2918 Sunset Dr · New Albany, IN 47150

$169,900

3 bd · 1.0 ba · 1,420 sqft · SingleFamily public records · 12 Days on market

Built 1950 0.34 ac lot Est $227k · 25% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.6/30.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for an affordable 4 bedroom home that needs some work and the results could be great. Covered patio and fenced in yard. This home qualifies for just a $100 down payment using FHA financing. HUD owned, SOLD AS IS, HUD case 156-873070, Listed FHA IE (Insured repair escrow) Qualifies for FHA 203K financing. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Number of rooms, measurements and sq ft not warranted, if critical buyer should verify. Taxes may reflect a deduction that may not continue to apply, possibility resulting in a higher bill.

Key facts

• Covered rear patio
• Kitchen updated
• Bathroom updated

Tags

• COVERED REAR PATIO
• ORIGINAL ARCHED DOORWAYS
• KITCHEN UPDATED
• BATHROOM UPDATED

Property features AI

Finance

• Other: Above-grade finished area reported

Exterior

• Parking: Paved driveway
• Utilities: Public water; Septic tank sewer
• Home design: Single-story home; Aluminum siding and frame construction; Residential zoning
• Construction: Aluminum siding; Frame construction
• Exterior features: Fenced yard; Paved driveway; Covered porch; Covered patio

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Eat-in kitchen
• Bedrooms: Multiple first-floor bedrooms (laminate flooring)
• Flooring: Laminate flooring throughout main level
• Bathrooms: 1 full bathroom (first floor)
• Heating & cooling: Forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Home office / den; Main-level primary bedroom; Split bedroom layout; Utility / laundry room
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (23.2% below list).
• Recommended offer: $130k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.9% in New Albany — 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 73/100 on livability (#100 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: commute C-, employment D+, schools D.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 278 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 297 units permitted in Floyd County in 2024 (84 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.
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y 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.
• Current owner paid $31k; list at $170k implies a 446% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,442 (23.2% 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 1950 — 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. 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?
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: 0.77% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $227,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2918 Sunset Dr	0.00mi	4/1.0 (+1)	1,420 (0%)	0mo	$160,000	$113	95
2903 Smithwood Dr	0.07mi	3/1.0	1,365 (-4%)	2mo	$88,000	$64	89
4007 Fields Ln	0.42mi	3/2.0	1,500 (+6%)	6mo	$324,900	$217	62
4005 Fields Ln	0.43mi	3/2.5	1,541 (+8%)	3mo	$349,900	$227	58
3105 Arbor Ridge Ln	0.46mi	2/2.0 (-1)	1,521 (+7%)	5mo	$295,000	$194	54
3927 Dunbar Ave	0.66mi	3/2.5	1,299 (-8%)	5mo	$215,000	$166	45
3907 Anderson Ave	0.71mi	3/2.5	1,566 (+10%)	6mo	$244,991	$156	39
3910 Anderson Ave	0.69mi	3/2.5	1,566 (+10%)	7mo	$249,991	$160	38
3909 Anderson Ave	0.74mi	3/2.5	1,566 (+10%)	6mo	$261,990	$167	38
3913 Anderson Ave	0.74mi	3/2.5	1,566 (+10%)	6mo	$239,991	$153	38
3906 Anderson Ave	0.74mi	3/2.5	1,566 (+10%)	6mo	$239,991	$153	38
3912 Anderson Ave	0.74mi	3/2.5	1,566 (+10%)	7mo	$239,991	$153	37

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.43×
• Total profit: $-27,096
• Equity at exit: $25,333

10-year hold

• IRR: -1.2%
• Equity multiple: 0.90×
• Total profit: $-4,564
• Equity at exit: $14,690

Cash invested: $47,572 (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 47150

• Rents YoY: 7.2%
• Active inventory: 278
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,304 high
• Mortgage (P&I): −$891
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $-84

Break-even live

Break-even rent $1,411

Max offer price $155,062

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-36	+0% $-84	+5% $-132	+10% $-180
Rent	-10% $-187	-5% $-136	+0% $-84	+5% $-32	+10% $19
Rate	-1.0pp $2	-0.5pp $-41	base $-84	+0.5pp $-128	+1.0pp $-173

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3831 Horne Ave Unit B New Albany, IN	2.0	1.0	1715	$1,050	$0.61	4d	1	0.82mi
4229 Mel Smith Rd New Albany, IN	2.0	2.0	1175	$1,198	$1.02	2d	2	1.29mi
4243 Grantline View Ct New Albany, IN	2.0	1.0	917	$995	$1.09	24d	1	1.31mi
4719 Grant Line Rd New Albany, IN	2.0	2.0	971	$1,260	$1.30	2d	21	1.34mi
4930 Grant Line Rd New Albany, IN	3.0	1.5	1152	$1,400	$1.22	24d	1	1.48mi
818 Hausfeldt Ln New Albany, IN	1.0–2.0	1.0–2.0	1073	$1,439	$1.34	3d	11	1.50mi

Listing history 3 events

1. 2026-06-03
   days on market $169,900 Active 12 DOM
2. 2026-06-02
   remarks 405-char remark
3. 2026-06-02
   listed $169,900 Active 11 DOM

ⓘ 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: $1,833 · $153/mo
• Projected year-2 tax: $1,833 · $153/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 ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $15,653
• − Mortgage interest: −$9,517
• − Property taxes: −$1,833
• − Insurance: −$850
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$4,943
• Taxable loss: −$3,993
• Est. tax savings @ 24.0%: +$958
• After-tax cash flow: $-50/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: New Albany-Floyd County Consolidated Schools
• NCES district ID: 1807410
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $54,709
• Composite: 41.57/100
• National rank: #3441
• State rank: #68 of 301 in IN

Livability — New Albany

• Score: 73/100
• State rank: #100
• US rank: #5454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Floyd County · 49,144 people
• City population: 49,144
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 49,144
• Household income: $62,820
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1737.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 82,092 people
• By 2030: 84,384 · +2.8%
• By 2040: 87,919 · +7.1%
• By 2050: 89,958 · +9.6%
• By 2075: 94,159 · +14.7%
• By 2100: 91,907 · +12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Floyd

• 2024 margin: R (+15.5) · D 41.4% · R 56.9% · Other 1.7%
• 2008→2024 swing: -5.4pp toward R · 2008: -10.1pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+14.1 2016: R+20.1 2012: R+14.3 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.20%
• Current HPI: 206.7738
• Rent YoY: ▲ 7.24%
• Metro: Louisville/Jefferson County, KY-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

+448.1% since first listed

12 events — show timeline

• 2026-06-02 Relisted — SIRA
• 2026-05-16 Delisted — SIRA
• 2026-05-04 Listed $169,900 SIRA
• 2026-03-05 Rental Removed $1,499 APPFOLIO
• 2026-03-03 Listed for Rent $1,499 APPFOLIO
• 2025-03-13 Price Changed $189,990 SIRA
• 2025-02-26 Price Changed $189,995 SIRA
• 2025-01-29 Price Changed $189,999 SIRA
• 2024-11-14 Price Changed $190,000 SIRA
• 2024-11-02 Price Changed $199,875 SIRA
• 2015-12-18 Sold (MLS) $31,100 SIRA
• 2015-11-20 Listed $31,000 SIRA

Property tax history

+17.7%/yr

Latest (2025): $1,833 · +2.4% YoY. Source: county tax records.