2087 Derby Way · Memphis, IN 47143

$289,990

5 bd · 3.0 ba · 2,180 sqft · SingleFamily · 77 Days on market

Built 2026 9,148 sqft lot Est $301k · at est. $29/mo HOA · 1% of rent ↓ 3% since listing

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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).

• Cash flow +10.8/30.0
• ARV discount +9.1/15.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

Key facts

• Stylish cabinetry
• Flexible space
• Chef kitchen

Tags

• CHEF KITCHEN
• STYLISH CABINETRY
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• FLEXIBLE SPACE
• GUEST SUITE

Property features AI

Finance

• Other: Property type: Residential — Single Family Residence
• HOA & community: Homeowners association with annual fee of $350

Exterior

• Parking: Attached garage with 2 parking spaces; Garage door opener
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; 2 stories; Built by Century Complete
• Construction: Vinyl siding; Slab foundation
• Exterior features: Shingle roof; Windows with energy-efficient features; Lot dimensions approximately 69 x 128

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Flooring: Vinyl
• Bathrooms: 3 full bathrooms; 1 main-level bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Dishwasher; Microwave; Vinyl flooring; Smoke and carbon monoxide detectors
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (17.2% below list).
• Recommended offer: $240k (17.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#164 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Zoned schools: Henryville Elementary School (math 30% / reading 33%, grade F, #678 of 994 statewide, top 68%, 647 students, 43% FRL); Henryville Jr & Sr High School (math 29% / reading 45%, grade F, #247 of 369 statewide, top 70%, 461 students, 32% FRL).
• Market conditions: 94 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $240,244 (17.2% 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. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $300,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2060 Derby Way	0.12mi	5/3.0	2,180 (0%)	1mo	$289,990	$133	93
2074 Derby Way	0.12mi	5/3.0	2,180 (0%)	4mo	$279,990	$128	91
2072 Derby Way	0.12mi	5/3.0	2,180 (0%)	6mo	$284,991	$131	90
1024 Legend Ct	0.16mi	5/3.0	2,180 (0%)	6mo	$266,491	$122	88
2013 Derby Way	0.17mi	4/2.5 (-1)	2,053 (-6%)	2mo	$299,900	$146	73
2061 Derby Way	0.17mi	4/2.5 (-1)	2,014 (-8%)	1mo	$277,990	$138	71
1008 Legend Ct	0.15mi	4/2.5 (-1)	2,014 (-8%)	3mo	$259,990	$129	70
2068 Derby Way	0.12mi	4/2.5 (-1)	2,014 (-8%)	6mo	$264,991	$132	70
1021 Legend Ct	0.09mi	4/2.5 (-1)	2,014 (-8%)	9mo	$284,991	$142	69
2005 Derby Way	0.19mi	4/2.5 (-1)	2,053 (-6%)	8mo	$312,775	$152	68
2014 Derby Way	0.12mi	4/2.5 (-1)	1,953 (-10%)	3mo	$279,900	$143	68
1011 Legend Ct	0.15mi	4/2.5 (-1)	2,014 (-8%)	9mo	$284,991	$142	66

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: -19.6%
• Equity multiple: 0.32×
• Total profit: $-55,543
• Equity at exit: $43,238

10-year hold

• IRR: -12.3%
• Equity multiple: 0.27×
• Total profit: $-59,228
• Equity at exit: $25,073

Cash invested: $81,197 (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 47143

• Home prices YoY: -30.4%
• Active inventory: 94
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,402 medium
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• HOA: −$29
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $-135

Break-even live

Break-even rent $2,573

Max offer price $270,437

Occupancy floor —

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: $72,498
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 8 events

1. 2026-05-23
   price $289,990

   Show marketing remark (703 chars)

   Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

2. 2026-05-23
   price $289,990 703-char remark

   Show marketing remark (703 chars)

   Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

3. 2026-05-15
   price $292,990 703-char remark

   Show marketing remark (703 chars)

   Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

4. 2026-05-14
   price $292,990
5. 2026-04-24
   price $294,990 703-char remark

   Show marketing remark (703 chars)

   Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

6. 2026-04-23
   price $294,990
7. 2026-03-13
   listed $299,990 Active 703-char remark

   Show marketing remark (703 chars)

   Welcome to our Gardner plan. This spacious two-story home features five bedrooms, three bathrooms, and offers 2,180 square feet of modern living. The open-concept main floor that seamlessly connects the kitchen, dining, and living areas. The kitchen boasts stylish white shaker cabinets, quartz countertops, and stainless steel appliances. A versatile flex space a private bedroom and full bath on the first floor provide comfort and privacy. Upstairs, you'll find four more spacious bedrooms, including a luxurious owner's suite with an ensuite bath featuring dual sinks and a large walk-in closet. Every bedroom in the Gardner also includes its own walk-in closet, offering plenty of personal storage.

8. 2026-03-12
   listed $299,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,829
• − Mortgage interest: −$16,244
• − Property taxes: −$4,350
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − HOA: −$348
• − Depreciation: −$8,436
• Taxable loss: −$6,611
• Est. tax savings @ 24.0%: +$1,587
• After-tax cash flow: $-35/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)

No district data.

Livability — Memphis

• Score: 70/100
• State rank: #164
• US rank: #7848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, IN
• Population (ZIP): 3,775

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 5% American 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.60%
• Current HPI: 184.1286
• 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

-3.3% since first listed

8 events — show timeline

• 2026-05-23 Price Changed $289,990 IRMLS
• 2026-05-23 Price Changed $289,990 Zillow
• 2026-05-15 Price Changed $292,990 Zillow
• 2026-05-14 Price Changed $292,990 IRMLS
• 2026-04-24 Price Changed $294,990 Zillow
• 2026-04-23 Price Changed $294,990 IRMLS
• 2026-03-13 Listed $299,990 Zillow
• 2026-03-12 Listed $299,990 IRMLS