507 Kessinger St · Vincennes, IN 47591

$79,900

2 bd · 1.0 ba · 982 sqft · SingleFamily public records · 2 Days on market

Built 1909 5,663 sqft lot Est $114k · 30% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.3/10.0
• 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

This is a 3 bedroom, 1 bathroom home that has formerly been used as a rental property.   The home appears to be in decent condition but could use some updates throughout.   This would be great as another rental or a home buyer who is wanting no frills.   The home is located right off the 6th St. corridor, which is convenient for food, shopping, and access to the highways.   The home has a covered front and back porch and off street parking.   Priced accordingly at $79,900 for a quick sale!

Key facts

• Off street parking
• 5,663 sq ft lot
• Built 1909

Tags

• COVERED FRONT AND BACK PORCH
• OFF STREET PARKING
• ACCESS TO THE HIGHWAYS

Property features AI

Exterior

• Parking: Gravel parking; Off-street parking; No garage
• Utilities: Public water; Public sewer; Cable available; HVAC energy-efficient components
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Asphalt roof; Crawl space foundation; Built as site-built home
• Exterior features: Deck; Level lot

Interior

• Kitchen: Refrigerator; Gas range
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Ceiling fan cooling; Natural gas heating; Forced air; Floor furnace
• Interior features: Ceiling fans; Eat-in kitchen; One fireplace (none specified as decorative or functional)
• Laundry & utility: Washer hookup (main level); Electric dryer hookup (main level); Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $80k).
• Cap rate 9.8% 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: 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: Tecumseh-Harrison Elementary Sch (math 22% / reading 32%, grade F, #737 of 994 statewide, top 76%, 369 students, 68% 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).
• Market conditions: 136 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 $552 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1909 — 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 $79,900

Questions for the listing agent

1. Built in 1909 — 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. 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?
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: 1.23% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.65%
• DSCR: 1.56
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $113,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 Kessinger St	0.00mi	3/1.0 (+1)	982 (0%)	0mo	$60,000	$61	95
843 Ritterskamp Ave	0.36mi	3/1.0 (+1)	1,008 (+3%)	9mo	$139,900	$139	66
827 State St	0.33mi	2/1.0	902 (-8%)	7mo	$105,000	$116	65
859 Ridgeway Ave	0.35mi	2/1.0	884 (-10%)	7mo	$110,000	$124	61
1172 E Locust St	0.69mi	2/1.0	1,008 (+3%)	4mo	$130,000	$129	61
1159 E Saint Clair St	0.61mi	2/1.0	904 (-8%)	2mo	$120,000	$133	56
1704 Indiana Ave	0.39mi	2/1.0	1,128 (+15%)	4mo	$130,000	$115	54
1001 E Locust St	0.61mi	2/1.0	1,092 (+11%)	1mo	$65,000	$60	52
1708 Washington Ave	0.42mi	2/1.0	1,125 (+15%)	8mo	$97,000	$86	50
1151 E St. Clair St	0.60mi	2/1.0	1,096 (+12%)	6mo	$105,900	$97	48
1317 Weed Ln	0.60mi	2/1.0	858 (-13%)	6mo	$139,000	$162	46
1224 N Upper 11th St	0.73mi	2/1.0	888 (-10%)	6mo	$75,000	$84	44

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: 2.4%
• Equity multiple: 1.09×
• Total profit: $2,082
• Equity at exit: $11,913

10-year hold

• IRR: 12.0%
• Equity multiple: 1.95×
• Total profit: $21,190
• Equity at exit: $6,908

Cash invested: $22,372 (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: 6.8×

Monthly cashflow live

• Estimated rent: $985 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$90 /mo · $1,078/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $236

Break-even live

Break-even rent $686

Max offer price $79,900

Occupancy floor 71%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 W Saint Clair St Vincennes, IN	2.0	1.0	610	$995	$1.63	44d	4	0.62mi
721 N 7th St Unit A Vincennes, IN	2.0	1.0	1000	$975	$0.97	44d	1	0.94mi

Listing history 2 events

1. 2026-05-29
   status Pending
2. 2026-05-27
   listed $79,900 Active

ⓘ 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: $1,078 · $90/mo
• Projected year-2 tax: $1,078 · $90/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 3/10 Moderate
• 🌡 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: $11,817
• − Mortgage interest: −$4,476
• − Property taxes: −$1,078
• − Insurance: −$400
• − Repairs & maintenance: −$945
• − Management: −$945
• − Depreciation: −$2,324
• Taxable income: $1,649
• Est. tax owed @ 24.0%: −$396
• After-tax cash flow: $2,434/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

2 events — show timeline

• 2026-05-29 Pending — IRMLS
• 2026-05-27 Listed $79,900 IRMLS

Property tax history

+0.5%/yr

Latest (2024): $1,078 · +19.1% YoY. Source: county tax records.