820 S State Rd 57 · Washington, IN 47501

$129,999

2 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 16 Days on market

Built 1933 0.67 ac lot Est $139k · 7% under

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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 +25.5/30.0
• ARV discount +10.5/15.0
• DSCR +8.4/10.0
• 1% rule +5.5/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming home with endless potential sitting on over half an acre! The interior has been completely redone, offering a fresh and updated feel throughout. Inside, you’ll love the spacious living room and dining room, large walk-in closet, and full basement that provides plenty of extra storage or future living space possibilities. This cute little home is ready for its next owner to add the finishing touches. The property does need some exterior TLC, including a new AC unit, cabinets, and appliances, making it a great opportunity for investors, first-time buyers, or anyone looking to customize a home to their own style. With a large lot, plenty of space, and a solid updated interior, t

Key facts

• Large lot
• Full basement
• Large walk-in closet

Tags

• LARGE WALK-IN CLOSET
• FULL BASEMENT
• LARGE LOT

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Built with vinyl siding; Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Shed(s); Sloped lot

Interior

• Kitchen: Gas water heater; Water heater
• Bedrooms: 2 total rooms
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning; Ceiling fan(s) for cooling
• Interior features: Ceiling fans
• Laundry & utility: Laundry in basement; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/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: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.9% in Washington — 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 72/100 on livability (#110 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Washington Community Schools (town): math 36% / reading 38% proficiency, ranked #174 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Upper Elementary (math 44% / reading 43%, grade D, #90 of 330 statewide, top 27%, 361 students, 62% FRL); Washington High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 780 students, 58% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $130k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1933 — 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 $128,049 (1.5% below list)

Questions for the listing agent

1. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.05% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $139,320
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 S State Rd 57	0.00mi	2/1.0	1,080 (0%)	0mo	$105,000	$97	100
16 Kelly Dr	0.37mi	3/1.0 (+1)	1,120 (+4%)	0mo	$145,000	$129	71
822 SE 1st St	0.36mi	2/1.0	1,111 (+3%)	16mo	$90,000	$81	65
705 SW 1st St	0.47mi	2/2.0	1,116 (+3%)	5mo	$170,000	$152	64
804 S Meridian St	0.40mi	2/1.0	1,154 (+7%)	12mo	$139,800	$121	60
102 Sycamore St	0.72mi	2/1.0	1,120 (+4%)	2mo	$174,500	$156	59
706 SE 2nd St	0.48mi	2/1.0	936 (-13%)	6mo	$78,500	$84	50
10 W Sycamore St	0.71mi	3/2.0 (+1)	1,050 (-3%)	8mo	$199,500	$190	46
8 E National Hwy	0.63mi	2/1.0	1,128 (+4%)	22mo	$153,000	$136	45
809 S State Road 57	0.46mi	3/1.0 (+1)	1,186 (+10%)	19mo	$147,000	$124	41
11 Kelly Dr	0.30mi	3/2.0 (+1)	1,220 (+13%)	21mo	$170,000	$139	38

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-1,906
• Equity at exit: $19,383

10-year hold

• IRR: 8.3%
• Equity multiple: 1.63×
• Total profit: $22,854
• Equity at exit: $11,240

Cash invested: $36,400 (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 47501

• Home prices YoY: -23.2%
• Active inventory: 115
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,361 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $302

Break-even live

Break-even rent $979

Max offer price $129,999

Occupancy floor 73%

Sensitivity live

Price	-10% $375	-5% $338	+0% $302	+5% $265	+10% $228
Rent	-10% $194	-5% $248	+0% $302	+5% $355	+10% $409
Rate	-1.0pp $367	-0.5pp $335	base $302	+0.5pp $268	+1.0pp $234

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 E National Hwy Washington, IN	1.0–2.0	1.0–1.5	960	$1,250	$1.30	44d	1	1.44mi
499 S 100 E Apt 12 Washington, IN	3.0	2.5	1500	$1,500	$1.00	44d	1	1.47mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $129,999 Pending 16 DOM
2. 2026-06-04
   days on market $129,999 Active 14 DOM
3. 2026-06-02
   days on market $129,999 Active 13 DOM
4. 2026-06-01
   days on market $129,999 Active 12 DOM
5. 2026-05-31
   days on market $129,999 Active 11 DOM
6. 2026-05-31
   days on market $129,999 Active 10 DOM
7. 2026-05-20
   listed $129,999 Active
8. 2024-12-12
   soldstatus $50,000

ⓘ 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: $447 · $37/mo
• Projected year-2 tax: $776 · $65/mo
• Expected delta: +$329/yr (+$27/mo · 73.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,326
• − Mortgage interest: −$7,282
• − Property taxes: −$447
• − Insurance: −$650
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − Depreciation: −$3,782
• Taxable income: $1,554
• Est. tax owed @ 24.0%: −$373
• After-tax cash flow: $3,248/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: Washington Community Schools
• NCES district ID: 1812450
• Math proficiency: 36% ▼ -1.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $45,422
• Composite: 31.57/100
• National rank: #5952
• State rank: #174 of 301 in IN

Livability — Washington

• Score: 72/100
• State rank: #110
• US rank: #5706

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 18,335
• Population (ZIP): 18,335

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 33,940 people
• By 2030: 34,457 · +1.5%
• By 2040: 35,412 · +4.3%
• By 2050: 35,803 · +5.5%
• By 2075: 35,173 · +3.6%
• By 2100: 29,799 · -12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Hispanic 4% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.5% · Other 1.4%
• 2008→2024 swing: -29.1pp toward R · 2008: -35.2pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+62.0 2016: R+62.8 2012: R+50.8 2008: R+35.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.30%
• Current HPI: 213.3049
• 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

+160.0% since first listed

2 events — show timeline

• 2026-05-20 Listed $129,999 IRMLS
• 2024-12-12 Sold (Public Records) $50,000 Public Records

Property tax history

-9.0%/yr

Latest (2024): $447 · +9.5% YoY. Source: county tax records.