1121 S Dexter Ave · Evansville, IN 47714

$156,000

2 bd · 1.0 ba · 783 sqft · MultiFamily public records · 6 Days on market

Built 1945 6,098 sqft lot

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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 +27.7/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Fully rented duplex. Month to month long term tenants at $375 per month per unit. Fresh exterior paint 2018. New furnace on Jefferson unit. Yard barn is negotiable. Quiet corner lot. Conveniently located off Washington Ave close to Dexter School.

Key facts

• Laundry utility area
• Kitchen with range
• Good closet storage

Tags

• ONE STORY BRICK DUPLEX
• HARDWOOD FLOORS
• SPACIOUS LIVING ROOM
• KITCHEN WITH RANGE
• LAUNDRY UTILITY AREA
• GOOD CLOSET STORAGE

Property features AI

Finance

• Other: Pets allowed

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); Single-story
• Construction: Brick construction
• Exterior features: Corner lot; Lot dimensions approximately 50 x 125

Interior

• Kitchen: Range; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Range; Refrigerator; Laminate flooring; Crawl space basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $156k.

Deal economics

• At list price, monthly cash flow is $469 ($6k/yr) — positive. Per door: $235/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Cap rate 9.9% 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: Dexter Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 328 students, 83% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 76% FRL vs 50% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 40% district-wide (-23 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 27 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).
• This rent runs 38% of the median local income ($56k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $44k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $38k; list at $156k implies a 309% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — 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 $156,000

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 1945 — 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: 1.14% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $40,716
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2208 Ravenswood Dr	0.65mi	2/1.0	769 (-2%)	19mo	$40,000	$52	51

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.31×
• Total profit: $13,692
• Equity at exit: $23,260

10-year hold

• IRR: 20.5%
• Equity multiple: 3.10×
• Total profit: $91,688
• Equity at exit: $13,488

Cash invested: $43,680 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $1,784 medium
• Mortgage (P&I): −$818
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $469

Break-even live

Break-even rent $1,190

Max offer price $156,000

Occupancy floor 69%

Sensitivity live

Price	-10% $557	-5% $513	+0% $469	+5% $425	+10% $381
Rent	-10% $328	-5% $399	+0% $469	+5% $540	+10% $610
Rate	-1.0pp $548	-0.5pp $509	base $469	+0.5pp $429	+1.0pp $388

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,784
Total (2 units)			$1,784

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: $39,000
• Closing costs: $4,680
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1290 Hatfield Dr Unit 1266 Evansville, IN	1.0	1.0	600	$800	$1.33	22d	1	0.24mi
1290 Hatfield Dr Unit 1150 Evansville, IN	1.0	1.0	550	$775	$1.41	14d	1	0.24mi
1290 Hatfield Dr Unit 1330 Evansville, IN	1.0	1.0	550	$697	$1.27	22d	1	0.24mi
1290 Hatfield Dr Unit 1378 Evansville, IN	1.0	1.0	550	$775	$1.41	22d	1	0.24mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	22d	1	0.28mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,032	$1.03	14d	36	0.50mi
3700 Justus Ct Evansville, IN	1.0–2.0	1.0–2.0	790	$975	$1.23	22d	1	0.56mi
665 Saint Mary's Dr Unit 3 Evansville, IN	1.0	1.0	550	$900	$1.64	22d	1	0.67mi
3951 Bellemeade Ave Unit D Evansville, IN	2.0	1.0	825	$1,100	$1.33	22d	1	0.76mi
1165 Shiloh Sq Evansville, IN	1.0–2.0	1.0–2.0	907	$1,145	$1.26	14d	15	0.88mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	0.95mi
2501 Pollack Ave Evansville, IN	2.0	1.0	648	$1,080	$1.67	22d	1	0.95mi
1621 Burdette Ave Evansville, IN	2.0	1.0	720	$1,050	$1.46	22d	1	0.95mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	22d	1	0.96mi
950 S Hebron Ave Apt 301 Evansville, IN	2.0	1.0	1088	$1,900	$1.75	22d	1	1.09mi
4689 Covert Ave Unit 4629 Evansville, IN	2.0	1.0	725	$775	$1.07	14d	1	1.16mi
4689 Covert Ave Unit 4637 Evansville, IN	1.0	1.0	610	$695	$1.14	22d	1	1.16mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	22d	8	1.21mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	22d	2	1.21mi
2232 E Riverside Dr Evansville, IN	2.0	1.0	810	$1,200	$1.48	14d	1	1.24mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	22d	1	1.25mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	22d	1	1.27mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	14d	17	1.37mi
2818 S Villa Dr Evansville, IN	3.0	1.0	1061	$1,295	$1.22	22d	1	1.38mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,188	$1.23	22d	2	1.39mi
700 Chateau Dr Evansville, IN	2.0	1.0	825	$695	$0.84	14d	2	1.41mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0–2.0	914	$1,170	$1.28	14d	19	1.49mi

Listing history 5 events

1. 2026-06-10
   status $156,000 Pending 6 DOM
2. 2026-06-09
   days on market $156,000 Active 6 DOM
3. 2026-06-08
   days on market $156,000 Active 5 DOM
4. 2026-06-07
   remarks 678-char remark
5. 2026-06-07
   listed $156,000 Active 4 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: $686 · $57/mo
• Projected year-2 tax: $1,006 · $84/mo
• Expected delta: +$320/yr (+$27/mo · 46.6%)

ⓘ 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: $21,408
• − Mortgage interest: −$8,738
• − Property taxes: −$686
• − Insurance: −$780
• − Repairs & maintenance: −$1,713
• − Management: −$1,713
• − Depreciation: −$4,538
• Taxable income: $3,240
• Est. tax owed @ 24.0%: −$778
• After-tax cash flow: $4,852/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): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

+322.2% since first listed

6 events — show timeline

• 2026-06-03 Listed $156,000 IRMLS
• 2026-02-03 Rental Removed $850 IRMLS
• 2026-01-31 Price Changed $850 IRMLS
• 2025-08-23 Listed for Rent $895 IRMLS
• 2018-10-22 Sold (MLS) $38,100 IRMLS
• 2018-10-01 Listed $36,950 IRMLS

Property tax history

-2.3%/yr

Latest (2024): $686 · +20.6% YoY. Source: county tax records.