1804 Main St · Vincennes, IN 47591

$71,900

3 bd · 2.0 ba · 1,424 sqft · SingleFamily public records · 65 Days on market

Built 1910 6,534 sqft lot $50/sqft · 53% below area

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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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a 3 bedroom, 2 bathroom rental home with great rental history.  The home has had some updates, but we have priced it based on the remaining items needed to be updated.  The home has a partial new roof, some new interior work, and a new heat pump system installed in March of 2025. It is currently rented at $700/month through 5/31/27. This home could be your next great investment!

Key facts

• 6,534 sq ft lot
• Garage
• Built 1910

🏷️ Possibly a rental listed for sale. The $71,900 price doesn't fit this home's estimated sale value (~$153,273) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 5.1% in Vincennes — 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 70/100 on livability (#148 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Vincennes Community School Corporation (town): math 34% / reading 38% proficiency, ranked #193 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $497 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 1910 — 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 $67,586 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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?
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: 1.36% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.89%
• DSCR: 1.66
• GRM: 6.1

CMA / ARV

• ARV (median comp): $153,273
• List price: $71,900
• Delta: -53.09%
• 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
1 Hunter Ct	0.11mi	3/2.0	1,432 (+1%)	3mo	$190,000	$133	91
108 N 21st St	0.23mi	4/1.0 (+1)	1,402 (-2%)	2mo	$155,900	$111	76
204 Carolina Dr	0.45mi	3/2.0	1,400 (-2%)	2mo	$225,000	$161	74
1313 Broadway St	0.45mi	3/2.0	1,422 (-0%)	8mo	$149,900	$105	72
2004 Jerry St	0.24mi	3/2.0	1,300 (-9%)	5mo	$150,000	$115	70
8 N 21st St	0.21mi	3/1.5	1,248 (-12%)	2mo	$157,000	$126	66
1416 Buntin St	0.39mi	3/2.5	1,350 (-5%)	13mo	$122,742	$91	60
201 Carolina Dr	0.41mi	3/2.0	1,318 (-7%)	12mo	$217,000	$165	59
1614 Wheeler St	0.57mi	3/1.5	1,460 (+2%)	12mo	$149,000	$102	57
824 S 15th St	0.61mi	3/1.0	1,568 (+10%)	2mo	$70,000	$45	49
1419 College Ave	0.62mi	2/1.0 (-1)	1,344 (-6%)	10mo	$55,000	$41	45
1126 Busseron St	0.60mi	3/1.0	1,260 (-12%)	10mo	$123,000	$98	40

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: 5.5%
• Equity multiple: 1.21×
• Total profit: $4,287
• Equity at exit: $10,721

10-year hold

• IRR: 14.9%
• Equity multiple: 2.21×
• Total profit: $24,337
• Equity at exit: $6,217

Cash invested: $20,132 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 136
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$377
• Tax from tax record: −$113 /mo · $1,362/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $250

Break-even live

Break-even rent $659

Max offer price $71,900

Occupancy floor 69%

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: $17,975
• Closing costs: $2,157
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 N 7th St Unit A Vincennes, IN	2.0	1.0	1000	$975	$0.97	43d	1	0.98mi

Listing history 17 events

1. 2026-06-12
   statusdays on market $71,900 Pending 65 DOM
2. 2026-06-09
   days on market $71,900 Active 62 DOM
3. 2026-06-08
   days on market $71,900 Active 61 DOM
4. 2026-06-07
   days on market $71,900 Active 60 DOM
5. 2026-06-07
   days on market $71,900 Active 59 DOM
6. 2026-06-04
   days on market $71,900 Active 56 DOM
7. 2026-06-02
   days on market $71,900 Active 55 DOM
8. 2026-06-01
   days on market $71,900 Active 54 DOM
9. 2026-05-31
   days on market $71,900 Active 53 DOM
10. 2026-05-31
    days on market $71,900 Active 52 DOM
11. 2026-04-08
    listed $71,900 Active 414-char remark

    Show marketing remark (414 chars)

    This is a 3 bedroom, 2 bathroom rental home with great rental history.  The home has had some updates, but we have priced it based on the remaining items needed to be updated.  The home has a partial new roof, some new interior work, and a new heat pump system installed in March of 2025. It is currently rented at $700/month through 5/31/27. This home could be your next great investment!

12. 2025-08-23
    status Active
13. 2025-08-23
    historical
14. 2025-08-05
    price $61,900
15. 2025-05-02
    status Active
16. 2024-10-14
    price $63,000
17. 2024-04-29
    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.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,362 · $113/mo
• Projected year-2 tax: $1,362 · $113/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 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,700
• − Mortgage interest: −$4,028
• − Property taxes: −$1,362
• − Insurance: −$360
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,092
• Taxable income: $1,988
• Est. tax owed @ 24.0%: −$477
• After-tax cash flow: $2,520/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: Vincennes Community School Corporation
• NCES district ID: 1812120
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $38,359
• Composite: 30.05/100
• National rank: #6354
• State rank: #193 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vincennes, IN
• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• 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

+2.9% since first listed

7 events — show timeline

• 2026-04-08 Listed $71,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-08-05 Price Changed $61,900 IRMLS
• 2025-05-02 Relisted — IRMLS
• 2024-10-14 Price Changed $63,000 IRMLS
• 2024-04-29 Listed $69,900 IRMLS

Property tax history

-3.4%/yr

Latest (2024): $1,362 · +2.6% YoY. Source: county tax records.