1523 2nd Ave · Terre Haute, IN 47807

$24,900

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 35 Days on market

Built 1900 7,841 sqft lot $26/sqft · 36% below area Est $39k · 36% under ↓ 14% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.1/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks

This solid home offers good bones and a strong opportunity to add value. The kitchen and living room are generously sized, and the double lot provides additional flexibility for a garage or carport and other outdoor use with a chain link fence. The floor plan offers 3 sleeping rooms without closets and a half bath (sink and toilet only), with room to add a tub/shower in one of those sleeping rooms. Take a look at this value-priced home to see if you can make it work!

Key facts

• 7,841 sq ft lot
• Built 1900
• Listed 35 days

Property features AI

Exterior

• Home design: Single-family residence; One story
• Exterior features: Lot approximately 60' x 135'; Lot size about 0.18 acres; Zoned R1

Interior

• Bathrooms: One half bathroom
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($846 rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.6% vs local median 4.7% in Terre Haute — 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 75/100 on livability (#63 in IN, #4,186 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benjamin Franklin Elem School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 443 students, 95% FRL); Woodrow Wilson Middle School (math 21% / reading 31%, grade F, #240 of 330 statewide, top 73%, 701 students, 62% FRL); Terre Haute North Vigo High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 1,507 students, 51% FRL) — zoned schools average 70% FRL vs 47% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 78 active listings in the ZIP; 12 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; lower-income renter base — watch delinquency; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($25k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($172 loan paydown + $1k appreciation (4.1% local appreciation)).
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.1% appreciation + 3.7% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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: 3.40% ✓
• Cap rate: 29.63%
• Cash-on-cash: 83.34%
• DSCR: 4.71
• GRM: 2.5

CMA / ARV

• ARV (median comp): $39,179
• List price: $24,900
• Delta: -36.45%
• 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
2031 5th Ave	0.38mi	2/1.0	926 (-3%)	0mo	$7,000	$8	77
1352 N 22nd St	0.40mi	2/1.0	888 (-7%)	1mo	$23,500	$26	69
1215 Locust Street St	0.37mi	3/2.0 (+1)	974 (+2%)	2mo	$149,000	$153	68
2334 5th Ave	0.59mi	2/1.0	952 (0%)	6mo	$10,500	$11	67
2321 Tippecanoe St	0.65mi	2/1.0	912 (-4%)	1mo	$90,000	$99	62
2030 8th Ave	0.51mi	2/1.0	875 (-8%)	1mo	$42,000	$48	61
329 N 14th St	0.48mi	2/1.0	882 (-7%)	5mo	$15,000	$17	61
1543 3 Ave	0.07mi	3/2.0 (+1)	1,092 (+15%)	4mo	$103,000	$94	60
1219 Eagle St	0.75mi	2/1.0	924 (-3%)	5mo	$79,900	$86	56
1232 N 13th St	0.34mi	3/1.0 (+1)	1,088 (+14%)	6mo	$75,000	$69	50
2250 Tippecanoe St	0.57mi	2/1.0	1,090 (+14%)	2mo	$60,000	$55	48
106 N 21st St	0.68mi	2/1.0	1,078 (+13%)	10mo	$90,000	$83	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.14% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 89.3%
• Equity multiple: 6.17×
• Total profit: $36,031
• Equity at exit: $12,832

10-year hold

• IRR: 88.3%
• Equity multiple: 13.08×
• Total profit: $84,211
• Equity at exit: $21,155

Cash invested: $6,972 (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 47807

• Home prices YoY: 2.8%
• Rents YoY: 3.7%
• Active inventory: 78
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $846 high
• Mortgage (P&I): −$131
• Tax from tax record: −$44 /mo · $522/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $484

