818 SE Riverside Dr · Evansville, IN 47713

$264,900

4 bd · 4.0 ba · 2,063 sqft · MultiFamily public records · 4 Days on market

Built 1919 5,227 sqft lot Est $196k · 35% over

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Why this score? — see what drove the C+ 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
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Grow your investment portfolio with a fourplex right in the heart of the historic district and steps away from Haynie's Corner. All gas and electric are separately metered. The units feature tall windows, lots of natural light, private entrances and appliances. Central heat and air in all units and separate newer water heaters as well. Owner pays for water/sewer/trash. With 3 units vacant this gives a new owner plenty of opportunity to make updates right away. Off street parking available behind the units plus street parking out front.

Key facts

• Central heating
• Air conditioning
• Tall windows

Tags

• PRIVATE ENTRANCES
• TALL WINDOWS
• ABUNDANT NATURAL LIGHT
• INCLUDED APPLIANCES
• CENTRAL HEATING
• AIR CONDITIONING

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Property listed as residential income (quadruplex)

Exterior

• Parking: 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (fourplex); 2 stories
• Construction: Wood siding exterior; Brick/mortar foundation
• Exterior features: Level lot; Lot dimensions approximately 35 x 145

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher not listed
• Flooring: Vinyl flooring
• Bathrooms: Four full bathrooms; Four main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Washer hookup; Partial basement; Has basement
• Laundry & utility: Washer hookup; Dryer; Washer

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $449/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Cap rate 14.4% 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: Tekoppel Elementary School (math 42% / reading 33%, grade F, #543 of 994 statewide, top 55%, 445 students, 73% 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 schools at 52% FRL track the district average.
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• At $4,522/mo this rent would consume 133% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $210k; 26% 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 $264,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.71% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.05%
• DSCR: 2.29
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $195,985
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Jefferson Ave	0.48mi	3/2.0 (-1)	2,196 (+6%)	5mo	$170,000	$77	49
401 403 Adams Ave	0.54mi	5/3.0 (+1)	2,372 (+15%)	14mo	$225,000	$95	29

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: 28.9%
• Equity multiple: 2.29×
• Total profit: $95,367
• Equity at exit: $39,497

10-year hold

• IRR: 39.1%
• Equity multiple: 5.57×
• Total profit: $339,212
• Equity at exit: $22,904

Cash invested: $74,172 (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: 19.5×

Monthly cashflow live

• Estimated rent: $4,522 medium
• Mortgage (P&I): −$1,389
• Tax from tax record: −$277 /mo · $3,327/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$950
• Net cashflow: $1,796

Break-even live

Break-even rent $2,249

Max offer price $264,900

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,524
Total (4 units)			$4,522

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	21d	1	1.28mi
1106 W Illinois St Evansville, IN	5.0	2.0	1892	$3,500	$1.85	21d	1	1.33mi
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	21d	1	1.46mi

Listing history 20 events

1. 2026-06-18
   days on market $264,900 Active 4 DOM
2. 2026-06-17
   days on market $264,900 Active 3 DOM
3. 2026-06-16
   days on market $264,900 Active 2 DOM
4. 2026-06-15
   remarks 687-char remark
5. 2026-06-15
   pricedays on marketlisting id $264,900 Active 1 DOM
6. 2026-06-09
   days on market $269,900 Active 38 DOM
7. 2026-06-08
   days on market $269,900 Active 37 DOM
8. 2026-06-07
   days on market $269,900 Active 36 DOM
9. 2026-06-02
   days on market $269,900 Active 31 DOM
10. 2026-06-01
    days on market $269,900 Active 30 DOM
11. 2026-05-31
    days on market $269,900 Active 29 DOM
12. 2026-05-30
    days on market $269,900 Active 28 DOM
13. 2026-05-01
    listed $269,900 Active
14. 2023-08-31
    soldstatus $210,000 Closed 541-char remark

    Show marketing remark (541 chars)

    Grow your investment portfolio with a fourplex right in the heart of the historic district and steps away from Haynie's Corner. All gas and electric are separately metered. The units feature tall windows, lots of natural light, private entrances and appliances. Central heat and air in all units and separate newer water heaters as well. Owner pays for water/sewer/trash. With 3 units vacant this gives a new owner plenty of opportunity to make updates right away. Off street parking available behind the units plus street parking out front.

