510 Payne Rd · New Albany, IN 47150

$84,900

3 bd · 1.0 ba · 1,288 sqft · SingleFamily public records · 2 Days on market

Built 1950 0.61 ac lot

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

Key facts

• 0.61 acre lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 13.5% 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); 278 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 297 units permitted in Floyd County in 2024 (84 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $205k (71%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,900

Questions for the listing agent

1. Built in 1950 — 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. 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?
4. 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.
5. 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.
6. 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: 1.51% ✓
• Cap rate: 13.53%
• Cash-on-cash: 25.85%
• DSCR: 2.15
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.24% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.03×
• Total profit: $24,523
• Equity at exit: $12,659

10-year hold

• IRR: 34.1%
• Equity multiple: 4.73×
• Total profit: $88,751
• Equity at exit: $7,341

Cash invested: $23,772 (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: 278
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,282 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$20 /mo · $242/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $512

Break-even live

Break-even rent $634

Max offer price $84,900

Occupancy floor 55%

Sensitivity live

Price	-10% $560	-5% $536	+0% $512	+5% $488	+10% $464
Rent	-10% $411	-5% $461	+0% $512	+5% $563	+10% $613
Rate	-1.0pp $555	-0.5pp $534	base $512	+0.5pp $490	+1.0pp $468

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4229 Mel Smith Rd New Albany, IN	2.0	2.0	1175	$1,198	$1.02	3d	2	0.75mi
4719 Grant Line Rd New Albany, IN	2.0	2.0	971	$1,260	$1.30	3d	21	1.08mi
4243 Grantline View Ct New Albany, IN	2.0	1.0	917	$995	$1.09	25d	1	1.29mi

Listing history 8 events

1. 2024-07-23
   soldstatus $270,000 Closed 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

2. 2024-06-03
   status Pending 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

3. 2024-05-30
   price $274,900 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

4. 2024-05-21
   price $279,900 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

5. 2024-05-17
   price $284,900 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

6. 2024-05-06
   listed $289,900 Active 967-char remark

   Show marketing remark (967 chars)

   Step inside this stunning and tranquil 4 bedroom, 2 ½ bathroom home that radiates peacefulness and privacy! This home is nestled in the woods with a natural private setting! Come and experience the airy and open floor plan with an abundance of natural light. The new white kitchen cabinets and modern appliances will surely catch your eye, along with the newly installed flooring throughout and fresh coat of paint. Retreat to the master bedroom where you can relax under the tray ceiling and enjoy the attached master bath and spacious closet. With additional storage space in the basement, all-brick exterior, and updated new septic system, New HVAC system, and new roof, mostly all new windows, new updated bathrooms, this home offers both comfort and convenience. Step outside onto the covered porch and take in the serene surroundings of a quiet wooded scenery. Conveniently located just minutes from the interstate and shopping, this home is truly a gem.

7. 2023-11-04
   status Pending
8. 2023-10-31
   listed $84,900 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: $242 · $20/mo
• Projected year-2 tax: $482 · $40/mo
• Expected delta: +$240/yr (+$20/mo · 99.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 6 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $15,384
• − Mortgage interest: −$4,756
• − Property taxes: −$242
• − Insurance: −$424
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$2,470
• Taxable income: $5,031
• Est. tax owed @ 24.0%: −$1,207
• After-tax cash flow: $4,937/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

• 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

+218.0% since first listed

8 events — show timeline

• 2024-07-23 Sold (MLS) $270,000 SIRA
• 2024-06-03 Pending — SIRA
• 2024-05-30 Price Changed $274,900 SIRA
• 2024-05-21 Price Changed $279,900 SIRA
• 2024-05-17 Price Changed $284,900 SIRA
• 2024-05-06 Listed $289,900 SIRA
• 2023-11-04 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-31 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

-4.7%/yr

Latest (2024): $242 · -75.0% YoY. Source: county tax records.