1302 SE First St · Evansville, IN 47713

$225,000

1 bd · 0.5 ba · 448 sqft · MultiFamily public records · 45 Days on market

Built 1876 10,019 sqft lot

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Why this score? — see what drove the D+ 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 +15.5/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.8/10.0
• 1% rule +3.3/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• 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

Own a landmark piece of Evansville history with this 1876 Victorian estate. Charles Hartmetz, the founder of Sterling Brewery, built this majestic residence, which is listed on the National Historic Registry and carries a legacy born from a legendary coin toss between brothers. Radiant with classic charm, the home features warm buttery yellow siding and a magnificent radiused front porch that sweeps into a dramatic gazebo like veranda supported by a stately white colonnade and crowned with a sophisticated bronzed metal roof. This property offers 3,466 square feet of living space. The main floor features a seamless flow through a foyer, study, formal dining room, and a living room centered b

Key facts

• Victorian estate
• Bronzed metal roof
• 0.23 acre lot

Tags

• VICTORIAN ESTATE
• NATIONAL HISTORIC REGISTRY
• DRAMATIC GAZEBO LIKE VERANDA
• STATELY WHITE COLONNADE
• BRONZED METAL ROOF
• ELEGANT ARCHED WINDOW

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); Two stories
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 101 x 101

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: Upper-level laundry (bedroom locations not specified)
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Natural gas heating; Central air; Window air conditioning units
• Interior features: One fireplace in the family room; Basement
• Laundry & utility: Washer and dryer included; Laundry located on the upper level

What this means for you Summary

Snapshot

• This is a 1-bed/0.5-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $25 ($303/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (17.3% below list).
• Recommended offer: $186k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: West Terrace Elementary School (math 71% / reading 60%, grade B+, #75 of 994 statewide, top 8%, 560 students, 26% FRL); Perry Heights Middle School (math 43% / reading 56%, grade C, #50 of 330 statewide, top 16%, 470 students, 39% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL).
• Zoned-school proficiency averages 57% at this address vs 40% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Evansville Vanderburgh School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $1,860/mo this rent would consume 55% of the median local household income ($41k/yr) (locally 735% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $186,000 (17.3% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1876 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.83% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 10.1

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: -10.5%
• Equity multiple: 0.60×
• Total profit: $-25,064
• Equity at exit: $33,548

10-year hold

• IRR: 4.5%
• Equity multiple: 1.39×
• Total profit: $24,819
• Equity at exit: $19,454

Cash invested: $63,000 (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 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 118
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $1,860 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $25

Break-even live

Break-even rent $1,828

Max offer price $225,000

Occupancy floor 94%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,860
Total (2 units)			$1,860

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $225,000 Active 45 DOM
2. 2026-06-17
   days on market $225,000 Active 44 DOM
3. 2026-06-16
   days on market $225,000 Active 43 DOM
4. 2026-06-15
   days on market $225,000 Active 42 DOM
5. 2026-06-14
   days on market $225,000 Active 40 DOM
6. 2026-06-13
   days on market $225,000 Active 39 DOM
7. 2026-06-10
   days on market $225,000 Active 37 DOM
8. 2026-06-09
   days on market $225,000 Active 36 DOM
9. 2026-06-08
   days on market $225,000 Active 35 DOM
10. 2026-06-07
    days on market $225,000 Active 34 DOM
11. 2026-06-02
    days on market $225,000 Active 29 DOM
12. 2026-06-01
    days on market $225,000 Active 28 DOM
13. 2026-05-31
    days on market $225,000 Active 27 DOM
14. 2026-05-30
    days on market $225,000 Active 26 DOM
15. 2026-05-04
    listed $225,000 Active
16. 2021-04-27
    listed $225,000

ⓘ 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: $1,249 · $104/mo
• Projected year-2 tax: $1,581 · $132/mo
• Expected delta: +$332/yr (+$28/mo · 26.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 96% 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,320
• − Mortgage interest: −$12,603
• − Property taxes: −$1,249
• − Insurance: −$1,922
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − Depreciation: −$6,545
• Taxable loss: −$3,571
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $1,160/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): 9,988
• Household income: $40,873
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 735.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 39% Two or more races 7% Hispanic / Latino 3% Pacific Islander 1% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 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: ▼ -119.22%
• Current HPI: 229.9312
• Rent YoY: ▲ 9.87%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-04 Listed $225,000 IRMLS
• 2021-04-27 Listed $225,000 IRMLS

Property tax history

-5.5%/yr

Latest (2024): $1,249 · +2.8% YoY. Source: county tax records.