1409 Main St · Vincennes, IN 47591

$174,900

3 bd · 1.5 ba · 2,464 sqft · SingleFamily public records · 64 Days on market

Built 1914 6,534 sqft lot $71/sqft · 13% above area Est $155k · 13% over

---

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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +6.4/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

One and a half story home featuring a covered front porch, fenced back yard and a 2 car detached garage. Inside the home features a living room, dining room 2 bedrooms, full bathroom, kitchen and laundry area on back porch on the main floor. On the 2nd floor is 1 bedroom and a half bath, office area and large open room that has multiple uses. There is also a partial unfinished basement.

Key facts

• Covered front porch
• Fenced back yard
• Kitchen

Tags

• COVERED FRONT PORCH
• FENCED BACK YARD
• DETACHED GARAGE
• LIVING ROOM
• DINING ROOM
• KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 5.0% in Vincennes — 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 70/100 on livability (#148 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Vincennes Community School Corporation (town): math 34% / reading 38% proficiency, ranked #193 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 36 units permitted in Knox 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.
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 9y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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 1914 — 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. 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: 1.14% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 7.3

CMA / ARV

• ARV (median comp): $155,134
• List price: $174,900
• Delta: 12.74%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1332 Main St	0.05mi	4/2.0 (+1)	2,242 (-9%)	16mo	$167,000	$74	62
304 N 10th St	0.42mi	3/1.0	2,215 (-10%)	5mo	$115,000	$52	57
333 S 12th St	0.32mi	4/3.0 (+1)	2,670 (+8%)	4mo	$289,900	$109	57
104 S 10th St	0.36mi	3/1.0	2,560 (+4%)	22mo	$69,000	$27	57
1105 Barnett St. St	0.31mi	4/3.0 (+1)	2,500 (+2%)	22mo	$289,000	$116	54
909 S 13th St	0.58mi	2/1.5 (-1)	2,346 (-5%)	8mo	$172,000	$73	53
17 S 8th St	0.50mi	3/2.0	2,278 (-8%)	14mo	$150,000	$66	50
827 Shelby St	0.60mi	3/2.0	2,700 (+10%)	6mo	$154,500	$57	49
317 N 9th St	0.48mi	4/2.0 (+1)	2,204 (-11%)	20mo	$56,000	$25	36
17 S 20th St	0.50mi	3/2.0	2,104 (-15%)	18mo	$195,000	$93	36
218 S 22nd St	0.72mi	4/2.5 (+1)	2,104 (-15%)	6mo	$240,000	$114	28
819 N 8th St	0.70mi	4/2.5 (+1)	2,784 (+13%)	14mo	$225,000	$81	25

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $5,770
• Equity at exit: $26,078

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $48,750
• Equity at exit: $15,122

Cash invested: $48,972 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 139
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $537

Break-even live

Break-even rent $1,321

Max offer price $174,900

Occupancy floor 68%

Sensitivity live

Price	-10% $636	-5% $586	+0% $537	+5% $487	+10% $438
Rent	-10% $379	-5% $458	+0% $537	+5% $616	+10% $695
Rate	-1.0pp $625	-0.5pp $581	base $537	+0.5pp $491	+1.0pp $445

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 Montclair Dr Vincennes, IN	3.0	2.0	2800	$2,000	$0.71	45d	1	0.96mi

