2115 W Iowa St · Evansville, IN 47712

$60,000

3 bd · 1.0 ba · 1,444 sqft · SingleFamily public records · 24 Days on market

Built 1919 3,049 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located on Evansville’s West Side near the Franklin Street corridor, this 1-bedroom, 1-bath home offers 1,216 square feet of interior space with flexible layout potential and opportunity for customization. The upper-level area provides additional usable space that may support a second bedroom configuration, office, or bonus room depending on needs. Inside, the home features updated flooring across multiple living areas and a functional main-level layout that includes a spacious living room, compact kitchen workspace, and full bath. The manageable lot size allows for easy exterior upkeep while still offering backyard space for outdoor use. Positioned in the Lamasco neighborhood with co

Key facts

• Convenient access
• Manageable lot size
• Updated flooring

Tags

• UPDATED FLOORING
• MANAGEABLE LOT SIZE
• BACKYARD SPACE
• CONVENIENT ACCESS
• NEIGHBORHOOD PARKS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Asphalt roof
• Exterior features: Level lot

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: 6 total rooms (includes bedrooms and living spaces); Laundry located on the main level
• Flooring: Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Refrigerator; Electric range; Vinyl flooring; Crawl space basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: Cynthia Heights Elementary School (math 56% / reading 55%, grade C, #188 of 994 statewide, top 19%, 457 students, 43% FRL); Helfrich Park Stem Academy (math 36% / reading 47%, grade F, #108 of 330 statewide, top 34%, 517 students, 52% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 134 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.
• Current owner paid $49k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — 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 $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1919 — 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: 1.80% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.83%
• DSCR: 2.33
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $140,068
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2112 W Delaware St	0.04mi	3/1.0	1,328 (-8%)	4mo	$132,000	$99	82
2201 W Delaware St	0.09mi	3/2.0	1,520 (+5%)	3mo	$147,000	$97	81
618 N Twelfth Ave	0.16mi	3/1.0	1,328 (-8%)	1mo	$110,000	$83	78
2218 W Maryland St	0.17mi	3/1.0	1,536 (+6%)	4mo	$75,000	$49	78
2131 W Iowa St	0.03mi	2/1.0 (-1)	1,276 (-12%)	3mo	$196,000	$154	71
107 N Wabash Ave	0.34mi	2/2.0 (-1)	1,488 (+3%)	1mo	$115,000	$77	69
2803 W Franklin St	0.67mi	3/1.0	1,468 (+2%)	4mo	$170,000	$116	63
2020 W Indiana St	0.36mi	3/1.0	1,267 (-12%)	8mo	$78,500	$62	56
2813 W Franklin St	0.69mi	3/1.0	1,548 (+7%)	6mo	$119,900	$77	51
2805 W Maryland St	0.71mi	3/1.0	1,260 (-13%)	1mo	$149,000	$118	45
2518 W Illinois St	0.45mi	3/2.5	1,658 (+15%)	8mo	$180,000	$109	42
1608 N St. Joseph Ave	0.69mi	2/1.0 (-1)	1,270 (-12%)	9mo	$58,000	$46	35

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: 24.4%
• Equity multiple: 2.01×
• Total profit: $16,906
• Equity at exit: $8,946

10-year hold

• IRR: 32.2%
• Equity multiple: 3.92×
• Total profit: $49,086
• Equity at exit: $5,188

Cash invested: $16,800 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 134
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,077 high
• Mortgage (P&I): −$315
• Tax from tax record: −$94 /mo · $1,124/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $418

Break-even live

Break-even rent $549

Max offer price $60,000

Occupancy floor 56%

Sensitivity live

Price	-10% $452	-5% $435	+0% $418	+5% $401	+10% $384
Rent	-10% $333	-5% $375	+0% $418	+5% $460	+10% $503
Rate	-1.0pp $448	-0.5pp $433	base $418	+0.5pp $402	+1.0pp $386

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2102 W Delaware St Evansville, IN	3.0	1.0	1083	$925	$0.85	14d	1	0.01mi
1900 W Indiana St Evansville, IN	3.0	1.0	960	$995	$1.04	21d	1	0.43mi
2517 W Illinois St Evansville, IN	2.0	1.0	938	$960	$1.02	21d	1	0.47mi
2708 W Franklin St Unit 4 Evansville, IN	2.0	1.0	1100	$900	$0.82	21d	1	0.56mi
2727 Austin Ave Evansville, IN	2.0	1.0	952	$1,495	$1.57	21d	1	1.03mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	14d	1	1.09mi

Listing history 10 events

1. 2026-05-21
   status Pending
2. 2026-04-27
   listed $60,000 Active
3. 2025-01-08
   price $77,000
4. 2024-12-02
   price $85,000
5. 2024-08-08
   price $88,000
6. 2024-06-04
   listed $90,000 Active
7. 2023-08-21
   listed $95,000 Active
8. 2022-01-17
   price $825
9. 2020-08-01
   soldstatus $49,000
10. 2020-06-15
    listed $49,900

ⓘ 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: $1,124 · $94/mo
• Projected year-2 tax: $1,124 · $94/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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $12,926
• − Mortgage interest: −$3,361
• − Property taxes: −$1,124
• − Insurance: −$300
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$1,745
• Taxable income: $4,328
• Est. tax owed @ 24.0%: −$1,039
• After-tax cash flow: $3,973/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): 25,444
• Household income: $68,494
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 797.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -101.86%
• Current HPI: 215.5153
• Rent YoY: —
• 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

+20.2% since first listed

10 events — show timeline

• 2026-05-21 Pending — IRMLS
• 2026-04-27 Listed $60,000 IRMLS
• 2025-01-08 Price Changed $77,000 IRMLS
• 2024-12-02 Price Changed $85,000 IRMLS
• 2024-08-08 Price Changed $88,000 IRMLS
• 2024-06-04 Listed $90,000 IRMLS
• 2023-08-21 Listed $95,000 IRMLS
• 2022-01-17 Price Changed $825 RENT.
• 2020-08-01 Sold (MLS) $49,000 IRMLS
• 2020-06-15 Listed $49,900 IRMLS

Property tax history

+1.2%/yr

Latest (2024): $1,124 · +19.8% YoY. Source: county tax records.