3506 Wabash Ave · Terre Haute, IN 47803

$91,649

3 bd · 2.0 ba · 2,327 sqft · MultiFamily public records · 542 Days on market

Built 1920 5,663 sqft lot $39/sqft · 50% below area ↓ 6% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

3 Bedroom, 2 Full Bath, 1.5 Story Brick Front Home, 2,327 Sq Ft Finished Living Space, 1107 Sq Ft, Concrete Block Basement, 21 x 30 Garage

Key facts

• 5,663 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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: schools D-, 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.
• Market conditions: Rents rising fast (+4.1%/yr); 177 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $634 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $26k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 542 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,651 (12.0% below list)

Questions for the listing agent

1. It's been on market 542 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 1920 — 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. 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?
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: 1.38% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.01%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (median comp): $183,468
• List price: $91,649
• Delta: -50.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.38×
• Total profit: $9,737
• Equity at exit: $13,665

10-year hold

• IRR: 19.6%
• Equity multiple: 2.72×
• Total profit: $44,266
• Equity at exit: $7,924

Cash invested: $25,662 (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 47803

• Home prices YoY: -28.6%
• Rents YoY: 4.1%
• Active inventory: 177
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$481
• Tax from tax record: −$115 /mo · $1,382/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $364

Break-even live

Break-even rent $802

Max offer price $91,649

Occupancy floor 66%

Sensitivity live

Price	-10% $416	-5% $390	+0% $364	+5% $338	+10% $312
Rent	-10% $264	-5% $314	+0% $364	+5% $414	+10% $464
Rate	-1.0pp $410	-0.5pp $387	base $364	+0.5pp $340	+1.0pp $316

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: $22,912
• Closing costs: $2,749
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 N Fruitridge Ave Terre Haute, IN	3.0	1.0	1891	$950	$0.50	44d	1	0.19mi
2206 2nd Ave Terre Haute, IN	2.0	1.0	1664	$785	$0.47	45d	1	1.24mi
1728 N 24th St Terre Haute, IN	4.0	2.0	1922	$1,035	$0.54	44d	1	1.33mi
2116 Poplar St Terre Haute, IN	4.0	1.5	1872	$1,900	$1.01	44d	1	1.40mi

Listing history 20 events

1. 2026-06-19
   days on market $91,649 Active 542 DOM
2. 2026-06-18
   days on market $91,649 Active 541 DOM
3. 2026-06-17
   days on market $91,649 Active 540 DOM
4. 2026-06-16
   days on market $91,649 Active 539 DOM
5. 2026-06-15
   days on market $91,649 Active 538 DOM
6. 2026-06-14
   days on market $91,649 Active 536 DOM
7. 2026-06-13
   days on market $91,649 Active 535 DOM
8. 2026-06-10
   days on market $91,649 Active 533 DOM
9. 2026-06-09
   days on market $91,649 Active 532 DOM
10. 2026-06-08
    days on market $91,649 Active 531 DOM
11. 2026-06-07
    days on market $91,649 Active 530 DOM
12. 2026-06-05
    days on market $91,649 Active 527 DOM
13. 2026-06-02
    days on market $91,649 Active 525 DOM
14. 2026-06-01
    days on market $91,649 Active 524 DOM
15. 2026-05-31
    days on market $91,649 Active 523 DOM
16. 2026-05-30
    days on market $91,649 Active 522 DOM
17. 2026-04-13
    status Active 138-char remark

    Show marketing remark (138 chars)

    3 Bedroom, 2 Full Bath, 1.5 Story Brick Front Home, 2,327 Sq Ft Finished Living Space, 1107 Sq Ft, Concrete Block Basement, 21 x 30 Garage

18. 2025-12-22
    price $91,649 138-char remark

    Show marketing remark (138 chars)

    3 Bedroom, 2 Full Bath, 1.5 Story Brick Front Home, 2,327 Sq Ft Finished Living Space, 1107 Sq Ft, Concrete Block Basement, 21 x 30 Garage

19. 2025-09-05
    price $92,150 138-char remark

    Show marketing remark (138 chars)

    3 Bedroom, 2 Full Bath, 1.5 Story Brick Front Home, 2,327 Sq Ft Finished Living Space, 1107 Sq Ft, Concrete Block Basement, 21 x 30 Garage

20. 2024-12-25
    listed $97,000 Active 138-char remark

    Show marketing remark (138 chars)

    3 Bedroom, 2 Full Bath, 1.5 Story Brick Front Home, 2,327 Sq Ft Finished Living Space, 1107 Sq Ft, Concrete Block Basement, 21 x 30 Garage

ⓘ 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: $1,382 · $115/mo
• Projected year-2 tax: $1,382 · $115/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 ≥104°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: $15,155
• − Mortgage interest: −$5,134
• − Property taxes: −$1,382
• − Insurance: −$458
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$2,666
• Taxable income: $3,091
• Est. tax owed @ 24.0%: −$742
• After-tax cash flow: $3,624/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): 21,746
• Household income: $60,565
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 571.0

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 (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 3% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 5% · China, Canada
• Languages at home: 94% English-only · Chinese 2% Spanish 1% Other Asian/Pacific 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: ▼ -69.70%
• Current HPI: 173.6547
• Rent YoY: ▲ 4.09%
• 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

-5.5% since first listed

4 events — show timeline

• 2026-04-13 Relisted — IRMLS
• 2025-12-22 Price Changed $91,649 IRMLS
• 2025-09-05 Price Changed $92,150 IRMLS
• 2024-12-25 Listed $97,000 IRMLS

Property tax history

-0.3%/yr

Latest (2024): $1,382 · +2.1% YoY. Source: county tax records.