2144 Spruce St · Terre Haute, IN 47807

$49,900

2 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 24 Days on market

Built 1905 6,970 sqft lot $47/sqft · 13% below area Est $58k · 13% under

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Why this score? — see what drove the A- 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
• ARV discount +13.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.1/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

2 BEDROOM, 1 BATH, COTTAGE STYLE HOME. LARGE LIVING ROOM WITH PLENTY OF ROOM FOR YOU FAMILY. BOTH BEDROOMS ARE A GOOD SIZE. KITCHEN IS A BLANK CANVAS, JUST WAITING FOR YOUR TO DESIGN YOUR DREAM KITCHEN. WAS FORMERLY A DAYCARE, HAS 2 ADDITIONAL ROOMS THAT COULD POSSIBLY, BECOME BEDROOMS. GREAT OPPORTUNITY WITH LOTS OF POTENTIAL.

Key facts

• Covered front porch
• Separate dining room
• Basement

Tags

• SEPARATE DINING ROOM
• COVERED FRONT PORCH
• FENCED BACKYARD
• BASEMENT

Property features AI

Exterior

• Parking: Gravel parking
• Security: Smoke detectors
• Utilities: Public sewer
• Home design: Single-family residence; One story
• Construction: Metal siding; Shingle roof
• Exterior features: Covered patio/porch; 50 x 140 lot; R1 zoning

Interior

• Kitchen: Electric range; Electric oven; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/Window air conditioning
• Interior features: Fireplace (1); Partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($904 rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.0% 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: 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: 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; 13 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).
• This rent runs 44% 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 $2k of equity ($345 loan paydown + $2k 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $8k; list at $50k implies a 565% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.81% ✓
• Cap rate: 14.04%
• Cash-on-cash: 27.68%
• DSCR: 2.23
• GRM: 4.6

CMA / ARV

• ARV (median comp): $57,662
• List price: $49,900
• Delta: -13.46%
• 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
2250 Tippecanoe St	0.13mi	2/1.0	1,090 (+2%)	2mo	$60,000	$55	89
2802 Fenwood Ave	0.56mi	2/1.0	1,040 (-2%)	0mo	$94,500	$91	70
2321 Tippecanoe St	0.18mi	2/1.0	912 (-14%)	1mo	$90,000	$99	67
136 Monterey Ave	0.52mi	2/1.0	979 (-8%)	3mo	$159,000	$162	60
19 Marigold Pl	0.56mi	2/1.0	1,008 (-5%)	6mo	$140,000	$139	60
1543 3 Ave	0.54mi	3/2.0 (+1)	1,092 (+3%)	4mo	$103,000	$94	58
3014 Schaal Ave	0.71mi	2/1.0	1,120 (+5%)	3mo	$30,000	$27	56
1337 3rd Ave	0.74mi	2/1.0	1,123 (+6%)	4mo	$69,500	$62	53
2801 Fenwood Ave	0.56mi	2/1.0	934 (-12%)	1mo	$118,000	$126	53
2031 5th Ave	0.56mi	2/1.0	926 (-13%)	0mo	$7,000	$8	52
2334 5th Ave	0.57mi	2/1.0	952 (-10%)	6mo	$10,500	$11	50
1509 2nd Ave	0.54mi	2/2.0	1,200 (+13%)	5mo	$30,000	$25	46

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: 36.3%
• Equity multiple: 3.17×
• Total profit: $30,338
• Equity at exit: $25,716

10-year hold

• IRR: 35.7%
• Equity multiple: 6.49×
• Total profit: $76,681
• Equity at exit: $42,396

Cash invested: $13,972 (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: 4.6×

Monthly cashflow live

• Estimated rent: $904 high
• Mortgage (P&I): −$262
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $322

