2423 3rd Ave · Terre Haute, IN 47807

$85,000

1 bd · 1.0 ba · 736 sqft · SingleFamily public records · 19 Days on market

Built 1905 2,614 sqft lot Est $68k · 24% over

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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 +10.9/30.0
• Appreciation +7.1/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Great location close to ISU, Rose Hulman, St Mary's of the Woods and Union hospital. This updated 1 bedroom, office, 1 full bath and 3 car detached garage would be perfect as a great first home, rental, Short Term Rental or investment property. Inside you have updated LVP flooring and paint throughout. The bathroom updated with a large title shower and flooring. The large eat in kitchen with updated painted metal cabinets and included all the range and refrigerator. The enclosed back porch houses the laundry area and too includes the washer and dryer. The home includes 2 lots, and the entire yard is fenced in.

Key facts

• Enclosed back porch
• Large tile shower
• Updated lvp flooring

Tags

• UPDATED LVP FLOORING
• LARGE TILE SHOWER
• ENCLOSED BACK PORCH
• FENCED IN YARD

Property features AI

Finance

• Other: Lot size about 0.06 acre (less than 1/4 acre); Has additional parcels

Exterior

• Parking: Detached 3-car garage
• Utilities: Public water; Municipal sewer connection
• Home design: Single-family residence; One level; Residential property
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered porch or patio; City lot

Interior

• Kitchen: Gas oven; Range hood; Refrigerator
• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Painted woodwork
• Laundry & utility: Washer; Dryer; Main-level laundry room (11.7 x 5.8)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $-37 ($-446/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $70k (18.1% below list).
• Recommended offer: $70k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.6% in Terre Haute — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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.
• Zoned schools: Meadows Elementary School (math 37% / reading 37%); Woodrow Wilson Middle School (math 21% / reading 31%, grade F, #240 of 330 statewide, top 73%, 701 students, 62% FRL); Terre Haute North Vigo High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 1,507 students, 51% FRL).
• Market conditions: Rents rising (+3.7%/yr); 78 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 34% of the median local income ($25k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($588 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 ~6 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 19 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,650 (18.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.87%
• DSCR: 0.92
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $68,448
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1400 N 26th St	0.18mi	2/1.0 (+1)	783 (+6%)	7mo	$73,000	$93	70
2001 N 25th St	0.63mi	2/1.0 (+1)	740 (+0%)	9mo	$38,000	$51	57
1619 4th Ave	0.53mi	2/1.0 (+1)	675 (-8%)	3mo	$73,000	$108	54
1510 2nd Ave	0.66mi	2/1.0 (+1)	790 (+7%)	3mo	$47,500	$60	50

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: 9.3%
• Equity multiple: 1.57×
• Total profit: $13,654
• Equity at exit: $43,805

10-year hold

• IRR: 11.5%
• Equity multiple: 2.96×
• Total profit: $46,554
• Equity at exit: $72,217

Cash invested: $23,800 (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: 10.2×

Monthly cashflow live

• Estimated rent: $696 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$146
• Net cashflow: $-37

Break-even live

Break-even rent $744

Max offer price $79,620

Occupancy floor —

Sensitivity live

Price	-10% $22	-5% $-8	+0% $-37	+5% $-67	+10% $-96
Rent	-10% $-92	-5% $-65	+0% $-37	+5% $-10	+10% $18
Rate	-1.0pp $6	-0.5pp $-16	base $-37	+0.5pp $-59	+1.0pp $-82

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1609 Ohio St Unit 1 Terre Haute, IN, USA Terre Haute, IN	1.0	1.0	700	$785	$1.12	45d	1	1.19mi
1095 Spruce St Unit 2 Bed TBD Terre Haute, IN	2.0	1.0	650	$519	$0.80	45d	1	1.22mi
1723 N 11th St Unit 2 Terre Haute, IN	1.0	1.0	700	$800	$1.14	45d	1	1.25mi
901 Elm St Terre Haute, IN	2.0	1.0	600	$800	$1.33	45d	1	1.30mi

