622 Adams Ave · Evansville, IN 47713

$119,900

4 bd · 1.0 ba · 1,520 sqft · SingleFamily public records · 276 Days on market

Built 1910 3,920 sqft lot Est $129k · 7% 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 +29.5/30.0
• ARV discount +10.7/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The John Viehe Residence designed by Harris & Shopbell in 1910 is the perfect next home in Tepe Park for you. The 2 bed, 1 bath bungalow has over 1,500 sq foot of finished space on the first level and the house has an additional 1,500 sq foot on the second level full of potential. The 16 pane original glass front door welcomes you off the veranda to the large foyer and parlor space. The original tongue and groove sweeps through the house. The parlor features a decorative mantel and floor to ceiling bookcases for your library. Just off the parlor is the dining room which features more multi pane windows and a large bay, plenty of space to entertain guests. Through the original butler's pantry you will find the kitchen, but not before running into a large, original pantry cabinet. All of the bedrooms are conveniently placed on the first floor, with more additional bedroom potential on the second floor with the right vision.

Key facts

• East skylights
• Historic residence
• Flex space

Tags

• HISTORIC RESIDENCE
• CUSTOM DESIGNED
• NEW ROOF
• EAST SKYLIGHTS
• ADDED DORMER
• FLEX SPACE

Property features AI

Finance

• HOA & community: No association amenities; Sidewalks in the community

Exterior

• Parking: Off-street parking; Driveway; No garage
• Utilities: Public water; Public sewer; Cable available; Energy-efficient doors, windows, HVAC, and water heater
• Home design: Single-family residence (site-built); 2 stories; R-1 one-family residence zoning
• Construction: Vinyl siding; Slab and brick/mortar foundation; Built with standard construction materials
• Exterior features: Covered porch; Porch; Partial privacy wood fencing; Asphalt shingle roof; Level lot; Lot dimensions approximately 37 x 110

Interior

• Kitchen: Kitchen island; Eat-in kitchen
• Bedrooms: Total rooms: 6
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Forced air; Floor furnace; Central air conditioning; ENERGY STAR qualified HVAC and equipment
• Interior features: Walk-in closets; Pantry; Eat-in kitchen; Kitchen island; Open floorplan; Beamed ceilings; Built-in features; Skylight(s)
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL); Mcgary Middle School (math 8% / reading 15%, grade F, #311 of 330 statewide, top 94%, 351 students, 81% FRL) — zoned schools average 84% FRL vs 50% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 40% district-wide (-28 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 (+9.9%/yr); 118 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $120k implies a 1399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.33%
• DSCR: 1.68
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $129,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1225 S Bedford Ave	0.36mi	4/1.0	1,522 (+0%)	2mo	$130,000	$85	82
710 Jefferson Ave	0.14mi	4/2.0	1,594 (+5%)	4mo	$163,500	$103	78
600 E Chandler Ave	0.25mi	3/2.0 (-1)	1,525 (+0%)	3mo	$51,000	$33	76
625 Madison Ave	0.14mi	4/1.0	1,627 (+7%)	8mo	$45,000	$28	76
618 Bayard Park Dr	0.31mi	3/2.0 (-1)	1,437 (-6%)	8mo	$80,500	$56	61
717 E Blackford Ave	0.13mi	3/1.0 (-1)	1,303 (-14%)	5mo	$29,250	$22	61
1211 Culver Dr	0.41mi	4/2.0	1,664 (+10%)	4mo	$260,000	$156	58
603 E Gum St	0.35mi	3/1.0 (-1)	1,366 (-10%)	8mo	$118,000	$86	55
1045 Bayard Park Dr	0.60mi	3/1.5 (-1)	1,440 (-5%)	4mo	$110,000	$76	53
1304 Parkside Dr	0.63mi	3/1.5 (-1)	1,536 (+1%)	11mo	$205,000	$133	53
1041 E Chandler Ave	0.57mi	3/2.0 (-1)	1,412 (-7%)	6mo	$167,888	$119	48
630 E Gum St	0.38mi	3/1.5 (-1)	1,708 (+12%)	10mo	$65,000	$38	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.47×
• Total profit: $15,889
• Equity at exit: $17,877

10-year hold

• IRR: 23.9%
• Equity multiple: 3.54×
• Total profit: $85,418
• Equity at exit: $10,367

