1922 Division St · New Albany, IN 47150

$186,000

2 bd · 1.0 ba · 2,108 sqft · SingleFamily public records · 301 Days on market

Built 1939 6,795 sqft lot Est $257k · 28% under ↓ 12% since listing

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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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.7/10.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market due to no fault of seller or home. Buyer unable to move forward. This home offers an open floor plan with a spacious living room, eat-in kitchen with lots of cabinets and the stove and refrigerator remain. There are 2 bedrooms on the first level and 2 more rooms upstairs. There is a very large closet and storage area upstairs. Yard is fully fenced and back yard features a large covered deck, garage and extra parking in rear. The clothes washer in garage can remain. This home features: New HVAC, new ductwork, new flooring throughout, fresh paint, new window blinds, updated electrical panel and breakers. Roof approximately 8 years old. Window AC unit upstairs to remain. Loc

Key facts

• Open floor plan
• Lots of cabinets
• Eat-in kitchen

Tags

• OPEN FLOOR PLAN
• SPACIOUS LIVING ROOM
• EAT-IN KITCHEN
• LOTS OF CABINETS
• LAUNDRY ON MAIN LEVEL
• LARGE WALK-IN CLOSET

Property features AI

Exterior

• Parking: Garage(s)
• Utilities: Public water (connected); Public sewer; Paved road access
• Home design: Single-story (1 story); Resale property
• Construction: Vinyl siding; Shingle roof; Foundation: block, poured, crawlspace, cellar
• Exterior features: Deck; Fenced yard; Landscaped yard; Attached or detached garage structure present

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator; Eat-in kitchen; Ceiling fan in kitchen
• Bedrooms: Second-level room with large walk-in closet; Second-level bedroom (carpet); First-level bedroom with ceiling fan, no closet
• Flooring: Wood flooring in large walk-in closet room; Carpet in some upstairs rooms; Laminate flooring on main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air; Window and wall air conditioning units
• Interior features: Blinds; Ceiling fans; Eat-in kitchen; Main level primary; Open floor plan; Utility room; Vaulted ceilings; Window treatments
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (3.4% below list).
• Recommended offer: $164k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.8% in New Albany — 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 73/100 on livability (#100 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: commute C-, employment D+, schools D.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 269 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 297 units permitted in Floyd County in 2024 (84 in 5+ unit buildings).
• This rent runs 34% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 301 days — a 12% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $28k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 301 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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: 0.97% ✗
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $257,176
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1921 E Spring St	0.07mi	3/2.0 (+1)	2,100 (-0%)	6mo	$320,000	$152	83
1748 Ekin Ave	0.37mi	3/2.0 (+1)	2,160 (+2%)	2mo	$249,900	$116	68
1748 E Oak St	0.27mi	3/2.0 (+1)	2,003 (-5%)	5mo	$250,000	$125	66
2226 Reno Ave	0.36mi	2/2.0	1,919 (-9%)	1mo	$105,000	$55	63
716 Vincennes St	0.43mi	3/2.0 (+1)	2,085 (-1%)	7mo	$239,000	$115	63
1905 Culbertson Ave	0.30mi	3/1.0 (+1)	1,967 (-7%)	9mo	$173,000	$88	62
913 Silver St	0.48mi	2/2.0	1,911 (-9%)	0mo	$300,000	$157	58
321 E 13th St	0.59mi	3/1.5 (+1)	2,044 (-3%)	5mo	$110,000	$54	56
1912 Beeler St	0.47mi	3/2.0 (+1)	1,872 (-11%)	2mo	$269,000	$144	49
1126 Myrtle Ave	0.64mi	3/2.0 (+1)	1,954 (-7%)	6mo	$120,000	$61	44
2111 Mclean Ave	0.59mi	3/2.0 (+1)	1,846 (-12%)	5mo	$225,000	$122	39
2406 Beeler St	0.64mi	3/1.5 (+1)	1,869 (-11%)	9mo	$232,000	$124	37

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-3,501
• Equity at exit: $27,733

10-year hold

• IRR: 11.7%
• Equity multiple: 2.09×
• Total profit: $56,558
• Equity at exit: $16,082

Cash invested: $52,080 (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 47150

