10273 Bourbon St · Newburgh, IN 47630

$159,900

2 bd · 2.5 ba · 1,488 sqft · Condo public records · 13 Days on market

Built 1974 $210/mo HOA · 11% of rent

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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 +18.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +5.7/10.0
• Schools +4.9/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated condo. The main level features dark metallic ceramic tile through the entry, kitchen, half bath, and laundry room, contrasting nicely with the white-washed oak wood flooring in the living room. Beautiful white/cream kitchen cabinets with dark glazing, a ceramic tile backsplash with glass accent detail, textured countertops, and pull-out pantry shelving. All SS Whirlpool appliances. A solid oak staircase with decorative wrought iron railing leads upstairs, where both bedrooms are generously sized and offer convenient access to full baths. The owner’s suite includes an ensuite bath with tub/shower, while the second bedroom has direct access to the second full bath. T

Key facts

• Solid oak staircase
• $210 HOA
• Community pool

Tags

• DARK METALLIC CERAMIC TILE
• WHITE WASHED OAK WOOD FLOORING
• WHITE CREAM KITCHEN CABINETS
• CERAMIC TILE BACKSPLASH
• PULL OUT PANTRY SHELVING
• SOLID OAK STAIRCASE

Property features AI

Finance

• HOA & community: Homeowners association; Monthly HOA fee of $210

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Condo/Villa; Two-story; Rear unit in building
• Construction: Brick construction; Slab foundation; Home warranty included
• Exterior features: Privacy fencing; Level lot; Private pool (association)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bathrooms: Two full bathrooms; One half bathroom; One main-level bathroom
• Heating & cooling: Electric heating; Central air; Ceiling fan(s) for cooling
• Interior features: Entrance foyer; Ceiling fans; Eat-in kitchen; Window treatments; One fireplace
• Laundry & utility: Washer; Dryer; Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 7.4% vs local median 3.9% in Newburgh — 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 80/100 on livability (#21 in IN, #1,922 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: 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.
• Zoned schools: Newburgh Elementary School (math 70% / reading 63%, grade B+, #65 of 994 statewide, top 7%, 629 students, 32% FRL); Castle South Middle School (math 43% / reading 57%, grade C, #48 of 330 statewide, top 15%, 712 students, 34% FRL); Castle High School (math 56% / reading 80%, grade B, #22 of 369 statewide, top 6%, 1,961 students, 26% FRL).
• Market conditions: Rents rising fast (+8.7%/yr); 383 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $159,900

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.16% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-6,732
• Equity at exit: $23,842

10-year hold

• IRR: 11.5%
• Equity multiple: 2.14×
• Total profit: $51,153
• Equity at exit: $13,825

Cash invested: $44,772 (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 47630

• Rents YoY: 8.7%
• Active inventory: 383
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,848 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$210
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $145

Break-even live

Break-even rent $1,665

Max offer price $159,900

Occupancy floor 87%

Sensitivity live

Price	-10% $256	-5% $201	+0% $145	+5% $90	+10% $35
Rent	-10% $-1	-5% $72	+0% $145	+5% $218	+10% $291
Rate	-1.0pp $226	-0.5pp $186	base $145	+0.5pp $104	+1.0pp $62

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5879 Riverwalk Cir Newburgh, IN	3.0	2.0	1128	$1,600	$1.42	22d	1	0.28mi
9895 Cove Point Ct Newburgh, IN	3.0	2.0	1307	$1,950	$1.49	22d	1	0.33mi
6166 River Bluff Dr Newburgh, IN	3.0	2.0	1282	$2,500	$1.95	44d	1	0.39mi
10686 Fall Creek Dr Newburgh, IN	3.0	2.0	1436	$1,950	$1.36	14d	1	1.01mi
4920 Penrose Dr Newburgh, IN	3.0	2.0	1250	$1,900	$1.52	44d	1	1.02mi
4799 Imperial Dr Newburgh, IN	3.0	2.0	1370	$1,975	$1.44	44d	1	1.10mi
402 W Jennings St Newburgh, IN	3.0	1.5	1508	$2,575	$1.71	44d	1	1.46mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $159,900 Active 13 DOM
2. 2026-06-17
   days on market $159,900 Active 12 DOM
3. 2026-06-16
   days on market $159,900 Active 11 DOM
4. 2026-06-15
   days on market $159,900 Active 10 DOM
5. 2026-06-14
   days on market $159,900 Active 8 DOM
6. 2026-06-13
   days on market $159,900 Active 7 DOM
7. 2026-06-10
   days on market $159,900 Active 5 DOM
8. 2026-06-09
   days on market $159,900 Active 4 DOM
9. 2026-06-08
   days on market $159,900 Active 3 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $159,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,182
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − HOA: −$2,520
• − Depreciation: −$4,652
• Taxable loss: −$694
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $1,910/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 — Newburgh

• Score: 80/100
• State rank: #21
• US rank: #1922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Warrick County · 39,818 people
• City population: 39,818
• Metro: Evansville, IN-KY
• Population (ZIP): 39,818
• Household income: $94,162
• Rent vs Own: 19.7% rent · 80.3% own
• Severe rent burden: 770.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 5% Black 3% Hispanic / Latino 3% Asian 3%
• Common ancestry: Italian 3% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 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: ▼ -187.44%
• Current HPI: 185.7643
• Rent YoY: ▲ 8.69%
• Metro: Evansville, IN-KY
• 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

1 event — show timeline

• 2026-06-04 Listed $159,900 IRMLS

Property tax history

-1.0%/yr

Latest (2024): $254 · +3.2% YoY. Source: county tax records.