Listing history 34 events

1. 2026-06-21
   days on market $174,900 Active 64 DOM
2. 2026-06-18
   days on market $174,900 Active 62 DOM
3. 2026-06-17
   days on market $174,900 Active 61 DOM
4. 2026-06-16
   days on market $174,900 Active 60 DOM
5. 2026-06-16
   price $174,900 Active 59 DOM
6. 2026-06-15
   days on market $180,000 Active 59 DOM
7. 2026-06-13
   days on market $180,000 Active 57 DOM
8. 2026-06-12
   days on market $180,000 Active 56 DOM
9. 2026-06-09
   days on market $180,000 Active 53 DOM
10. 2026-06-08
    days on market $180,000 Active 52 DOM
11. 2026-06-07
    days on market $180,000 Active 51 DOM
12. 2026-06-07
    days on market $180,000 Active 50 DOM
13. 2026-06-04
    days on market $180,000 Active 47 DOM
14. 2026-06-02
    days on market $180,000 Active 46 DOM
15. 2026-06-01
    days on market $180,000 Active 45 DOM
16. 2026-05-31
    days on market $180,000 Active 44 DOM
17. 2026-05-31
    days on market $180,000 Active 43 DOM
18. 2026-05-15
    price $180,000 390-char remark

    Show marketing remark (390 chars)

    One and a half story home featuring a covered front porch, fenced back yard and a 2 car detached garage. Inside the home features a living room, dining room 2 bedrooms, full bathroom, kitchen and laundry area on back porch on the main floor. On the 2nd floor is 1 bedroom and a half bath, office area and large open room that has multiple uses. There is also a partial unfinished basement.

19. 2026-04-16
    listed $189,900 Active 390-char remark

    Show marketing remark (390 chars)

    One and a half story home featuring a covered front porch, fenced back yard and a 2 car detached garage. Inside the home features a living room, dining room 2 bedrooms, full bathroom, kitchen and laundry area on back porch on the main floor. On the 2nd floor is 1 bedroom and a half bath, office area and large open room that has multiple uses. There is also a partial unfinished basement.

20. 2025-11-03
    status Active
21. 2025-11-03
    price $204,000
22. 2025-10-09
    status Pending
23. 2025-06-26
    price $214,000
24. 2025-05-15
    listed $219,000 Active
25. 2023-12-12
    status Active
26. 2023-12-09
    listed $209,000 Active
27. 2023-11-27
    listed $209,000 Active
28. 2023-05-25
    soldstatus $184,000 Closed
29. 2023-04-11
    status Pending
30. 2023-04-06
    listed $179,900 Active
31. 2021-10-12
    soldstatus $122,100
32. 2021-09-09
    listed $129,900
33. 2017-12-07
    soldstatus $70,000
34. 2017-10-17
    listed $69,900

ⓘ 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: $639 · $53/mo
• Projected year-2 tax: $1,063 · $89/mo
• Expected delta: +$424/yr (+$35/mo · 66.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major 24% 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$9,797
• − Property taxes: −$639
• − Insurance: −$874
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$5,088
• Taxable income: $3,762
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $5,538/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: Vincennes Community School Corporation
• NCES district ID: 1812120
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $38,359
• Composite: 30.05/100
• National rank: #6354
• State rank: #193 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vincennes, IN
• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• Rent YoY: —
• Metro: —
• 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

+157.5% since first listed

17 events — show timeline

• 2026-05-15 Price Changed $180,000 IRMLS
• 2026-04-16 Listed $189,900 IRMLS
• 2025-11-03 Relisted — IRMLS
• 2025-11-03 Price Changed $204,000 IRMLS
• 2025-10-09 Pending — IRMLS
• 2025-06-26 Price Changed $214,000 IRMLS
• 2025-05-15 Listed $219,000 IRMLS
• 2023-12-12 Relisted — IRMLS
• 2023-12-09 Listed $209,000 IRMLS
• 2023-11-27 Listed $209,000 IRMLS
• 2023-05-25 Sold (MLS) $184,000 IRMLS
• 2023-04-11 Pending — IRMLS
• 2023-04-06 Listed $179,900 IRMLS
• 2021-10-12 Sold (MLS) $122,100 IRMLS
• 2021-09-09 Listed $129,900 IRMLS
• 2017-12-07 Sold (MLS) $70,000 IRMLS
• 2017-10-17 Listed $69,900 IRMLS

Property tax history

-0.1%/yr

Latest (2024): $639 · -46.1% YoY. Source: county tax records.