• Rents YoY: 7.2%
• Active inventory: 269
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,797 medium
• Mortgage (P&I): −$975
• Tax from tax record: −$72 /mo · $869/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $294

Break-even live

Break-even rent $1,424

Max offer price $186,000

Occupancy floor 79%

Sensitivity live

Price	-10% $399	-5% $347	+0% $294	+5% $241	+10% $189
Rent	-10% $152	-5% $223	+0% $294	+5% $365	+10% $436
Rate	-1.0pp $388	-0.5pp $341	base $294	+0.5pp $246	+1.0pp $197

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: $46,500
• Closing costs: $5,580
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 Thomas St New Albany, IN	3.0	2.5	1510	$2,300	$1.52	17d	1	0.26mi
808 Vincennes St New Albany, IN	2.0	1.5	1444	$2,000	$1.39	22d	1	0.45mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	20d	1	0.93mi
1429 Slate Run Rd New Albany, IN	1.0–2.0	1.0–2.0	1200	$1,365	$1.14	15d	4	1.24mi

Listing history 18 events

1. 2026-06-18
   days on market $186,000 Active 301 DOM
2. 2026-06-17
   days on market $186,000 Active 300 DOM
3. 2026-06-16
   days on market $186,000 Active 299 DOM
4. 2026-06-15
   days on market $186,000 Active 298 DOM
5. 2026-06-13
   days on market $186,000 Active 296 DOM
6. 2026-06-10
   days on market $186,000 Active 293 DOM
7. 2026-06-09
   days on market $186,000 Active 292 DOM
8. 2026-06-08
   pricedays on market $186,000 Active 291 DOM
9. 2026-06-03
   days on market $187,900 Active 290 DOM
10. 2026-06-02
    days on market $187,900 Active 289 DOM
11. 2026-06-01
    days on market $187,900 Active 288 DOM
12. 2026-05-31
    days on market $187,900 Active 287 DOM
13. 2026-02-23
    price $187,900
14. 2026-02-17
    status Active
15. 2026-02-16
    historical
16. 2025-10-07
    price $199,900
17. 2025-09-15
    price $209,000
18. 2025-08-15
    listed $214,000 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: $869 · $72/mo
• Projected year-2 tax: $1,225 · $102/mo
• Expected delta: +$356/yr (+$30/mo · 40.9%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 20 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,558
• − Mortgage interest: −$10,419
• − Property taxes: −$869
• − Insurance: −$930
• − Repairs & maintenance: −$1,725
• − Management: −$1,725
• − Depreciation: −$5,411
• Taxable income: $480
• Est. tax owed @ 24.0%: −$115
• After-tax cash flow: $3,412/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: New Albany-Floyd County Consolidated Schools
• NCES district ID: 1807410
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $54,709
• Composite: 41.57/100
• National rank: #3441
• State rank: #68 of 301 in IN

Livability — New Albany

• Score: 73/100
• State rank: #100
• US rank: #5454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Albany, IN
• County: Floyd County · 49,144 people
• City population: 49,144
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 49,144
• Household income: $62,820
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1737.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 82,092 people
• By 2030: 84,384 · +2.8%
• By 2040: 87,919 · +7.1%
• By 2050: 89,958 · +9.6%
• By 2075: 94,159 · +14.7%
• By 2100: 91,907 · +12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Floyd

• 2024 margin: R (+15.5) · D 41.4% · R 56.9% · Other 1.7%
• 2008→2024 swing: -5.4pp toward R · 2008: -10.1pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+14.1 2016: R+20.1 2012: R+14.3 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.20%
• Current HPI: 206.7738
• Rent YoY: ▲ 7.24%
• Metro: Louisville/Jefferson County, KY-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

-12.2% since first listed

6 events — show timeline

• 2026-02-23 Price Changed $187,900 SIRA
• 2026-02-17 Relisted — SIRA
• 2026-02-16 Delisted — SIRA
• 2025-10-07 Price Changed $199,900 SIRA
• 2025-09-15 Price Changed $209,000 SIRA
• 2025-08-15 Listed $214,000 SIRA

Property tax history

+10.8%/yr

Latest (2024): $869 · +52.9% YoY. Source: county tax records.