Listing history 19 events

1. 2026-06-21
   days on market $85,000 Active 19 DOM
2. 2026-06-19
   days on market $85,000 Active 17 DOM
3. 2026-06-18
   days on market $85,000 Active 16 DOM
4. 2026-06-17
   days on market $85,000 Active 15 DOM
5. 2026-06-16
   days on market $85,000 Active 14 DOM
6. 2026-06-15
   days on market $85,000 Active 13 DOM
7. 2026-06-14
   days on market $85,000 Active 11 DOM
8. 2026-06-13
   days on market $85,000 Active 10 DOM
9. 2026-06-10
   days on market $85,000 Active 8 DOM
10. 2026-06-09
    days on market $85,000 Active 7 DOM
11. 2026-06-08
    days on market $85,000 Active 6 DOM
12. 2026-06-07
    statusdays on market $85,000 Active 5 DOM
13. 2026-05-10
    status Pending 617-char remark

    Show marketing remark (617 chars)

    Great location close to ISU, Rose Hulman, St Mary's of the Woods and Union hospital. This updated 1 bedroom, office, 1 full bath and 3 car detached garage would be perfect as a great first home, rental, Short Term Rental or investment property. Inside you have updated LVP flooring and paint throughout. The bathroom updated with a large title shower and flooring. The large eat in kitchen with updated painted metal cabinets and included all the range and refrigerator. The enclosed back porch houses the laundry area and too includes the washer and dryer. The home includes 2 lots, and the entire yard is fenced in.

14. 2026-05-10
    status Pending

    Show marketing remark (617 chars)

    Great location close to ISU, Rose Hulman, St Mary's of the Woods and Union hospital. This updated 1 bedroom, office, 1 full bath and 3 car detached garage would be perfect as a great first home, rental, Short Term Rental or investment property. Inside you have updated LVP flooring and paint throughout. The bathroom updated with a large title shower and flooring. The large eat in kitchen with updated painted metal cabinets and included all the range and refrigerator. The enclosed back porch houses the laundry area and too includes the washer and dryer. The home includes 2 lots, and the entire yard is fenced in.

15. 2026-05-07
    listed $85,000 Active 617-char remark

    Show marketing remark (617 chars)

    Great location close to ISU, Rose Hulman, St Mary's of the Woods and Union hospital. This updated 1 bedroom, office, 1 full bath and 3 car detached garage would be perfect as a great first home, rental, Short Term Rental or investment property. Inside you have updated LVP flooring and paint throughout. The bathroom updated with a large title shower and flooring. The large eat in kitchen with updated painted metal cabinets and included all the range and refrigerator. The enclosed back porch houses the laundry area and too includes the washer and dryer. The home includes 2 lots, and the entire yard is fenced in.

16. 2026-05-07
    listed $85,000 Active

    Show marketing remark (617 chars)

    Great location close to ISU, Rose Hulman, St Mary's of the Woods and Union hospital. This updated 1 bedroom, office, 1 full bath and 3 car detached garage would be perfect as a great first home, rental, Short Term Rental or investment property. Inside you have updated LVP flooring and paint throughout. The bathroom updated with a large title shower and flooring. The large eat in kitchen with updated painted metal cabinets and included all the range and refrigerator. The enclosed back porch houses the laundry area and too includes the washer and dryer. The home includes 2 lots, and the entire yard is fenced in.

17. 2024-04-24
    status Pending
18. 2024-02-13
    price $64,900
19. 2023-09-15
    listed $69,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°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: $8,358
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$669
• − Management: −$669
• − Depreciation: −$2,473
• Taxable loss: −$1,913
• Est. tax savings @ 24.0%: +$459
• After-tax cash flow: $13/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

+21.6% since first listed

7 events — show timeline

• 2026-05-10 Pending — THAAR
• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $85,000 THAAR
• 2024-04-24 Pending — THAAR
• 2024-02-13 Price Changed $64,900 THAAR
• 2023-09-15 Listed $69,900 THAAR