1301 E Walnut St · Boonville, IN 47601

$175,000

4 bd · 2.5 ba · 1,792 sqft · SingleFamily public records · 159 Days on market

Built 1936 0.50 ac lot $98/sqft · 5% below area Est $185k · 5% 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 +17.2/30.0
• ARV discount +10.0/15.0
• DSCR +5.4/10.0
• Schools +4.9/10.0
• 1% rule +4.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Duplex Apartment with each unit having 2 bedrooms, 1 bath and laundry hook ups and 1 unit has a half bath in the laundry area. Also includes a detached 2 car garage all on a corner lot. Both units are currently rented.

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 1936

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/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 $170k (3.1% below list).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.5% in Boonville — 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 66/100 on livability (#278 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Warrick County School Corporation (suburban): math 54% / reading 59% proficiency, ranked #24 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 249 units permitted in Warrick County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Warrick County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $175k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — 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 $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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 1936 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $185,160
• List price: $175,000
• Delta: -5.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 E Walnut St	0.42mi	3/2.0 (-1)	1,864 (+4%)	6mo	$230,000	$123	62
413 E Division St	0.49mi	3/2.0 (-1)	1,800 (+0%)	9mo	$200,000	$111	62
603 E Moore St	0.52mi	3/2.0 (-1)	1,909 (+6%)	7mo	$205,000	$107	52
424 E Oak St	0.52mi	3/2.0 (-1)	1,649 (-8%)	4mo	$180,000	$109	52
323 S Seventh St	0.44mi	4/2.0	1,675 (-6%)	17mo	$181,000	$108	52
916 Maple Ln	0.33mi	3/2.0 (-1)	1,607 (-10%)	12mo	$250,000	$156	50
506 E Locust St	0.43mi	3/1.0 (-1)	1,920 (+7%)	10mo	$138,000	$72	49
617 E Division St	0.38mi	5/2.0 (+1)	1,904 (+6%)	20mo	$219,000	$115	49
321 E Chestnut St	0.64mi	3/1.0 (-1)	1,620 (-10%)	0mo	$119,000	$73	43
406 E Maple St	0.53mi	4/1.5	1,625 (-9%)	20mo	$195,000	$120	40
408 E Locust St	0.49mi	3/1.5 (-1)	1,664 (-7%)	22mo	$135,000	$81	38
503 E Locust St	0.43mi	3/1.0 (-1)	1,569 (-12%)	18mo	$209,000	$133	33

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: -11.4%
• Equity multiple: 0.58×
• Total profit: $-20,347
• Equity at exit: $26,093

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-7,324
• Equity at exit: $15,131

Cash invested: $49,000 (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 47601

• Active inventory: 158
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$223 /mo · $2,677/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $125

Break-even live

Break-even rent $1,536

Max offer price $175,000

Occupancy floor 88%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 Mayfair Dr Boonville, IN	3.0	2.0	1897	$1,695	$0.89	43d	1	0.53mi

Listing history 18 events

1. 2026-06-18
   days on market $175,000 Active 159 DOM
2. 2026-06-17
   days on market $175,000 Active 158 DOM
3. 2026-06-16
   days on market $175,000 Active 157 DOM
4. 2026-06-15
   days on market $175,000 Active 156 DOM
5. 2026-06-14
   days on market $175,000 Active 154 DOM
6. 2026-06-13
   days on market $175,000 Active 153 DOM
7. 2026-06-10
   days on market $175,000 Active 151 DOM
8. 2026-06-09
   days on market $175,000 Active 150 DOM
9. 2026-06-08
   days on market $175,000 Active 149 DOM
10. 2026-06-07
    days on market $175,000 Active 148 DOM
11. 2026-06-02
    days on market $175,000 Active 143 DOM
12. 2026-06-01
    days on market $175,000 Active 142 DOM
13. 2026-05-31
    days on market $175,000 Active 141 DOM
14. 2026-05-30
    days on market $175,000 Active 140 DOM
15. 2026-04-07
    price $175,000 218-char remark

    Show marketing remark (218 chars)

    Duplex Apartment with each unit having 2 bedrooms, 1 bath and laundry hook ups and 1 unit has a half bath in the laundry area. Also includes a detached 2 car garage all on a corner lot. Both units are currently rented.

16. 2026-01-11
    listed $185,000 Active 218-char remark

    Show marketing remark (218 chars)

    Duplex Apartment with each unit having 2 bedrooms, 1 bath and laundry hook ups and 1 unit has a half bath in the laundry area. Also includes a detached 2 car garage all on a corner lot. Both units are currently rented.

17. 2017-09-12
    soldstatus $50,318
18. 2017-09-10
    listed $69,900

ⓘ 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: $2,677 · $223/mo
• Projected year-2 tax: $2,677 · $223/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 1/10 Low FEMA zone X (unshaded) · 0% 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 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,340
• − Mortgage interest: −$9,803
• − Property taxes: −$2,677
• − Insurance: −$875
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$5,091
• Taxable loss: −$1,360
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $1,830/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: Warrick County School Corporation
• NCES district ID: 1812390
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $62,801
• Composite: 49.38/100
• National rank: #2014
• State rank: #24 of 301 in IN

Livability — Boonville

• Score: 66/100
• State rank: #278
• US rank: #11520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonville, IN
• Population (ZIP): 13,119

Population outlook (Warrick County) Hauer SSP2

• Today (2025): 66,569 people
• By 2030: 68,404 · +2.8%
• By 2040: 71,131 · +6.9%
• By 2050: 72,743 · +9.3%
• By 2075: 76,088 · +14.3%
• By 2100: 72,261 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warrick

• 2024 margin: Solid R (+30.2) · D 34.1% · R 64.3% · Other 1.5%
• 2008→2024 swing: -17.4pp toward R · 2008: -12.8pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+27.8 2016: R+33.9 2012: R+26.6 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.46%
• Current HPI: 207.7817
• 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

+150.4% since first listed

4 events — show timeline

• 2026-04-07 Price Changed $175,000 IRMLS
• 2026-01-11 Listed $185,000 IRMLS
• 2017-09-12 Sold (MLS) $50,318 IRMLS
• 2017-09-10 Listed $69,900 IRMLS

Property tax history

+0.6%/yr

Latest (2024): $2,677 · -6.3% YoY. Source: county tax records.