Cash invested: $33,572 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,516 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$90 /mo · $1,077/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $429

Break-even live

Break-even rent $973

Max offer price $119,900

Occupancy floor 67%

Sensitivity live

Price	-10% $497	-5% $463	+0% $429	+5% $395	+10% $361
Rent	-10% $309	-5% $369	+0% $429	+5% $489	+10% $549
Rate	-1.0pp $489	-0.5pp $459	base $429	+0.5pp $398	+1.0pp $366

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	21d	1	0.24mi
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	21d	1	0.75mi

Listing history 20 events

1. 2026-06-18
   days on market $119,900 Active 276 DOM
2. 2026-06-17
   days on market $119,900 Active 275 DOM
3. 2026-06-16
   days on market $119,900 Active 274 DOM
4. 2026-06-15
   days on market $119,900 Active 273 DOM
5. 2026-06-14
   days on market $119,900 Active 271 DOM
6. 2026-06-13
   days on market $119,900 Active 270 DOM
7. 2026-06-10
   days on market $119,900 Active 268 DOM
8. 2026-06-09
   days on market $119,900 Active 267 DOM
9. 2026-06-08
   days on market $119,900 Active 266 DOM
10. 2026-06-07
    days on market $119,900 Active 265 DOM
11. 2026-06-02
    days on market $119,900 Active 260 DOM
12. 2026-06-01
    days on market $119,900 Active 259 DOM
13. 2026-05-31
    price $119,900 Active 258 DOM
14. 2026-05-31
    days on market $129,900 Active 258 DOM
15. 2026-05-30
    days on market $129,900 Active 257 DOM
16. 2026-05-02
    price $129,900
17. 2026-04-29
    price $139,900
18. 2025-09-15
    listed $149,900 Active
19. 2018-11-01
    soldstatus $8,000 941-char remark

    Show marketing remark (941 chars)

    The John Viehe Residence designed by Harris & Shopbell in 1910 is the perfect next home in Tepe Park for you. The 2 bed, 1 bath bungalow has over 1,500 sq foot of finished space on the first level and the house has an additional 1,500 sq foot on the second level full of potential. The 16 pane original glass front door welcomes you off the veranda to the large foyer and parlor space. The original tongue and groove sweeps through the house. The parlor features a decorative mantel and floor to ceiling bookcases for your library. Just off the parlor is the dining room which features more multi pane windows and a large bay, plenty of space to entertain guests. Through the original butler's pantry you will find the kitchen, but not before running into a large, original pantry cabinet. All of the bedrooms are conveniently placed on the first floor, with more additional bedroom potential on the second floor with the right vision.

20. 2018-07-20
    listed $15,000 941-char remark

    Show marketing remark (941 chars)

    The John Viehe Residence designed by Harris & Shopbell in 1910 is the perfect next home in Tepe Park for you. The 2 bed, 1 bath bungalow has over 1,500 sq foot of finished space on the first level and the house has an additional 1,500 sq foot on the second level full of potential. The 16 pane original glass front door welcomes you off the veranda to the large foyer and parlor space. The original tongue and groove sweeps through the house. The parlor features a decorative mantel and floor to ceiling bookcases for your library. Just off the parlor is the dining room which features more multi pane windows and a large bay, plenty of space to entertain guests. Through the original butler's pantry you will find the kitchen, but not before running into a large, original pantry cabinet. All of the bedrooms are conveniently placed on the first floor, with more additional bedroom potential on the second floor with the right vision.

ⓘ 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: $1,077 · $90/mo
• Projected year-2 tax: $1,077 · $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 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: $18,189
• − Mortgage interest: −$6,716
• − Property taxes: −$1,077
• − Insurance: −$600
• − Repairs & maintenance: −$1,455
• − Management: −$1,455
• − Depreciation: −$3,488
• Taxable income: $3,398
• Est. tax owed @ 24.0%: −$816
• After-tax cash flow: $4,332/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

+766.0% since first listed

5 events — show timeline

• 2026-05-02 Price Changed $129,900 IRMLS
• 2026-04-29 Price Changed $139,900 IRMLS
• 2025-09-15 Listed $149,900 IRMLS
• 2018-11-01 Sold (MLS) $8,000 IRMLS
• 2018-07-20 Listed $15,000 IRMLS

Property tax history

-2.9%/yr

Latest (2024): $1,077 · +2.7% YoY. Source: county tax records.