15. 2023-06-10
    status Pending 541-char remark

    Show marketing remark (541 chars)

    Grow your investment portfolio with a fourplex right in the heart of the historic district and steps away from Haynie's Corner. All gas and electric are separately metered. The units feature tall windows, lots of natural light, private entrances and appliances. Central heat and air in all units and separate newer water heaters as well. Owner pays for water/sewer/trash. With 3 units vacant this gives a new owner plenty of opportunity to make updates right away. Off street parking available behind the units plus street parking out front.

16. 2023-05-25
    listed $249,900 Active 541-char remark

    Show marketing remark (541 chars)

    Grow your investment portfolio with a fourplex right in the heart of the historic district and steps away from Haynie's Corner. All gas and electric are separately metered. The units feature tall windows, lots of natural light, private entrances and appliances. Central heat and air in all units and separate newer water heaters as well. Owner pays for water/sewer/trash. With 3 units vacant this gives a new owner plenty of opportunity to make updates right away. Off street parking available behind the units plus street parking out front.

17. 2022-08-26
    soldstatus $183,000 Closed 470-char remark

    Show marketing remark (470 chars)

    FOURPLEX in the historic district of downtown Evansville on highly desired Riverside Drive with so many possibilities. This fourplex offers 4 one bedroom units with 2 vacancies / 2 occupied and managed by a professional management company. All gas and electric are separately metered. Owner pays for water/sewer/trash. Off street parking available behind the units plus street parking out front. It's hard to find a property like this one in this location for the price.

18. 2022-07-08
    status Pending 470-char remark

    Show marketing remark (470 chars)

    FOURPLEX in the historic district of downtown Evansville on highly desired Riverside Drive with so many possibilities. This fourplex offers 4 one bedroom units with 2 vacancies / 2 occupied and managed by a professional management company. All gas and electric are separately metered. Owner pays for water/sewer/trash. Off street parking available behind the units plus street parking out front. It's hard to find a property like this one in this location for the price.

19. 2022-06-28
    listed $190,000 Active 470-char remark

    Show marketing remark (470 chars)

    FOURPLEX in the historic district of downtown Evansville on highly desired Riverside Drive with so many possibilities. This fourplex offers 4 one bedroom units with 2 vacancies / 2 occupied and managed by a professional management company. All gas and electric are separately metered. Owner pays for water/sewer/trash. Off street parking available behind the units plus street parking out front. It's hard to find a property like this one in this location for the price.

20. 2019-03-01
    listed $149,500

ⓘ 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: $3,327 · $277/mo
• Projected year-2 tax: $3,327 · $277/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 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: $54,264
• − Mortgage interest: −$14,839
• − Property taxes: −$3,327
• − Insurance: −$1,324
• − Repairs & maintenance: −$4,341
• − Management: −$4,341
• − Depreciation: −$7,706
• Taxable income: $18,385
• Est. tax owed @ 24.0%: −$4,412
• After-tax cash flow: $17,134/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

+80.5% since first listed

8 events — show timeline

• 2026-05-01 Listed $269,900 IRMLS
• 2023-08-31 Sold (MLS) $210,000 IRMLS
• 2023-06-10 Pending — IRMLS
• 2023-05-25 Listed $249,900 IRMLS
• 2022-08-26 Sold (MLS) $183,000 IRMLS
• 2022-07-08 Pending — IRMLS
• 2022-06-28 Listed $190,000 IRMLS
• 2019-03-01 Listed $149,500 IRMLS

Property tax history

-0.6%/yr

Latest (2024): $3,327 · +10.5% YoY. Source: county tax records.