715 E Spruce St · Princeton, IN 47670

$64,900

2 bd · 1.0 ba · 1,302 sqft · SingleFamily public records · 119 Days on market

Built 1900 0.25 ac lot $50/sqft · 60% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single Family home on a nice size corner fenced in lot and detached 2 car garage. The home has 2 bedrooms, 1 full bath, living room, dining area, kitchen, laundry, enclosed front porch and partial unfinished basement. All initial offers must be submitted via PropOffers.com by the BUYER AGENT ONLY. BUYER'S AGENT IS TO PAY A $200.00 PLUS SALES TAX OFFER MANAGEMENT FEE AT CLOSING OF ANY ACCEPTED OFFER.

Key facts

• Corner fenced in lot
• Enclosed front porch
• 0.25 acre lot

Tags

• CORNER FENCED IN LOT
• DETACHED 2 CAR GARAGE
• ENCLOSED FRONT PORCH
• PARTIAL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 4.6% in Princeton — 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 71/100 on livability (#131 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 138 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $59,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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.
7. 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.
8. 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: 1.79% ✓
• Cap rate: 14.36%
• Cash-on-cash: 28.80%
• DSCR: 2.28
• GRM: 4.6

CMA / ARV

• ARV (median comp): $176,268
• List price: $64,900
• Delta: -63.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 E Oak St	0.11mi	3/2.0 (+1)	1,418 (+9%)	4mo	$200,000	$141	68
829 E State St	0.35mi	2/1.0	1,219 (-6%)	6mo	$70,382	$58	68
318 N Seminary St	0.24mi	3/1.0 (+1)	1,198 (-8%)	4mo	$132,000	$110	67
927 N Hart St	0.54mi	2/1.0	1,278 (-2%)	6mo	$137,500	$108	66
612 E Water St	0.38mi	3/2.0 (+1)	1,350 (+4%)	3mo	$185,000	$137	65
622 N Gibson St	0.27mi	3/2.0 (+1)	1,410 (+8%)	0mo	$242,000	$172	64
328 E Oak St	0.25mi	3/2.0 (+1)	1,416 (+9%)	2mo	$198,500	$140	63
406 W Spruce St	0.64mi	2/1.5	1,242 (-5%)	2mo	$150,000	$121	59
209 S Gibson St	0.50mi	2/2.0	1,224 (-6%)	6mo	$150,500	$123	58
309 S Stout St	0.51mi	3/2.0 (+1)	1,268 (-3%)	6mo	$142,500	$112	58
404 W Spruce St	0.63mi	2/2.0	1,413 (+8%)	1mo	$245,000	$173	52
1094 E Taftown Rd	0.72mi	3/2.0 (+1)	1,480 (+14%)	2mo	$260,000	$176	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: 23.2%
• Equity multiple: 1.95×
• Total profit: $17,299
• Equity at exit: $9,677

10-year hold

• IRR: 31.1%
• Equity multiple: 3.81×
• Total profit: $50,989
• Equity at exit: $5,611

Cash invested: $18,172 (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 47670

• Home prices YoY: -32.2%
• Active inventory: 138
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,165 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$117 /mo · $1,399/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $436

Break-even live

Break-even rent $613

Max offer price $64,900

Occupancy floor 58%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 N Seminary St Princeton, IN	2.0	1.0	884	$995	$1.13	43d	1	0.37mi
220 W Garfield Ave Princeton, IN	2.0	1.0	1000	$1,700	$1.70	43d	2	1.31mi

Listing history 25 events

1. 2026-06-18
   days on market $64,900 Active 119 DOM
2. 2026-06-17
   days on market $64,900 Active 118 DOM
3. 2026-06-16
   days on market $64,900 Active 117 DOM
4. 2026-06-15
   days on market $64,900 Active 116 DOM
5. 2026-06-13
   days on market $64,900 Active 114 DOM
6. 2026-06-12
   days on market $64,900 Active 113 DOM
7. 2026-06-09
   days on market $64,900 Active 110 DOM
8. 2026-06-08
   days on market $64,900 Active 109 DOM
9. 2026-06-07
   days on market $64,900 Active 108 DOM
10. 2026-06-04
    days on market $64,900 Active 104 DOM
11. 2026-06-02
    days on market $64,900 Active 103 DOM
12. 2026-06-01
    days on market $64,900 Active 102 DOM
13. 2026-05-31
    days on market $64,900 Active 101 DOM
14. 2026-05-31
    days on market $64,900 Active 100 DOM
15. 2026-04-16
    price $74,900 402-char remark

    Show marketing remark (402 chars)

    Single Family home on a nice size corner fenced in lot and detached 2 car garage. The home has 2 bedrooms, 1 full bath, living room, dining area, kitchen, laundry, enclosed front porch and partial unfinished basement. All initial offers must be submitted via PropOffers.com by the BUYER AGENT ONLY. BUYER'S AGENT IS TO PAY A $200.00 PLUS SALES TAX OFFER MANAGEMENT FEE AT CLOSING OF ANY ACCEPTED OFFER.

16. 2026-02-18
    listed $84,900 Active 402-char remark

    Show marketing remark (402 chars)

    Single Family home on a nice size corner fenced in lot and detached 2 car garage. The home has 2 bedrooms, 1 full bath, living room, dining area, kitchen, laundry, enclosed front porch and partial unfinished basement. All initial offers must be submitted via PropOffers.com by the BUYER AGENT ONLY. BUYER'S AGENT IS TO PAY A $200.00 PLUS SALES TAX OFFER MANAGEMENT FEE AT CLOSING OF ANY ACCEPTED OFFER.

17. 2024-01-12
    soldstatus $99,900 Closed
18. 2024-01-03
    soldstatus $99,900
19. 2023-11-24
    status Pending
20. 2023-10-18
    listed $99,900 Active
21. 2016-09-07
    soldstatus $19,109
22. 2016-08-31
    soldstatus $19,109
23. 2016-06-28
    listed $19,200
24. 2016-04-29
    soldstatus $40,220
25. 2013-08-15
    listed $38,000

ⓘ 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: $1,399 · $117/mo
• Projected year-2 tax: $1,399 · $117/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 5/10 Major 7 d/yr ≥107°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: $13,976
• − Mortgage interest: −$3,635
• − Property taxes: −$1,399
• − Insurance: −$324
• − Repairs & maintenance: −$1,118
• − Management: −$1,118
• − Depreciation: −$1,888
• Taxable income: $4,493
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $4,155/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: North Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Princeton

• Score: 71/100
• State rank: #131
• US rank: #6840

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, IN
• Population (ZIP): 11,638

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 5% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.47%
• Current HPI: 219.932
• 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

+97.1% since first listed

11 events — show timeline

• 2026-04-16 Price Changed $74,900 IRMLS
• 2026-02-18 Listed $84,900 IRMLS
• 2024-01-12 Sold (MLS) $99,900 IRMLS
• 2024-01-03 Sold (Public Records) $99,900 Public Records
• 2023-11-24 Pending — IRMLS
• 2023-10-18 Listed $99,900 IRMLS
• 2016-09-07 Sold (Public Records) $19,109 Public Records
• 2016-08-31 Sold (MLS) $19,109 IRMLS
• 2016-06-28 Listed $19,200 IRMLS
• 2016-04-29 Sold (Public Records) $40,220 Public Records
• 2013-08-15 Listed $38,000 IRMLS

Property tax history

-2.2%/yr

Latest (2024): $1,399 · +5.9% YoY. Source: county tax records.