: −$780
• − Management: −$780
• − Depreciation: −$2,906
• Taxable loss: −$1,684
• Est. tax savings @ 24.0%: +$404
• After-tax cash flow: $448/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

-13.1% since first listed

3 events — show timeline

• 2026-04-24 Price Changed $99,900 THAAR
• 2026-01-18 Price Changed $105,000 THAAR
• 2026-01-13 Listed $115,000 THAAR

Property tax history

+6.3%/yr

Latest (2024): $874 · +4.2% YoY. Source: county tax records.