213 W Mulberry St · Princeton, IN 47670

$129,990

3 bd · 1.0 ba · 986 sqft · SingleFamily public records · 48 Days on market

Built 1944 3,920 sqft lot $132/sqft · 11% below area Est $147k · 11% under

---

Why this score? — see what drove the C+ 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 +26.0/30.0
• ARV discount +12.6/15.0
• DSCR +8.7/10.0
• 1% rule +5.8/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming and cozy starter home offering 3 bedrooms and 1 full bath, perfect for first-time buyers. This home features a beautifully remodeled kitchen completed in 2023, showcasing stainless steel appliances and a gas range that’s perfect for cooking and entertaining. Major updates include the roof, water heater, and furnace, all replaced in 2021; providing peace of mind for years to come. Enjoy relaxing mornings or evenings on the covered front porch. The fully fenced backyard offers a great space for pets, kids, or outdoor gatherings, and includes a large outbuilding ideal for storage, hobbies, or a workshop. This move-in ready home combines comfort, updates, and functionality. .. do

Key facts

• Covered front porch
• Remodeled kitchen
• Large outbuilding

Tags

• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• GAS RANGE
• COVERED FRONT PORCH
• FULLY FENCED BACKYARD
• LARGE OUTBUILDING

Property features AI

Finance

• Other: Property listed by RE/MAX REVOLUTION

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Shingle roof; Block foundation; Built as site-built home
• Exterior features: Chain link fencing; Outbuilding on property; Lot dimensions approximately 55 x 75

Interior

• Kitchen: Microwave; Refrigerator; Gas Range
• Bedrooms: Total rooms: 7
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Microwave; Refrigerator; Gas Range; Carpet flooring; Vinyl flooring; Crawl space basement
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.6% in Princeton — 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 71/100 on livability (#131 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Comm Primary School (414 students, 53% FRL); Princeton Community Middle (math 23% / reading 37%, grade F, #208 of 330 statewide, top 64%, 431 students, 53% FRL); Princeton Community High School (math 22% / reading 57%, grade F, #221 of 369 statewide, top 63%, 618 students, 41% FRL).
• Market conditions: 138 active listings in the ZIP; 3 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; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $78k; list at $130k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,090 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.08% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.64%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

• ARV (median comp): $146,630
• List price: $129,990
• Delta: -11.35%
• 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
613 S Prince St	0.16mi	2/1.0 (-1)	1,000 (+1%)	5mo	$79,600	$80	81
121 W Mulberry St	0.06mi	2/1.0 (-1)	928 (-6%)	3mo	$154,500	$166	80
403 E Illinois St	0.35mi	3/1.5	960 (-3%)	2mo	$167,900	$175	75
805 S Stormont St	0.43mi	2/2.0 (-1)	968 (-2%)	0mo	$131,000	$135	68
915 S Hall St	0.26mi	2/1.0 (-1)	875 (-11%)	1mo	$175,000	$200	63
820 S Stormont St	0.46mi	2/1.0 (-1)	1,045 (+6%)	2mo	$113,000	$108	62
823 W Wood St	0.74mi	3/1.0	1,012 (+3%)	2mo	$67,500	$67	60
1313 S Baldwin Ct	0.48mi	3/2.0	1,081 (+10%)	2mo	$224,900	$208	56
123 S Race St	0.54mi	2/1.0 (-1)	956 (-3%)	11mo	$152,000	$159	56
203 S Center St	0.49mi	3/1.0	1,080 (+10%)	10mo	$146,000	$135	53
211 E Monroe St	0.24mi	2/1.0 (-1)	1,120 (+14%)	12mo	$168,000	$150	51
408 E Water St	0.50mi	2/1.0 (-1)	1,076 (+9%)	7mo	$65,000	$60	50

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: -3.5%
• Equity multiple: 0.87×
• Total profit: $-4,755
• Equity at exit: $19,382

10-year hold

• IRR: 6.2%
• Equity multiple: 1.46×
• Total profit: $16,841
• Equity at exit: $11,239

Cash invested: $36,397 (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 47670

• Home prices YoY: -32.2%
• Active inventory: 138
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,404 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $256

Break-even live

Break-even rent $1,080

Max offer price $129,990

Occupancy floor 77%

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: $32,498
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 W Garfield Ave Princeton, IN	2.0	1.0	1000	$1,700	$1.70	44d	2	0.45mi
102 N Seminary St Princeton, IN	2.0	1.0	884	$995	$1.13	44d	1	0.53mi
629 S Second Ave Princeton, IN	1.0–3.0	1.0–2.0	1001	$1,450	$1.45	44d	29	1.08mi

Listing history 15 events

1. 2026-06-13
   statusdays on market $129,990 Pending 48 DOM
2. 2026-06-12
   days on market $129,990 Active 47 DOM
3. 2026-06-09
   days on market $129,990 Active 44 DOM
4. 2026-06-08
   days on market $129,990 Active 43 DOM
5. 2026-06-07
   days on market $129,990 Active 42 DOM
6. 2026-06-04
   days on market $129,990 Active 38 DOM
7. 2026-06-02
   days on market $129,990 Active 37 DOM
8. 2026-06-01
   days on market $129,990 Active 36 DOM
9. 2026-05-31
   days on market $129,990 Active 35 DOM
10. 2026-05-31
    days on market $129,990 Active 34 DOM
11. 2026-04-27
    listed $135,000 Active 748-char remark
12. 2021-11-12
    listed $84,900
13. 2020-03-11
    soldstatus $78,000
14. 2019-05-02
    listed $84,900
15. 2012-05-21
    soldstatus $8,000

ⓘ 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: $607 · $51/mo
• Projected year-2 tax: $856 · $71/mo
• Expected delta: +$249/yr (+$21/mo · 41.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 96% 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 3% 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: $16,846
• − Mortgage interest: −$7,281
• − Property taxes: −$607
• − Insurance: −$1,447
• − Repairs & maintenance: −$1,348
• − Management: −$1,348
• − Depreciation: −$3,782
• Taxable income: $1,034
• Est. tax owed @ 24.0%: −$248
• After-tax cash flow: $2,826/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: North Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Princeton

• Score: 71/100
• State rank: #131
• US rank: #6840

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, IN
• Population (ZIP): 11,638

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 5% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.47%
• Current HPI: 219.932
• 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

+1524.9% since first listed

7 events — show timeline

• 2026-06-13 Pending — IRMLS
• 2026-05-23 Price Changed $129,990 IRMLS
• 2026-04-27 Listed $135,000 IRMLS
• 2021-11-12 Listed $84,900 IRMLS
• 2020-03-11 Sold (Public Records) $78,000 Public Records
• 2019-05-02 Listed $84,900 IRMLS
• 2012-05-21 Sold (Public Records) $8,000 Public Records

Property tax history

-5.3%/yr

Latest (2024): $607 · -10.4% YoY. Source: county tax records.