1107 State St · Washington, IN 47501

$159,900

3 bd · 2.5 ba · 2,304 sqft · SingleFamily public records · 219 Days on market

Built 1900 0.29 ac lot $69/sqft · 68% below area Est $310k · 48% under ↓ 11% 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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.0/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this inviting in-town property featuring both a covered front porch and a covered back patio, perfect for relaxing or entertaining. This home offers 3 bedrooms and 2 full baths, along with a spacious living room and a comfortable family room for extra living space. There is carpet throughout the home and ceiling fans in multiple rooms for year-round comfort. Outside, you’ll find a 2-car detached garage, concrete driveway, a utility shed for storage, and a nice fenced in backyard area. Located close to schools and a community park, this home combines convenience, comfort, and charm—all in a great neighborhood setting.

Key facts

• Covered front porch
• Close to schools
• Utility shed

Tags

• COVERED FRONT PORCH
• COVERED BACK PATIO
• FENCED IN BACKYARD
• UTILITY SHED
• CLOSE TO SCHOOLS
• COMMUNITY PARK

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.9% in Washington — 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 72/100 on livability (#110 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 F.
• Washington Community Schools (town): math 36% / reading 38% proficiency, ranked #174 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 115 active listings in the ZIP; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 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 $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.00% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $310,250
• List price: $159,900
• Delta: -48.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1695 S 75 E	0.64mi	4/2.0 (+1)	2,216 (-4%)	22mo	$425,000	$192	39

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-11,894
• Equity at exit: $23,842

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $7,655
• Equity at exit: $13,825

Cash invested: $44,772 (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 47501

• Home prices YoY: -23.2%
• Active inventory: 115
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,601 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $220

Break-even live

Break-even rent $1,323

Max offer price $159,900

Occupancy floor 81%

Sensitivity live

Price	-10% $311	-5% $266	+0% $220	+5% $175	+10% $130
Rent	-10% $94	-5% $157	+0% $220	+5% $284	+10% $347
Rate	-1.0pp $301	-0.5pp $261	base $220	+0.5pp $179	+1.0pp $137

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $159,900 Active 219 DOM
2. 2026-06-18
   days on market $159,900 Active 217 DOM
3. 2026-06-17
   days on market $159,900 Active 216 DOM
4. 2026-06-16
   days on market $159,900 Active 215 DOM
5. 2026-06-15
   days on market $159,900 Active 214 DOM
6. 2026-06-13
   days on market $159,900 Active 212 DOM
7. 2026-06-12
   days on market $159,900 Active 211 DOM
8. 2026-06-09
   days on market $159,900 Active 208 DOM
9. 2026-06-08
   days on market $159,900 Active 207 DOM
10. 2026-06-07
    days on market $159,900 Active 206 DOM
11. 2026-06-07
    days on market $159,900 Active 205 DOM
12. 2026-06-04
    days on market $159,900 Active 202 DOM
13. 2026-06-02
    days on market $159,900 Active 201 DOM
14. 2026-06-01
    days on market $159,900 Active 200 DOM
15. 2026-05-31
    days on market $159,900 Active 199 DOM
16. 2026-05-31
    days on market $159,900 Active 198 DOM
17. 2026-03-23
    price $159,900 652-char remark

    Show marketing remark (652 chars)

    Welcome home to this inviting in-town property featuring both a covered front porch and a covered back patio, perfect for relaxing or entertaining. This home offers 3 bedrooms and 2 full baths, along with a spacious living room and a comfortable family room for extra living space. There is carpet throughout the home and ceiling fans in multiple rooms for year-round comfort. Outside, you’ll find a 2-car detached garage, concrete driveway, a utility shed for storage, and a nice fenced in backyard area. Located close to schools and a community park, this home combines convenience, comfort, and charm—all in a great neighborhood setting.

18. 2025-11-13
    price $169,900 652-char remark

    Show marketing remark (652 chars)

    Welcome home to this inviting in-town property featuring both a covered front porch and a covered back patio, perfect for relaxing or entertaining. This home offers 3 bedrooms and 2 full baths, along with a spacious living room and a comfortable family room for extra living space. There is carpet throughout the home and ceiling fans in multiple rooms for year-round comfort. Outside, you’ll find a 2-car detached garage, concrete driveway, a utility shed for storage, and a nice fenced in backyard area. Located close to schools and a community park, this home combines convenience, comfort, and charm—all in a great neighborhood setting.

19. 2025-11-11
    listed $159,900 Active 652-char remark

    Show marketing remark (652 chars)

    Welcome home to this inviting in-town property featuring both a covered front porch and a covered back patio, perfect for relaxing or entertaining. This home offers 3 bedrooms and 2 full baths, along with a spacious living room and a comfortable family room for extra living space. There is carpet throughout the home and ceiling fans in multiple rooms for year-round comfort. Outside, you’ll find a 2-car detached garage, concrete driveway, a utility shed for storage, and a nice fenced in backyard area. Located close to schools and a community park, this home combines convenience, comfort, and charm—all in a great neighborhood setting.

20. 2021-08-10
    soldstatus $185,000 252-char remark

    Show marketing remark (252 chars)

    2 story home with 3 bedrooms, 2.5 baths, living room, family room, basement with additional kitchen, attached 2 car garage, & pole bldg, situated on 1.45 acres. New windows 2019, new roof & vinyl siding - 2020. Close to town & bypass.

21. 2021-06-19
    listed $178,700 252-char remark

    Show marketing remark (252 chars)

    2 story home with 3 bedrooms, 2.5 baths, living room, family room, basement with additional kitchen, attached 2 car garage, & pole bldg, situated on 1.45 acres. New windows 2019, new roof & vinyl siding - 2020. Close to town & bypass.

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $1,676 · $140/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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,217
• − Mortgage interest: −$8,957
• − Property taxes: −$1,676
• − Insurance: −$800
• − Repairs & maintenance: −$1,537
• − Management: −$1,537
• − Depreciation: −$4,652
• Taxable income: $58
• Est. tax owed @ 24.0%: −$14
• After-tax cash flow: $2,629/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: Washington Community Schools
• NCES district ID: 1812450
• Math proficiency: 36% ▼ -1.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $45,422
• Composite: 31.57/100
• National rank: #5952
• State rank: #174 of 301 in IN

Livability — Washington

• Score: 72/100
• State rank: #110
• US rank: #5706

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 18,335
• Population (ZIP): 18,335

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 33,940 people
• By 2030: 34,457 · +1.5%
• By 2040: 35,412 · +4.3%
• By 2050: 35,803 · +5.5%
• By 2075: 35,173 · +3.6%
• By 2100: 29,799 · -12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Hispanic 4% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.5% · Other 1.4%
• 2008→2024 swing: -29.1pp toward R · 2008: -35.2pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+62.0 2016: R+62.8 2012: R+50.8 2008: R+35.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.30%
• Current HPI: 213.3049
• 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

-10.5% since first listed

5 events — show timeline

• 2026-03-23 Price Changed $159,900 IRMLS
• 2025-11-13 Price Changed $169,900 IRMLS
• 2025-11-11 Listed $159,900 IRMLS
• 2021-08-10 Sold (MLS) $185,000 IRMLS
• 2021-06-19 Listed $178,700 IRMLS

Property tax history

+3.7%/yr

Latest (2024): $1,676 · +15.2% YoY. Source: county tax records.