1509 Liberty Ave · Terre Haute, IN 47807

$84,900

2 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 30 Days on market

Built 1885 8,712 sqft lot Est $77k · 10% over ↓ 22% since listing

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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 +25.9/30.0
• DSCR +8.7/10.0
• Appreciation +7.1/10.0
• 1% rule +6.8/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• ARV discount +3.1/15.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Key facts

• 8,712 sq ft lot
• Built 1885
• Listed 29 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.7% in Terre Haute — 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 75/100 on livability (#63 in IN, #4,186 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 78 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• At $1,000/mo this rent would consume 49% of the median local household income ($25k/yr) (locally 1836% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($587 loan paydown + $4k appreciation (4.1% local appreciation)).
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.1% appreciation + 3.7% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1885 — 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. Crime grade is F 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?
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: 9.26%
• Cash-on-cash: 10.59%
• DSCR: 1.47
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $77,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 S 23rd St	0.64mi	2/1.0	1,242 (-0%)	3mo	$155,000	$125	66
1612 Locust St	0.36mi	2/1.0	1,368 (+10%)	1mo	$89,900	$66	66
1509 2nd Ave	0.44mi	2/2.0	1,200 (-4%)	5mo	$30,000	$25	65
239 S 22nd St	0.63mi	2/1.0	1,301 (+4%)	4mo	$160,000	$123	60
613 N 25th St	0.74mi	3/1.0 (+1)	1,244 (-0%)	1mo	$65,000	$52	59
1337 3rd Ave	0.55mi	2/1.0	1,123 (-10%)	4mo	$69,500	$62	55
1407 Ohio St	0.54mi	3/1.5 (+1)	1,178 (-6%)	4mo	$29,500	$25	55
2250 Tippecanoe St	0.52mi	2/1.0	1,090 (-13%)	2mo	$60,000	$55	53
1427 6th Ave	0.70mi	3/1.0 (+1)	1,160 (-7%)	6mo	$64,000	$55	45
1543 3 Ave	0.50mi	3/2.0 (+1)	1,092 (-12%)	4mo	$103,000	$94	43
1232 N 13th St	0.65mi	3/1.0 (+1)	1,088 (-13%)	6mo	$75,000	$69	38
917 N 9th St	0.72mi	3/1.0 (+1)	1,423 (+14%)	5mo	$42,750	$30	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.14% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 2.25×
• Total profit: $29,596
• Equity at exit: $43,753

10-year hold

• IRR: 21.2%
• Equity multiple: 4.43×
• Total profit: $81,601
• Equity at exit: $72,133

Cash invested: $23,772 (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 47807

• Home prices YoY: 2.8%
• Rents YoY: 3.7%
• Active inventory: 78
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,000 high
• Mortgage (P&I): −$445
• Tax from tax record: −$99 /mo · $1,194/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $210

Break-even live

Break-even rent $734

Max offer price $84,900

Occupancy floor 74%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2124 1st Ave Terre Haute, IN	2.0	1.0	1208	$899	$0.74	44d	1	0.51mi
1609 Ohio St Unit 1 Terre Haute, IN, USA Terre Haute, IN	1.0	1.0	700	$785	$1.12	44d	1	0.54mi
1701 Ohio St Unit C Terre Haute, IN	2.0	1.0	880	$950	$1.08	44d	1	0.54mi
1432 4th Ave Terre Haute, IN	3.0	1.0	1144	$1,000	$0.87	44d	1	0.59mi
1915 Poplar St Unit A Terre Haute, IN	3.0	1.0	1412	$1,200	$0.85	44d	1	0.75mi
435 S 18th St Terre Haute, IN	3.0	1.0	1108	$1,050	$0.95	44d	1	0.78mi
1028 N 9th St Terre Haute, IN	2.0	1.0	960	$1,200	$1.25	44d	1	0.81mi
501 S 19th St Terre Haute, IN	2.0	1.0	1200	$975	$0.81	44d	1	0.85mi
433 S 25th St Terre Haute, IN	2.0	1.0	760	$995	$1.31	44d	1	1.03mi
1723 N 11th St Unit 3 Terre Haute, IN	2.0	1.0	800	$800	$1.00	44d	1	1.10mi
1723 N 11th St Unit 2 Terre Haute, IN	1.0	1.0	700	$800	$1.14	44d	1	1.10mi
2003 N 22nd St Terre Haute, IN	1.0	1.0	846	$650	$0.77	44d	1	1.17mi
600 S Center St Unit 602 Terre Haute, IN	3.0	1.5	1500	$2,500	$1.67	44d	1	1.22mi
731 S 7th St Terre Haute, IN	1.0	1.0	700	$1,200	$1.71	44d	1	1.27mi
1320 S 19th St Terre Haute, IN	2.0	1.0	830	$700	$0.84	44d	1	1.39mi
1 Sycamore St Terre Haute, IN	2.0	2.0	1311	$1,510	$1.15	44d	1	1.42mi

