3105 E Cherry St · Evansville, IN 47714

$129,000

3 bd · 1.5 ba · 1,530 sqft · SingleFamily public records

Built 1946 7,841 sqft lot Est $196k · 34% under

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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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +5.6/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 7,841 sq ft lot
• Built 1946

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Cap rate 9.2% vs local median 4.6% in Evansville — 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 63/100 on livability (#416 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Evansville Vanderburgh School Corporation (urban): math 36% / reading 43% proficiency, ranked #153 of 301 in IN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harper Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 337 students, 74% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-15 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• 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 $129,000

Questions for the listing agent

1. Built in 1946 — 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. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.27%
• DSCR: 1.46
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $195,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3105 E Cherry St	0.00mi	3/1.5	1,530 (0%)	0mo	$129,000	$84	100
500 S Dexter Ave	0.07mi	2/1.5 (-1)	1,552 (+1%)	5mo	$150,000	$97	85
308 S Welworth Ave	0.18mi	3/2.5	1,560 (+2%)	7mo	$191,000	$122	78
218 S Villa Dr	0.27mi	3/2.0	1,630 (+6%)	6mo	$240,000	$147	69
3006 Adams St	0.66mi	3/2.5	1,552 (+1%)	2mo	$198,000	$128	61
535 S Congress Ave	0.71mi	2/1.0 (-1)	1,530 (0%)	0mo	$155,000	$101	59
2707 E Chandler Ave	0.49mi	3/2.0	1,665 (+9%)	1mo	$240,000	$144	59
2305 Bellemeade Ave	0.62mi	2/2.0 (-1)	1,574 (+3%)	2mo	$221,000	$140	58
117 S Boeke Rd	0.54mi	3/1.0	1,396 (-9%)	4mo	$200,000	$143	55
103 S Welworth Ave	0.32mi	2/1.0 (-1)	1,304 (-15%)	6mo	$164,000	$126	49
2214 Bellemeade Ave	0.68mi	3/2.0	1,756 (+15%)	7mo	$196,900	$112	36
424 S Kelsey Ave	0.74mi	4/2.0 (+1)	1,364 (-11%)	5mo	$205,000	$150	36

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.16×
• Total profit: $5,731
• Equity at exit: $19,234

10-year hold

• IRR: 17.2%
• Equity multiple: 2.71×
• Total profit: $61,896
• Equity at exit: $11,154

Cash invested: $36,120 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,365 high
• Mortgage (P&I): −$676
• Tax from tax record: −$39 /mo · $469/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $309

Break-even live

Break-even rent $974

Max offer price $129,000

Occupancy floor 72%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	21d	1	0.54mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,266	$1.26	13d	36	0.96mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	21d	1	0.97mi
2947 Ravenswood Dr Unit 2927 Evansville, IN	2.0	1.0	1150	$975	$0.85	21d	1	1.03mi
950 S Hebron Ave Apt 301 Evansville, IN	2.0	1.0	1088	$1,900	$1.75	21d	1	1.05mi
1411 Jeanette Ave Unit 1411 Evansville, IN	3.0	1.5	1210	$1,195	$0.99	21d	1	1.07mi
1165 Shiloh Sq Evansville, IN	1.0–2.0	1.0–2.0	907	$1,145	$1.26	13d	15	1.09mi
1713 Hawthorne Ave Evansville, IN	3.0	2.0	1204	$1,395	$1.16	21d	1	1.26mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	13d	17	1.28mi
913 N Spring St Evansville, IN	3.0	1.5	1232	$1,350	$1.10	13d	1	1.30mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,500	$1.56	21d	2	1.44mi

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $469 · $39/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$314/yr (+$26/mo · 66.8%)

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

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 ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $16,381
• − Mortgage interest: −$7,226
• − Property taxes: −$469
• − Insurance: −$645
• − Repairs & maintenance: −$1,311
• − Management: −$1,311
• − Depreciation: −$3,753
• Taxable income: $1,667
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $3,309/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: Evansville Vanderburgh School Corporation
• NCES district ID: 1803450
• Math proficiency: 36% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $43,270
• Composite: 33.41/100
• National rank: #5471
• State rank: #153 of 301 in IN

Livability — Evansville

• Score: 63/100
• State rank: #416
• US rank: #15047

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evansville, IN
• County: Vanderburgh County · 146,793 people
• City population: 146,793
• Metro: Evansville, IN-KY
• Population (ZIP): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

Population outlook (Vanderburgh County) Hauer SSP2

• Today (2025): 187,038 people
• By 2030: 188,907 · +1.0%
• By 2040: 190,272 · +1.7%
• By 2050: 188,871 · +1.0%
• By 2075: 180,751 · -3.4%
• By 2100: 163,015 · -12.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Vanderburgh

• 2024 margin: R (+12.7) · D 43.0% · R 55.6% · Other 1.4%
• 2008→2024 swing: -15.1pp toward R · 2008: 2.5pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.6 2016: R+16.9 2012: R+10.8 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

Property tax history

-6.5%/yr

Latest (2024): $469 · +2.0% YoY. Source: county tax records.