3915 E Phillips Ave · North Terre Haute, IN 47805

$55,000

3 bd · 2.0 ba · 1,728 sqft · Manufactured public records · 118 Days on market

Built 1999 0.64 ac lot ↓ 8% since listing

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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 +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity! This property has been condemned due to fire damage per the Vigo County Inspector. Utilities and structural components will need full evaluation and replacement as required by State and Local building code. Buyers should expect to work closely with contractors, inspectors, and the county to meet all permitting and safety requirements. This property is being sold as-is, with no repairs or warranties. Entry may be restricted due to its condemned status—please contact the county at 812-462-3365 for guidance on inspections, access, and redevelopment requirements. This property includes a sizable lot -- over half an acre -- that sits on a quiet street in north Ter

Key facts

• Quiet street
• Sizable lot
• 0.64 acre lot

Tags

• SIZABLE LOT
• QUIET STREET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.7% vs local median 3.3% in North 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 64/100 on livability (#408 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute 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: Rio Grande Elementary School (math 52% / reading 38%, grade D-, #374 of 994 statewide, top 38%, 439 students, 54% FRL); Otter Creek Middle School (math 13% / reading 25%, grade F, #274 of 330 statewide, top 83%, 787 students, 65% 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: 81 active listings in the ZIP; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Vigo County population projected to shrink 5% 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.

Recommended offer $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. 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: 2.34% ✓
• Cap rate: 20.70%
• Cash-on-cash: 51.47%
• DSCR: 3.29
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.3%
• Equity multiple: 3.15×
• Total profit: $33,160
• Equity at exit: $8,201

10-year hold

• IRR: 54.9%
• Equity multiple: 6.39×
• Total profit: $83,066
• Equity at exit: $4,755

Cash invested: $15,400 (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 47805

• Home prices YoY: -20.3%
• Active inventory: 81
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,288 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$46 /mo · $552/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $660

Break-even live

Break-even rent $452

Max offer price $55,000

Occupancy floor 44%

Sensitivity live

Price	-10% $692	-5% $676	+0% $660	+5% $645	+10% $629
Rent	-10% $559	-5% $610	+0% $660	+5% $711	+10% $762
Rate	-1.0pp $688	-0.5pp $674	base $660	+0.5pp $646	+1.0pp $632

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-07
   status Pending
2. 2026-02-06
   price $55,000
3. 2025-12-10
   listed $60,000 Active

ⓘ 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: $552 · $46/mo
• Projected year-2 tax: $552 · $46/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 4/10 Moderate 7 d/yr ≥105°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: $15,461
• − Mortgage interest: −$3,081
• − Property taxes: −$552
• − Insurance: −$275
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$1,600
• Taxable income: $7,479
• Est. tax owed @ 24.0%: −$1,795
• After-tax cash flow: $6,131/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 — North Terre Haute

• Score: 64/100
• State rank: #408
• US rank: #14812

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Terre Haute, IN
• County: Vigo County · 91,193 people
• Metro: Terre Haute, IN
• Population (ZIP): 12,619
• Household income: $72,411
• Rent vs Own: 17.9% rent · 82.1% own
• Severe rent burden: 192.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · South Korea
• Languages at home: 98% English-only · Spanish 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: ▼ -48.03%
• Current HPI: 188.402
• Rent YoY: —
• 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

-8.3% since first listed

3 events — show timeline

• 2026-04-07 Pending — THAAR
• 2026-02-06 Price Changed $55,000 THAAR
• 2025-12-10 Listed $60,000 THAAR

Property tax history

+5.2%/yr

Latest (2024): $552 · +7.7% YoY. Source: county tax records.