1028 Covert Ave · Evansville, IN 47713

$74,500

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 23 Days on market

Built 1940 4,792 sqft lot Est $94k · 20% 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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.1/10.0
• 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

Investment opportunity with tenant and management already in place. This cozy 2-bedroom rental is currently leased at $800/month, offering immediate rental income for a cash buyer or investor. The property features a functional layout plus a detached garage with potential for future value-add use. Solid rental, manageable size, and upside potential make this a great addition to a rental portfolio.

Key facts

• Manageable size
• Functional layout
• Detached garage

Tags

• FUNCTIONAL LAYOUT
• DETACHED GARAGE
• MANAGEABLE SIZE

Property features AI

Finance

• Other: Property listed by Comfort Homes
• Financial info: Financial details not provided
• HOA & community: No HOA information provided

Exterior

• Parking: Detached 2-car garage
• Security: Security features not specified
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; 1 story
• Construction: Aluminum siding; Block foundation
• Exterior features: Level lot; Lot dimensions approximately 120 x 40

Interior

• Kitchen: Kitchen details not specified
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not specified
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Partial basement; Total of 4 rooms
• Laundry & utility: Laundry located in basement

🏷️ Possibly a rental listed for sale. The $74,500 price doesn't fit this home's estimated sale value (~$93,600) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($904 rent vs $74k).
• Recommended offer: $73k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 79% FRL vs 50% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 40% district-wide (-24 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $515 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $73,382 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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: 1.21% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.97%
• DSCR: 1.53
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $93,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1119 Brookside Dr	0.61mi	2/1.0	724 (+1%)	0mo	$107,000	$148	70
2013 S New York Ave	0.48mi	1/1.0 (-1)	700 (-3%)	2mo	$35,000	$50	66
1315 Marshall Ave	0.41mi	2/1.0	659 (-8%)	1mo	$82,500	$125	66
1407 Waggoner Ave	0.47mi	2/1.0	775 (+8%)	2mo	$94,500	$122	64
1401 Jackson Ave	0.48mi	2/1.0	768 (+7%)	5mo	$111,000	$145	62
1605 Ravenswood Dr	0.63mi	2/1.0	752 (+4%)	4mo	$70,000	$93	60
1505 Jackson Ave	0.57mi	2/1.0	780 (+8%)	4mo	$38,750	$50	56
637 Jackson Ave	0.49mi	2/1.5	800 (+11%)	1mo	$119,900	$150	56
1116 S Harlan Ave	0.46mi	2/1.0	630 (-12%)	4mo	$82,000	$130	54
1615 Ravenswood Dr	0.65mi	2/1.0	805 (+12%)	1mo	$99,900	$124	49
1152 E Chandler Ave	0.71mi	3/1.0 (+1)	825 (+15%)	4mo	$127,000	$154	34
2304 Herbert Ave	0.70mi	3/1.0 (+1)	825 (+15%)	4mo	$130,500	$158	34

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: 6.9%
• Equity multiple: 1.29×
• Total profit: $5,963
• Equity at exit: $11,108

10-year hold

• IRR: 20.2%
• Equity multiple: 3.11×
• Total profit: $44,030
• Equity at exit: $6,441

Cash invested: $20,860 (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: 6.9×

Monthly cashflow live

• Estimated rent: $904 high
• Mortgage (P&I): −$391
• Tax from tax record: −$84 /mo · $1,012/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $208

Break-even live

Break-even rent $641

Max offer price $74,500

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: $18,625
• Closing costs: $2,235
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	0.30mi
1231 Culver Dr Unit C Evansville, IN	1.0	1.0	575	$625	$1.09	21d	1	0.89mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	0.89mi
1407 Howard St Evansville, IN	1.0	1.0	483	$725	$1.50	21d	1	0.97mi
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	21d	1	1.04mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.12mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	21d	1	1.15mi
538 S Spring St Evansville, IN	1.0	1.0	500	$850	$1.70	21d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $74,500 Active 23 DOM
2. 2026-06-17
   days on market $74,500 Active 22 DOM
3. 2026-06-16
   days on market $74,500 Active 21 DOM
4. 2026-06-15
   days on market $74,500 Active 20 DOM
5. 2026-06-14
   days on market $74,500 Active 18 DOM
6. 2026-06-13
   days on market $74,500 Active 17 DOM
7. 2026-06-10
   days on market $74,500 Active 15 DOM
8. 2026-06-09
   days on market $74,500 Active 14 DOM
9. 2026-06-08
   days on market $74,500 Active 13 DOM
10. 2026-06-07
    days on market $74,500 Active 12 DOM
11. 2026-06-02
    days on market $74,500 Active 7 DOM
12. 2026-06-01
    days on market $74,500 Active 6 DOM
13. 2026-05-31
    days on market $74,500 Active 5 DOM
14. 2026-05-30
    days on market $74,500 Active 4 DOM
15. 2026-05-27
    listed $74,500 Active

ⓘ 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: $1,012 · $84/mo
• Projected year-2 tax: $1,012 · $84/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 · 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,847
• − Mortgage interest: −$4,173
• − Property taxes: −$1,012
• − Insurance: −$372
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$2,167
• Taxable income: $1,387
• Est. tax owed @ 24.0%: −$333
• After-tax cash flow: $2,164/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

1 event — show timeline

• 2026-05-27 Listed $74,500 IRMLS

Property tax history

+14.6%/yr

Latest (2024): $1,012 · +2.0% YoY. Source: county tax records.