2129 N 23rd St · Terre Haute, IN 47804

$30,000

2 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 71 Days on market

Built 1915 5,227 sqft lot $30/sqft · 47% below area

---

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
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor opportunity. Full Gut/Total Remodel. Unleash the potential of this classic Bungalow. This "blank canvas" project is tailored for flippers or investors looking for an ROI renovation. Located on a large lot, this property is ready for a complete transformation. Includes large shed in the back.

Key facts

• Large lot
• Full gut remodel
• Large shed

Tags

• FULL GUT REMODEL
• LARGE LOT
• LARGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $30k).
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.6% 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: Deming Early Learning Center (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 311 students, 74% FRL); Otter Creek Middle School (math 13% / reading 25%, grade F, #274 of 330 statewide, top 83%, 787 students, 65% 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 64% FRL vs 47% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 66 active listings in the ZIP; 8 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; lower-income renter base — watch delinquency; 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 $207 of loan paydown is wiped out by about $900 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 + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.81% ✓
• Cap rate: 22.60%
• Cash-on-cash: 58.22%
• DSCR: 3.59
• GRM: 3.0

CMA / ARV

• ARV (median comp): $84,577
• List price: $30,000
• Delta: -64.53%
• 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
2014 Buckeye St	0.23mi	2/2.0	1,106 (+9%)	2mo	$124,500	$113	68
1535 Barbour Ave	0.51mi	2/1.0	1,070 (+6%)	0mo	$122,000	$114	67
2301 Beech St	0.31mi	3/1.0 (+1)	1,097 (+8%)	2mo	$57,000	$52	65
2033 N 20th St	0.21mi	3/2.0 (+1)	1,152 (+14%)	2mo	$149,900	$130	57
2031 5th Ave	0.63mi	2/1.0	926 (-9%)	1mo	$7,000	$8	55
2030 8th Ave	0.45mi	2/1.0	875 (-14%)	1mo	$42,000	$48	55
2117 Beech st St	0.32mi	3/2.0 (+1)	1,152 (+14%)	2mo	$139,900	$121	51
2119 Beech St St	0.33mi	3/2.0 (+1)	1,152 (+14%)	2mo	$139,900	$121	51
1352 N 22nd St	0.65mi	2/1.0	888 (-12%)	1mo	$23,500	$26	48
2400 N 26th St St	0.42mi	3/2.0 (+1)	1,152 (+14%)	3mo	$159,900	$139	46
2435 N 14 St	0.74mi	3/2.0 (+1)	960 (-5%)	3mo	$114,500	$119	45
1433 Grand Ave	0.59mi	3/2.0 (+1)	1,152 (+14%)	5mo	$125,000	$109	37

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

Projected returns pro-forma

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

5-year hold

• IRR: 56.8%
• Equity multiple: 3.52×
• Total profit: $21,141
• Equity at exit: $4,473

10-year hold

• IRR: 61.8%
• Equity multiple: 7.19×
• Total profit: $52,015
• Equity at exit: $2,594

Cash invested: $8,400 (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 47804

• Home prices YoY: -24.2%
• Active inventory: 66
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $844 high
• Mortgage (P&I): −$157
• Tax from tax record: −$90 /mo · $1,075/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $408

Break-even live

Break-even rent $328

Max offer price $30,000

Occupancy floor 47%

Sensitivity live

Price	-10% $425	-5% $416	+0% $408	+5% $399	+10% $391
Rent	-10% $341	-5% $374	+0% $408	+5% $441	+10% $474
Rate	-1.0pp $423	-0.5pp $415	base $408	+0.5pp $400	+1.0pp $392

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2003 N 22nd St Terre Haute, IN	1.0	1.0	846	$650	$0.77	45d	1	0.14mi
1432 4th Ave Terre Haute, IN	3.0	1.0	1144	$1,000	$0.87	45d	1	0.86mi
2124 1st Ave Terre Haute, IN	2.0	1.0	1208	$899	$0.74	45d	1	0.86mi
2250 Garfield Ave Terre Haute, IN	3.0	1.0	1500	$1,375	$0.92	45d	1	0.86mi
1723 N 11th St Unit 3 Terre Haute, IN	2.0	1.0	800	$800	$1.00	45d	1	0.98mi
1723 N 11th St Unit 2 Terre Haute, IN	1.0	1.0	700	$800	$1.14	45d	1	0.98mi
3100 N 14th St Terre Haute, IN	3.0	1.5	990	$1,450	$1.46	45d	1	1.11mi
1028 N 9th St Terre Haute, IN	2.0	1.0	960	$1,200	$1.25	45d	1	1.34mi

Listing history 18 events

1. 2026-06-21
   days on market $30,000 Active 71 DOM
2. 2026-06-19
   days on market $30,000 Active 69 DOM
3. 2026-06-18
   days on market $30,000 Active 68 DOM
4. 2026-06-17
   days on market $30,000 Active 67 DOM
5. 2026-06-16
   days on market $30,000 Active 66 DOM
6. 2026-06-15
   days on market $30,000 Active 65 DOM
7. 2026-06-14
   days on market $30,000 Active 63 DOM
8. 2026-06-13
   days on market $30,000 Active 62 DOM
9. 2026-06-10
   days on market $30,000 Active 60 DOM
10. 2026-06-09
    days on market $30,000 Active 59 DOM
11. 2026-06-08
    days on market $30,000 Active 58 DOM
12. 2026-06-07
    days on market $30,000 Active 57 DOM
13. 2026-06-05
    days on market $30,000 Active 54 DOM
14. 2026-06-02
    days on market $30,000 Active 52 DOM
15. 2026-06-01
    days on market $30,000 Active 51 DOM
16. 2026-05-31
    days on market $30,000 Active 50 DOM
17. 2026-05-30
    days on market $30,000 Active 49 DOM
18. 2026-04-11
    listed $30,000 Active 311-char remark

    Show marketing remark (311 chars)

    Investor opportunity. Full Gut/Total Remodel. Unleash the potential of this classic Bungalow. This "blank canvas" project is tailored for flippers or investors looking for an ROI renovation. Located on a large lot, this property is ready for a complete transformation. Includes large shed in the back.

ⓘ 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: $1,075 · $90/mo
• Projected year-2 tax: $1,075 · $90/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: $10,131
• − Mortgage interest: −$1,680
• − Property taxes: −$1,075
• − Insurance: −$150
• − Repairs & maintenance: −$810
• − Management: −$810
• − Depreciation: −$873
• Taxable income: $4,732
• Est. tax owed @ 24.0%: −$1,136
• After-tax cash flow: $3,755/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): 10,553
• Household income: $40,674
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 414.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Black 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Slovak 4% Lithuanian 3% Romanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 7% Chinese 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: ▼ -52.33%
• Current HPI: 164.2961
• Rent YoY: —
• 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

1 event — show timeline

• 2026-04-11 Listed $30,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.8%/yr

Latest (2024): $1,075 · -3.9% YoY. Source: county tax records.