10028 Galleon Ct · Evansville, IN 47725

$199,000

3 bd · 2.0 ba · 1,330 sqft · SingleFamily public records · 15 Days on market

Built 2005 4,312 sqft lot Est $241k · 17% under

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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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• 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 MLS

Paradise Patio home on Evansville's Northside located in Stonecreek Subdivision. This spacious 3 Bedroom, 2 Bath, 1 Car Attached garage home has been meticulously maintained with upgrades galore! The side and backyard is like an oasis with beautiful flowering plants and rock/patio areas. There is a firepit area overlooking the lake and a large shade tree in the easement for shade. Open concept living area on the main floor. Eat in kitchen with newer stainless steel appliances included. Large Living room with new LVT flooring and sliding door to exterior living. Main level master has a door to the main level bath. This bath also serves as the guest bathroom with an additional door to the hallway. Vaulted ceiling third bedroom is also host to new LVT flooring. Upstairs you will find the second Master suite (as this is what the owners use it for), but this could also be used as a family room. An adjoining full bath is also host to a linen closet that has a attic access door with lots of floored storage area. There is a second linen closet in the hall upstairs and more floored storage through the water heater closet. The washer and dryer are included and are in the rear of the garage (HVAC duct overhead of the units). New or newer: flooring, roof, appliances, shed, HVAC-nothing needs to be updated-JUST MOVE IN!!!!

Key facts

• Loft area
• Small lake
• 4,312 sq ft lot

Tags

• LOFT AREA
• SMALL LAKE
• PEACEFUL BACKYARD SETTING

Property features AI

Finance

• Other: Subdivision: Stone Creek / Stonecreek

Exterior

• Parking: Attached garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One-story
• Construction: Vinyl siding; Slab foundation; Built as a site-built home
• Exterior features: Located on a pond; Cul-de-sac lot; Lot dimensions approximately 37 x 117 (0.099 acres)

Interior

• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Five total rooms; Main-level laundry
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: Mccutchanville Elementary School (math 74% / reading 73%, grade A, #23 of 994 statewide, top 3%, 938 students, 20% FRL); North Junior High School (math 44% / reading 57%, grade C, #43 of 330 statewide, top 14%, 929 students, 42% FRL); North High School (math 57% / reading 74%, grade B, #29 of 369 statewide, top 8%, 1,674 students, 35% FRL) — zoned schools average 32% FRL vs 50% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 63% at this address vs 40% district-wide (+24 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: 422 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,015 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.00% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $240,730
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 Galleon Dr	0.03mi	3/2.0	1,357 (+2%)	2mo	$206,500	$152	94
3006 Galleon Dr	0.05mi	3/2.0	1,357 (+2%)	2mo	$205,000	$151	93
9629 Cayes Dr	0.26mi	3/2.0	1,319 (-1%)	5mo	$185,000	$140	82
3021 Mooring Rd	0.23mi	3/2.0	1,366 (+3%)	6mo	$247,500	$181	80
9901 Chatteris Rd	0.12mi	3/2.0	1,184 (-11%)	0mo	$245,000	$207	76
10008 Clippinger Rd	0.08mi	3/2.0	1,491 (+12%)	4mo	$225,000	$151	72
10311 Anchor Way	0.18mi	3/2.0	1,164 (-12%)	4mo	$224,000	$192	68
9820 Chatteris Rd	0.14mi	4/2.0 (+1)	1,501 (+13%)	3mo	$272,000	$181	64
2840 Mooring Rd	0.28mi	3/2.0	1,526 (+15%)	5mo	$270,000	$177	59
3009 Atcheson Dr	0.71mi	3/2.0	1,457 (+10%)	4mo	$286,317	$197	47
11135 Ensle Dr	0.71mi	3/2.0	1,457 (+10%)	5mo	$290,000	$199	46
2947 Atcheson Dr	0.71mi	3/2.0	1,457 (+10%)	5mo	$289,800	$199	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-19,963
• Equity at exit: $29,672

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,468
• Equity at exit: $17,206

Cash invested: $55,720 (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 47725

• Home prices YoY: -28.3%
• Active inventory: 422
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,995 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$132 /mo · $1,584/yr
• Insurance: −$83
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $192

Break-even live

Break-even rent $1,752

Max offer price $199,000

Occupancy floor 85%

Sensitivity live

Price	-10% $305	-5% $249	+0% $192	+5% $136	+10% $80
Rent	-10% $35	-5% $114	+0% $192	+5% $271	+10% $350
Rate	-1.0pp $293	-0.5pp $243	base $192	+0.5pp $141	+1.0pp $88

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2331 Jamaica Ct Evansville, IN	3.0	2.0	1388	$1,995	$1.44	14d	1	0.46mi

Listing history 11 events

1. 2026-06-16
   status $199,000 Pending 15 DOM
2. 2026-06-15
   days on market $199,000 Active 15 DOM
3. 2026-06-14
   days on market $199,000 Active 13 DOM
4. 2026-06-13
   days on market $199,000 Active 12 DOM
5. 2026-06-10
   days on market $199,000 Active 10 DOM
6. 2026-06-09
   days on market $199,000 Active 9 DOM
7. 2026-06-08
   days on market $199,000 Active 8 DOM
8. 2026-06-07
   days on market $199,000 Active 7 DOM
9. 2026-06-02
   days on market $199,000 Active 2 DOM
10. 2026-06-01
    remarks 353-char remark
11. 2026-06-01
    listed $199,000 Active 1 DOM

ⓘ 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: $1,584 · $132/mo
• Projected year-2 tax: $1,638 · $136/mo
• Expected delta: +$54/yr (+$4/mo · 3.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,940
• − Mortgage interest: −$11,147
• − Property taxes: −$1,584
• − Insurance: −$2,498
• − Repairs & maintenance: −$1,915
• − Management: −$1,915
• − Depreciation: −$5,789
• Taxable loss: −$909
• Est. tax savings @ 24.0%: +$218
• After-tax cash flow: $2,526/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

• City population: 146,793
• Population (ZIP): 19,436

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 3% Two or more races 3% Asian 2%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Other Asian/Pacific 1% Spanish 1% Tagalog/Filipino 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: ▼ -70.73%
• Current HPI: 179.2534
• Rent YoY: —
• Metro: —
• 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

+4.8% since first listed

8 events — show timeline

• 2026-05-31 Listed $199,000 IRMLS
• 2024-10-31 Rental Removed $1,495 IRMLS
• 2024-10-02 Price Changed $1,495 IRMLS
• 2024-09-11 Listed for Rent $1,600 IRMLS
• 2023-09-23 Listed $214,500 IRMLS
• 2023-04-17 Sold (MLS) $192,000 IRMLS
• 2023-04-03 Pending — IRMLS
• 2023-04-02 Listed $189,900 IRMLS

Property tax history

+6.4%/yr

Latest (2024): $1,584 · -4.4% YoY. Source: county tax records.