822 Madison Ave · Evansville, IN 47713

$96,000

3 bd · 1.5 ba · 1,560 sqft · SingleFamily public records · 20 Days on market

Built 1949 4,269 sqft lot Est $133k · 28% under ↓ 29% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• 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

Rare opportunity to acquire a portfolio of single-family homes located throughout Evansville, Indiana. The properties feature very low vacancy rates and many long-term occupants. Seller has maintained detailed financial and maintenance records, which are available upon request. Properties may be purchased as the entire portfolio (28 homes), in smaller package offerings, or individually, providing flexibility for a variety of purchasing needs. Don’t miss this opportunity to expand your investment portfolio!

Key facts

• 4,269 sq ft lot
• Built 1949
• Listed 20 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Covered porch; Porch; Chain link fencing; Level lot

Interior

• Kitchen: Includes refrigerator and electric range
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Central air; Natural gas forced-air heating
• Interior features: Refrigerator; Electric range; Unfinished basement; Basement laundry (laundry in basement); Central air conditioning; Natural gas forced-air heating; 6 total rooms
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $95k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Evans School (math 9% / reading 7%, grade F, #945 of 994 statewide, top 95%, 499 students, 85% 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 at 54% FRL track the district average.
• Market conditions: Rents rising fast (+9.9%/yr); 119 active listings in the ZIP; 9 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 40% 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 $664 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 $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: built in 1949 — 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 $94,560 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 1.43% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.45%
• DSCR: 1.95
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $132,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1225 S Bedford Ave	0.10mi	4/1.0 (+1)	1,522 (-2%)	2mo	$130,000	$85	83
710 Jefferson Ave	0.13mi	4/2.0 (+1)	1,594 (+2%)	4mo	$163,500	$103	80
600 E Chandler Ave	0.47mi	3/2.0	1,525 (-2%)	3mo	$51,000	$33	70
637 Adams Ave	0.23mi	3/2.0	1,769 (+13%)	1mo	$260,000	$147	65
1045 Bayard Park Dr	0.49mi	3/1.5	1,440 (-8%)	4mo	$110,000	$76	61
1024 Ravenswood Dr	0.37mi	3/1.5	1,780 (+14%)	1mo	$191,900	$108	59
712 E Blackford Ave	0.29mi	2/1.0 (-1)	1,327 (-15%)	1mo	$22,000	$17	54
1140 Covert Ave	0.51mi	2/1.0 (-1)	1,705 (+9%)	0mo	$130,000	$76	53
1558 Henning Ave	0.66mi	2/1.0 (-1)	1,508 (-3%)	4mo	$65,000	$43	53
1211 Culver Dr	0.62mi	4/2.0 (+1)	1,664 (+7%)	4mo	$260,000	$156	50
1414 Marshall Ave	0.67mi	3/1.0	1,364 (-13%)	1mo	$122,000	$89	45
1563 Marshall Ave	0.70mi	3/1.5	1,338 (-14%)	3mo	$83,000	$62	41

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: 19.3%
• Equity multiple: 1.83×
• Total profit: $22,303
• Equity at exit: $14,314

10-year hold

• IRR: 30.7%
• Equity multiple: 4.42×
• Total profit: $91,858
• Equity at exit: $8,300

Cash invested: $26,880 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$503
• Tax from tax record: −$63 /mo · $753/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $481

Break-even live

Break-even rent $767

Max offer price $96,000

Occupancy floor 60%

Sensitivity live

Price	-10% $535	-5% $508	+0% $481	+5% $453	+10% $426
Rent	-10% $372	-5% $426	+0% $481	+5% $535	+10% $589
Rate	-1.0pp $529	-0.5pp $505	base $481	+0.5pp $456	+1.0pp $430

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: $24,000
• Closing costs: $2,880
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	22d	1	0.28mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	22d	1	0.31mi
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	22d	1	0.49mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	22d	6	1.19mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	22d	4	1.28mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,275	$1.11	22d	8	1.40mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	22d	1	1.41mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	22d	1	1.46mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	22d	1	1.47mi

Listing history 13 events

1. 2026-06-22
   days on market $96,000 Active 20 DOM
2. 2026-06-18
   days on market $96,000 Active 17 DOM
3. 2026-06-17
   days on market $96,000 Active 16 DOM
4. 2026-06-16
   days on market $96,000 Active 15 DOM
5. 2026-06-15
   days on market $96,000 Active 14 DOM
6. 2026-06-14
   days on market $96,000 Active 12 DOM
7. 2026-06-13
   days on market $96,000 Active 11 DOM
8. 2026-06-10
   days on market $96,000 Active 9 DOM
9. 2026-06-09
   days on market $96,000 Active 8 DOM
10. 2026-06-08
    days on market $96,000 Active 7 DOM
11. 2026-06-07
    days on market $96,000 Active 6 DOM
12. 2026-06-02
    remarks 511-char remark
13. 2026-06-02
    listed $96,000 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: $753 · $63/mo
• Projected year-2 tax: $785 · $65/mo
• Expected delta: +$31/yr (+$3/mo · 4.2%)

ⓘ 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,507
• − Mortgage interest: −$5,377
• − Property taxes: −$753
• − Insurance: −$480
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$2,793
• Taxable income: $4,463
• Est. tax owed @ 24.0%: −$1,071
• After-tax cash flow: $4,695/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

-29.4% since first listed

2 events — show timeline

• 2026-06-01 Listed $96,000 IRMLS
• 2025-10-27 Listed $136,000 IRMLS

Property tax history

+11.0%/yr

Latest (2024): $753 · -11.5% YoY. Source: county tax records.