721 S 8th St · Boonville, IN 47601

$195,000

2 bd · 2.0 ba · 1,836 sqft · MultiFamily public records · 159 Days on market

Built 1983 6,534 sqft lot $106/sqft · 16% above area Est $168k · 16% over

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +6.3/10.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great location for this all brick duplex apartment building! Each unit has 2 bedrooms and 1 bath. Directly across from Oakdale elementary school. Both units are currently rented.

Key facts

• 6,534 sq ft lot
• Built 1983
• Listed 159 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive. Per door: $259/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $58k; list at $195k implies a 239% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $171,600 (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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.40%
• DSCR: 1.51
• GRM: 7.4

CMA / ARV

• ARV (median comp): $167,544
• List price: $195,000
• Delta: 16.39%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,400
• Equity at exit: $29,075

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $43,582
• Equity at exit: $16,860

Cash invested: $54,600 (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: 14.8×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$115 /mo · $1,384/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $519

Break-even live

Break-even rent $1,543

Max offer price $195,000

Occupancy floor 71%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,200
Total (2 units)			$2,200

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: $48,750
• Closing costs: $5,850
• 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	0.46mi

Listing history 18 events

1. 2026-06-18
   days on market $195,000 Active 159 DOM
2. 2026-06-17
   days on market $195,000 Active 158 DOM
3. 2026-06-16
   days on market $195,000 Active 157 DOM
4. 2026-06-15
   days on market $195,000 Active 156 DOM
5. 2026-06-14
   days on market $195,000 Active 154 DOM
6. 2026-06-13
   days on market $195,000 Active 153 DOM
7. 2026-06-10
   days on market $195,000 Active 151 DOM
8. 2026-06-09
   days on market $195,000 Active 150 DOM
9. 2026-06-08
   days on market $195,000 Active 149 DOM
10. 2026-06-07
    days on market $195,000 Active 148 DOM
11. 2026-06-02
    days on market $195,000 Active 143 DOM
12. 2026-06-01
    days on market $195,000 Active 142 DOM
13. 2026-05-31
    days on market $195,000 Active 141 DOM
14. 2026-05-30
    days on market $195,000 Active 140 DOM
15. 2026-04-07
    price $195,000 178-char remark

    Show marketing remark (178 chars)

    Great location for this all brick duplex apartment building! Each unit has 2 bedrooms and 1 bath. Directly across from Oakdale elementary school. Both units are currently rented.

16. 2026-01-11
    listed $200,000 Active 178-char remark

    Show marketing remark (178 chars)

    Great location for this all brick duplex apartment building! Each unit has 2 bedrooms and 1 bath. Directly across from Oakdale elementary school. Both units are currently rented.

17. 2017-09-12
    soldstatus $57,517 691-char remark

    Show marketing remark (691 chars)

    Duplex in a convenient location. Close to grocery (approx 6 blocks), gas station, City Lake and Park and walk to Oakdale School just across the street! Each unit is 2 bdrm, 1 bath, has nice sized living room, linen closet, laundry area off of kitchen, kitchen is eat-in with a door off of the back. Each unit has 918 sq ft. The south side (unit A(1) has been remodeled, new kitchen cabinets, flooring, bathroom vinyl, new stove & refrigerator, laundry room. The North side (unit B(2) has had some remodeling, new tub and vanity. Whole building has had replacement windows installed. The exterior doors have been replaced with insulated steel doors. Concrete parking pads for each unit.

18. 2017-09-10
    listed $79,900 691-char remark

    Show marketing remark (691 chars)

    Duplex in a convenient location. Close to grocery (approx 6 blocks), gas station, City Lake and Park and walk to Oakdale School just across the street! Each unit is 2 bdrm, 1 bath, has nice sized living room, linen closet, laundry area off of kitchen, kitchen is eat-in with a door off of the back. Each unit has 918 sq ft. The south side (unit A(1) has been remodeled, new kitchen cabinets, flooring, bathroom vinyl, new stove & refrigerator, laundry room. The North side (unit B(2) has had some remodeling, new tub and vanity. Whole building has had replacement windows installed. The exterior doors have been replaced with insulated steel doors. Concrete parking pads for each unit.

ⓘ 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: $1,384 · $115/mo
• Projected year-2 tax: $1,521 · $127/mo
• Expected delta: +$137/yr (+$11/mo · 9.9%)

ⓘ 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 ≥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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$10,923
• − Property taxes: −$1,384
• − Insurance: −$975
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$5,673
• Taxable income: $3,221
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $5,453/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

+144.1% since first listed

4 events — show timeline

• 2026-04-07 Price Changed $195,000 IRMLS
• 2026-01-11 Listed $200,000 IRMLS
• 2017-09-12 Sold (MLS) $57,517 IRMLS
• 2017-09-10 Listed $79,900 IRMLS

Property tax history

-3.2%/yr

Latest (2024): $1,384 · +0.0% YoY. Source: county tax records.