1401 S Grand Ave · Evansville, IN 47713

$100,000

2 bd · 1.0 ba · 1,400 sqft · SingleFamily public records

Built 1924 6,250 sqft lot Est $109k · 8% 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 +28.5/30.0
• ARV discount +11.3/15.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• 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

Charming Opportunity with Endless Potential! This well-loved 3-bedroom, 1-bath home, built in 1924, is ready for its next chapter. Full of character and possibilities, this property offers a generous-sized eat-in kitchen with plenty of room for gathering, along with a main-level laundry area for added convenience. The spacious attic provides excellent potential for additional living space, whether you're dreaming of a home office, recreation room, or extra bedrooms. Includes a detached 2-car garage and a fenced backyard, perfect for pets, gardening, or outdoor enjoyment. This home is being offered as part of an estate sale and is sold as-is, making it an excellent opportunity for investors

Key facts

• 6,250 sq ft lot
• 2 garage spots
• Built 1924

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 10.2% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL); New Tech Institute (math 34% / reading 74%, grade C-, #79 of 369 statewide, top 26%, 275 students, 40% FRL).
• Market conditions: Rents rising fast (+9.9%/yr); 119 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 35% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $100,000

Questions for the listing agent

1. Built in 1924 — 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: 1.19% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.05%
• DSCR: 1.62
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $109,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1025 Jefferson Ave	0.24mi	2/1.0	1,453 (+4%)	5mo	$113,000	$78	78
1101 Ravenswood Dr	0.24mi	2/1.0	1,269 (-9%)	1mo	$155,000	$122	72
712 E Blackford Ave	0.49mi	2/1.0	1,327 (-5%)	1mo	$22,000	$17	68
1414 Marshall Ave	0.53mi	3/1.0 (+1)	1,364 (-3%)	1mo	$122,000	$89	65
1558 Henning Ave	0.49mi	2/1.0	1,508 (+8%)	4mo	$65,000	$43	61
1255 Maple Ct	0.69mi	2/1.5	1,450 (+4%)	1mo	$159,900	$110	59
1563 Marshall Ave	0.52mi	3/1.5 (+1)	1,338 (-4%)	3mo	$83,000	$62	59
1045 Bayard Park Dr	0.58mi	3/1.5 (+1)	1,440 (+3%)	4mo	$110,000	$76	58
1862 Marshall Ave	0.72mi	3/1.0 (+1)	1,302 (-7%)	3mo	$65,000	$50	48
868 Bellemeade Ave	0.72mi	2/1.0	1,232 (-12%)	5mo	$150,000	$122	42
600 E Chandler Ave	0.67mi	3/2.0 (+1)	1,525 (+9%)	3mo	$51,000	$33	42
1903 S Kerth Ave	0.57mi	3/2.0 (+1)	1,214 (-13%)	5mo	$150,000	$124	38

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: 9.4%
• Equity multiple: 1.39×
• Total profit: $10,954
• Equity at exit: $14,910

10-year hold

• IRR: 22.2%
• Equity multiple: 3.32×
• Total profit: $65,029
• Equity at exit: $8,646

Cash invested: $28,000 (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: 119
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,194 high
• Mortgage (P&I): −$524
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $328

Break-even live

Break-even rent $779

Max offer price $100,000

Occupancy floor 68%

Sensitivity live

Price	-10% $384	-5% $356	+0% $328	+5% $299	+10% $271
Rent	-10% $233	-5% $281	+0% $328	+5% $375	+10% $422
Rate	-1.0pp $378	-0.5pp $353	base $328	+0.5pp $302	+1.0pp $275

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	23d	1	0.45mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	23d	1	0.63mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	23d	1	0.65mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	15d	1	0.84mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	23d	1	0.95mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	23d	1	1.13mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	23d	1	1.15mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	23d	8	1.20mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	23d	1	1.22mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	23d	1	1.27mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	23d	6	1.37mi
315 SE 1st St Evansville, IN	1.0	1.0	1331	$1,695	$1.27	23d	1	1.40mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	15d	1	1.45mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	15d	1	1.46mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	23d	4	1.47mi

Listing history 2 events

1. 2026-06-13
   remarks 699-char remark
2. 2026-06-13
   listed $100,000 Pending

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $723 · $60/mo
• Expected delta: +$127/yr (+$11/mo · 21.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 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: $14,331
• − Mortgage interest: −$5,602
• − Property taxes: −$596
• − Insurance: −$500
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$2,909
• Taxable income: $2,432
• Est. tax owed @ 24.0%: −$584
• After-tax cash flow: $3,349/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

2 events — show timeline

• 2026-06-11 Delisted — IRMLS
• 2026-06-11 Listed $100,000 IRMLS

Property tax history

+2.7%/yr

Latest (2024): $596 · +5.4% YoY. Source: county tax records.