Listing history 29 events

1. 2026-06-19
   days on market $84,900 Active 30 DOM
2. 2026-06-18
   days on market $84,900 Active 29 DOM
3. 2026-06-17
   days on market $84,900 Active 28 DOM
4. 2026-06-16
   days on market $84,900 Active 27 DOM
5. 2026-06-15
   days on market $84,900 Active 26 DOM
6. 2026-06-14
   days on market $84,900 Active 24 DOM
7. 2026-06-13
   days on market $84,900 Active 23 DOM
8. 2026-06-10
   days on market $84,900 Active 21 DOM
9. 2026-06-09
   days on market $84,900 Active 20 DOM
10. 2026-06-08
    days on market $84,900 Active 19 DOM
11. 2026-06-07
    days on market $84,900 Active 18 DOM
12. 2026-06-05
    days on market $84,900 Active 15 DOM
13. 2026-06-02
    days on market $84,900 Active 13 DOM
14. 2026-06-01
    days on market $84,900 Active 12 DOM
15. 2026-05-31
    days on market $84,900 Active 11 DOM
16. 2026-05-30
    days on market $84,900 Active 10 DOM
17. 2026-05-11
    status Active
18. 2026-04-22
    status Pending
19. 2026-03-21
    price $84,900
20. 2026-03-04
    status Active
21. 2026-02-13
    status Pending
22. 2026-02-08
    price $89,900
23. 2026-01-13
    price $94,900
24. 2026-01-07
    listed $99,900 Active
25. 2026-01-06
    historical
26. 2025-12-18
    price $99,900
27. 2025-12-01
    price $102,500
28. 2025-11-17
    price $104,900
29. 2025-11-01
    listed $109,000 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: $1,194 · $99/mo
• Projected year-2 tax: $1,194 · $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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,998
• − Mortgage interest: −$4,756
• − Property taxes: −$1,194
• − Insurance: −$424
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$2,470
• Taxable income: $1,235
• Est. tax owed @ 24.0%: −$296
• After-tax cash flow: $2,222/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: Vigo County School Corporation
• NCES district ID: 1812090
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 37% ▼ -8.00%
• Median HH income: $40,100
• Composite: 28.97/100
• National rank: #6625
• State rank: #202 of 301 in IN

Livability — Terre Haute

• Score: 75/100
• State rank: #63
• US rank: #4186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terre Haute, IN
• County: Vigo County · 91,193 people
• City population: 91,193
• Metro: Terre Haute, IN
• Population (ZIP): 13,140
• Household income: $24,706
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 1836.0

Population outlook (Vigo County) Hauer SSP2

• Today (2025): 106,366 people
• By 2030: 105,674 · -0.7%
• By 2040: 103,731 · -2.5%
• By 2050: 101,200 · -4.9%
• By 2075: 95,674 · -10.1%
• By 2100: 85,910 · -19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 14% Two or more races 8% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Arabic 1%

Political lean MEDSL · Vigo

• 2024 margin: R (+18.1) · D 40.0% · R 58.1% · Other 2.0%
• 2008→2024 swing: -33.9pp toward R · 2008: 15.8pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+14.7 2016: R+15.2 2012: D+0.8 2008: D+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.14%
• Current HPI: 152.8073
• Rent YoY: ▲ 3.74%
• Metro: Terre Haute, IN
• 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

-22.1% since first listed

13 events — show timeline

• 2026-05-11 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-21 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2026-03-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-08 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $94,900 MIBOR as Distributed by MLS Grid
• 2026-01-07 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2026-01-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-18 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $102,500 MIBOR as Distributed by MLS Grid
• 2025-11-17 Price Changed $104,900 MIBOR as Distributed by MLS Grid
• 2025-11-01 Listed $109,000 MIBOR as Distributed by MLS Grid

Property tax history

-5.2%/yr

Latest (2024): $1,194 · +2.5% YoY. Source: county tax records.