1100 Erie Ave #411 · Evansville, IN 47715

$79,900

2 bd · 2.0 ba · 1,088 sqft · Condo

Built 1965 $527/mo HOA · 43% of rent

---

Why this score? — see what drove the D 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 +10.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this spacious 2-bedroom, 2-bath fourth floor condo overlooking the pool at Continental Towers. With seven closets, a built-in hutch above the dining area, tons of cabinetry in the kitchen, and a balcony with a large outdoor closet, you'll never run out of storage options! The home opens to the living room with two sets of sliding doors offering panoramic balcony views and a sun-drenched space to entertain. The kitchen provides plenty of room for meal prep and a space to sit and dine if you don't want to create a formal dining space. Both bedrooms have two closets, a full bath with linen closet, and over-look the pool. HOA fees include water, sewer, basic cable, lawn care, snow removal, light plumbing, and so much more. See attached document for a comprehensive list of what is covered by the HOA fees. Community amenities make this deal even sweeter with a social room with fitness equipment, a laundry room, indoor mailboxes in the lobby, a community pool, covered parking available, and so much more!

Key facts

• $527 HOA
• Pool
• Built 1965

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-49 ($-582/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (10.7% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $71k (10.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.6% in Evansville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Hebron Elementary School (math 37% / reading 35%, grade F, #577 of 994 statewide, top 59%, 758 students, 56% FRL); Plaza Park International Prep Acad (math 27% / reading 37%, grade F, #190 of 330 statewide, top 59%, 650 students, 65% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL).
• Market conditions: 177 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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: HOA is 43% of rent.

Recommended offer $71,332 (10.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.53% ✓
• Cap rate: 5.56%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.30×
• Total profit: $-15,736
• Equity at exit: $11,913

10-year hold

• IRR: -12.2%
• Equity multiple: 0.26×
• Total profit: $-16,459
• Equity at exit: $6,908

Cash invested: $22,372 (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 47715

• Active inventory: 177
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,219 high
• Mortgage (P&I): −$419
• Tax from tax record: −$32 /mo · $383/yr
• Insurance: −$33
• HOA: −$527
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-49

Break-even live

Break-even rent $1,280

Max offer price $71,332

Occupancy floor 99%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,188	$1.23	21d	2	0.04mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0–2.0	914	$1,170	$1.28	13d	19	0.23mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	13d	17	0.33mi
950 S Hebron Ave Apt 301 Evansville, IN	2.0	1.0	1088	$1,900	$1.75	21d	1	0.44mi
700 Chateau Dr Evansville, IN	2.0	1.0	825	$695	$0.84	13d	2	0.54mi
1165 Shiloh Sq Evansville, IN	1.0–2.0	1.0–2.0	907	$1,145	$1.26	13d	15	0.55mi
4689 Covert Ave Unit 4629 Evansville, IN	2.0	1.0	725	$775	$1.07	13d	1	0.56mi
1900 Pueblo Pass Evansville, IN	2.0–3.0	1.5	1081	$899	$0.83	13d	5	0.73mi
1621 Burdette Ave Evansville, IN	2.0	1.0	720	$1,050	$1.46	21d	1	0.76mi
3951 Bellemeade Ave Unit D Evansville, IN	2.0	1.0	825	$1,100	$1.33	21d	1	0.86mi
1411 Jeanette Ave Unit 1411 Evansville, IN	3.0	1.5	1210	$1,195	$0.99	21d	1	0.88mi
4982 Tippecanoe Dr Evansville, IN	1.0–2.0	1.0	897	$910	$1.01	13d	3	0.94mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,032	$1.03	13d	36	0.99mi
3700 Justus Ct Evansville, IN	1.0–2.0	1.0–2.0	790	$975	$1.23	21d	1	0.99mi
100 Williamsburg Dr Evansville, IN	1.0–3.0	1.0–1.5	960	$1,187	$1.24	13d	10	1.20mi
200 Kimber Ln Evansville, IN	1.0–3.0	1.0–1.5	1025	$1,149	$1.12	13d	5	1.32mi
5560 E Virginia St Evansville, IN	1.0	1.0	773	$899	$1.16	21d	1	1.39mi
2947 Ravenswood Dr Unit 2927 Evansville, IN	2.0	1.0	1150	$975	$0.85	21d	1	1.44mi
7501 E Powell Ave Evansville, IN	3.0	1.0	1100	$1,650	$1.50	21d	1	1.45mi

HOA detail condo

• Monthly dues: $527 · $6,324/yr
• Likely covers: watersewercablelandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-07
   remarks 356-char remark
3. 2026-06-07
   listed $79,900 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: $383 · $32/mo
• Projected year-2 tax: $531 · $44/mo
• Expected delta: +$148/yr (+$12/mo · 38.6%)

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

Taxation est. · year 1

• Rental income: $14,624
• − Mortgage interest: −$4,476
• − Property taxes: −$383
• − Insurance: −$400
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − HOA: −$6,324
• − Depreciation: −$2,324
• Taxable loss: −$1,623
• Est. tax savings @ 24.0%: +$389
• After-tax cash flow: $-193/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): 29,280
• Household income: $60,897
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1652.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 6% Two or more races 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 4% Chinese 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: ▼ -113.01%
• Current HPI: 195.7299
• 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

+6.7% since first listed

4 events — show timeline

• 2026-06-05 Delisted — IRMLS
• 2026-06-05 Listed $79,900 IRMLS
• 2022-03-04 Sold (MLS) $73,700 IRMLS
• 2021-11-18 Listed $74,900 IRMLS

Property tax history

+13.7%/yr

Latest (2024): $383 · -19.7% YoY. Source: county tax records.