Break-even live

Break-even rent $496

Max offer price $49,900

Occupancy floor 59%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2124 1st Ave Terre Haute, IN	2.0	1.0	1208	$899	$0.74	43d	1	0.32mi
1701 Ohio St Unit C Terre Haute, IN	2.0	1.0	880	$950	$1.08	43d	1	0.67mi
1609 Ohio St Unit 1 Terre Haute, IN, USA Terre Haute, IN	1.0	1.0	700	$785	$1.12	43d	1	0.70mi
1432 4th Ave Terre Haute, IN	3.0	1.0	1144	$1,000	$0.87	43d	1	0.71mi
1915 Poplar St Unit A Terre Haute, IN	3.0	1.0	1412	$1,200	$0.85	43d	1	0.80mi
435 S 18th St Terre Haute, IN	3.0	1.0	1108	$1,050	$0.95	43d	1	0.88mi
433 S 25th St Terre Haute, IN	2.0	1.0	760	$995	$1.31	43d	1	0.89mi
501 S 19th St Terre Haute, IN	2.0	1.0	1200	$975	$0.81	43d	1	0.92mi
2003 N 22nd St Terre Haute, IN	1.0	1.0	846	$650	$0.77	43d	1	1.04mi
1028 N 9th St Terre Haute, IN	2.0	1.0	960	$1,200	$1.25	43d	1	1.11mi
1723 N 11th St Unit 3 Terre Haute, IN	2.0	1.0	800	$800	$1.00	43d	1	1.26mi
1723 N 11th St Unit 2 Terre Haute, IN	1.0	1.0	700	$800	$1.14	43d	1	1.26mi
1320 S 19th St Terre Haute, IN	2.0	1.0	830	$700	$0.84	43d	1	1.45mi

Listing history 14 events

1. 2026-06-09
   status $49,900 Pending 24 DOM
2. 2026-06-08
   days on market $49,900 Active 24 DOM
3. 2026-06-07
   days on market $49,900 Active 23 DOM
4. 2026-06-05
   days on market $49,900 Active 20 DOM
5. 2026-06-02
   days on market $49,900 Active 18 DOM
6. 2026-06-01
   days on market $49,900 Active 17 DOM
7. 2026-05-31
   days on market $49,900 Active 16 DOM
8. 2026-05-30
   days on market $49,900 Active 15 DOM
9. 2026-05-15
   listed $49,900 Active 453-char remark
10. 2022-09-23
    status Pending
11. 2022-09-19
    listed $34,900 Active
12. 2018-01-09
    soldstatus $7,500
13. 2017-12-29
    soldstatus $7,500

    Show marketing remark (329 chars)

    2 BEDROOM, 1 BATH, COTTAGE STYLE HOME. LARGE LIVING ROOM WITH PLENTY OF ROOM FOR YOU FAMILY. BOTH BEDROOMS ARE A GOOD SIZE. KITCHEN IS A BLANK CANVAS, JUST WAITING FOR YOUR TO DESIGN YOUR DREAM KITCHEN. WAS FORMERLY A DAYCARE, HAS 2 ADDITIONAL ROOMS THAT COULD POSSIBLY, BECOME BEDROOMS. GREAT OPPORTUNITY WITH LOTS OF POTENTIAL.

14. 2017-04-25
    listed $10,900

    Show marketing remark (329 chars)

    2 BEDROOM, 1 BATH, COTTAGE STYLE HOME. LARGE LIVING ROOM WITH PLENTY OF ROOM FOR YOU FAMILY. BOTH BEDROOMS ARE A GOOD SIZE. KITCHEN IS A BLANK CANVAS, JUST WAITING FOR YOUR TO DESIGN YOUR DREAM KITCHEN. WAS FORMERLY A DAYCARE, HAS 2 ADDITIONAL ROOMS THAT COULD POSSIBLY, BECOME BEDROOMS. GREAT OPPORTUNITY WITH LOTS OF POTENTIAL.

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $10,847
• − Mortgage interest: −$2,795
• − Property taxes: −$1,312
• − Insurance: −$250
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$1,452
• Taxable income: $3,303
• Est. tax owed @ 24.0%: −$793
• After-tax cash flow: $3,074/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

+357.8% since first listed

7 events — show timeline

• 2026-06-08 Pending — THAAR
• 2026-05-15 Listed $49,900 THAAR
• 2022-09-23 Pending — THAAR
• 2022-09-19 Listed $34,900 THAAR
• 2018-01-09 Sold (Public Records) $7,500 Public Records
• 2017-12-29 Sold (MLS) $7,500 THAAR
• 2017-04-25 Listed $10,900 THAAR

Property tax history

-0.9%/yr

Latest (2024): $1,312 · +40.8% YoY. Source: county tax records.