Break-even live

Break-even rent $234

Max offer price $24,900

Occupancy floor 38%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1095 Spruce St Unit 2 Bed TBD Terre Haute, IN	2.0	1.0	650	$519	$0.80	44d	1	0.62mi
901 Elm St Terre Haute, IN	2.0	1.0	600	$800	$1.33	44d	1	0.66mi
1028 N 9th St Terre Haute, IN	2.0	1.0	960	$1,200	$1.25	44d	1	0.67mi
1723 N 11th St Unit 3 Terre Haute, IN	2.0	1.0	800	$800	$1.00	44d	1	0.76mi
1723 N 11th St Unit 2 Terre Haute, IN	1.0	1.0	700	$800	$1.14	44d	1	0.76mi
2003 N 22nd St Terre Haute, IN	1.0	1.0	846	$650	$0.77	44d	1	0.80mi
1609 Ohio St Unit 1 Terre Haute, IN, USA Terre Haute, IN	1.0	1.0	700	$785	$1.12	44d	1	0.95mi
1701 Ohio St Unit C Terre Haute, IN	2.0	1.0	880	$950	$1.08	44d	1	0.96mi
628 Ash St Terre Haute, IN	1.0–2.0	1.0	568	$750	$1.32	44d	1	1.12mi
435 S 18th St Terre Haute, IN	3.0	1.0	1108	$1,050	$0.95	44d	1	1.19mi
615 Cherry St Unit 212 Terre Haute, IN	2.0	1.0	625	$1,194	$1.91	44d	1	1.24mi
433 S 25th St Terre Haute, IN	2.0	1.0	760	$995	$1.31	44d	1	1.36mi

Listing history 5 events

1. 2026-06-02
   status $24,900 Pending 35 DOM
2. 2026-06-01
   days on market $24,900 Active 35 DOM
3. 2026-05-31
   days on market $24,900 Active 34 DOM
4. 2026-05-30
   days on market $24,900 Active 33 DOM
5. 2026-04-27
   listed $29,000 Active 471-char remark

ⓘ 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: $522 · $44/mo
• Projected year-2 tax: $522 · $44/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 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,157
• − Mortgage interest: −$1,395
• − Property taxes: −$522
• − Insurance: −$124
• − Repairs & maintenance: −$813
• − Management: −$813
• − Depreciation: −$724
• Taxable income: $5,766
• Est. tax owed @ 24.0%: −$1,384
• After-tax cash flow: $4,427/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: Vigo County School Corporation
• NCES district ID: 1812090
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 37% ▼ -8.00%
• Median HH income: $40,100
• Composite: 28.97/100
• National rank: #6625
• State rank: #202 of 301 in IN

Livability — Terre Haute

• Score: 75/100
• State rank: #63
• US rank: #4186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terre Haute, IN
• County: Vigo County · 91,193 people
• City population: 91,193
• Metro: Terre Haute, IN
• Population (ZIP): 13,140
• Household income: $24,706
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 1836.0

Population outlook (Vigo County) Hauer SSP2

• Today (2025): 106,366 people
• By 2030: 105,674 · -0.7%
• By 2040: 103,731 · -2.5%
• By 2050: 101,200 · -4.9%
• By 2075: 95,674 · -10.1%
• By 2100: 85,910 · -19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 14% Two or more races 8% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Arabic 1%

Political lean MEDSL · Vigo

• 2024 margin: R (+18.1) · D 40.0% · R 58.1% · Other 2.0%
• 2008→2024 swing: -33.9pp toward R · 2008: 15.8pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+14.7 2016: R+15.2 2012: D+0.8 2008: D+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.14%
• Current HPI: 152.8073
• Rent YoY: ▲ 3.74%
• Metro: Terre Haute, 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

-14.1% since first listed

3 events — show timeline

• 2026-06-01 Pending — THAAR
• 2026-05-20 Price Changed $24,900 THAAR
• 2026-04-27 Listed $29,000 THAAR

Property tax history

+5.8%/yr

Latest (2024): $522 · +4.3% YoY. Source: county tax records.