632 S Harlan Ave · Evansville, IN 47714

$175,000

3 bd · 1.5 ba · 1,056 sqft · MultiFamily public records · 4 Days on market

Built 1930 0.27 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

1 duplex and a single family home for sale on the same lot includes ample off-street parking. Tenants pay all utilities, Property manager pays for mowing. Leases are month to month. There are motion lights on 3 sides of the big building and unit c has front door and back door light.

Key facts

• 0.27 acre lot
• 6 parking spots
• Built 1930

Property features AI

Exterior

• Parking: 6 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (triplex); 2-story
• Construction: Vinyl siding
• Exterior features: Level lot; Pets allowed

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air; Window unit(s)
• Interior features: Eat-in kitchen; Crawl space basement (unfinished)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Cap rate 13.4% 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: Harper Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 337 students, 74% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-15 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; 22 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).
• At $2,952/mo this rent would consume 63% of the median local household income ($56k/yr) (locally 1394% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $175,000

Questions for the listing agent

1. Built in 1930 — 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 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: 1.69% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.48%
• DSCR: 2.13
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.08×
• Total profit: $53,134
• Equity at exit: $26,093

10-year hold

• IRR: 35.5%
• Equity multiple: 5.10×
• Total profit: $200,685
• Equity at exit: $15,131

Cash invested: $49,000 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,952 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$301 /mo · $3,614/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $1,040

Break-even live

Break-even rent $1,635

Max offer price $175,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,139	-5% $1,090	+0% $1,040	+5% $991	+10% $941
Rent	-10% $807	-5% $924	+0% $1,040	+5% $1,157	+10% $1,273
Rate	-1.0pp $1,128	-0.5pp $1,085	base $1,040	+0.5pp $995	+1.0pp $949

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,062
1× unit	2	1	$890
Total (3 units)			$2,952

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	22d	1	0.22mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	22d	1	0.53mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	22d	1	0.61mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	14d	1	0.62mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	14d	1	0.63mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	22d	1	0.64mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	14d	1	0.66mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	22d	1	0.81mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	0.81mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	22d	1	0.81mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	1.00mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	22d	1	1.00mi
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	22d	1	1.01mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	14d	1	1.11mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	22d	1	1.25mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	22d	1	1.35mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	22d	1	1.40mi
913 N Spring St Evansville, IN	3.0	1.5	1232	$1,350	$1.10	14d	1	1.43mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	22d	1	1.43mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	22d	1	1.45mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	1.45mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	22d	2	1.48mi

Listing history 10 events

1. 2026-05-19
   status Pending
2. 2026-05-15
   status Active
3. 2026-05-15
   price $175,000
4. 2026-05-07
   status Pending
5. 2026-05-01
   historical $194,900
6. 2023-04-05
   status Active
7. 2023-03-30
   status Pending
8. 2023-03-29
   listed $190,000 Active
9. 2021-09-01
   soldstatus $135,000 284-char remark

   Show marketing remark (284 chars)

   1 duplex and a single family home for sale on the same lot includes ample off-street parking. Tenants pay all utilities, Property manager pays for mowing. Leases are month to month. There are motion lights on 3 sides of the big building and unit c has front door and back door light.

10. 2021-07-16
    listed $139,900 284-char remark

    Show marketing remark (284 chars)

    1 duplex and a single family home for sale on the same lot includes ample off-street parking. Tenants pay all utilities, Property manager pays for mowing. Leases are month to month. There are motion lights on 3 sides of the big building and unit c has front door and back door light.

ⓘ 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: $3,614 · $301/mo
• Projected year-2 tax: $3,614 · $301/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 (unshaded) · 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: $35,424
• − Mortgage interest: −$9,803
• − Property taxes: −$3,614
• − Insurance: −$875
• − Repairs & maintenance: −$2,834
• − Management: −$2,834
• − Depreciation: −$5,091
• Taxable income: $10,373
• Est. tax owed @ 24.0%: −$2,490
• After-tax cash flow: $9,993/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

+25.1% since first listed

10 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-05-15 Relisted — IRMLS
• 2026-05-15 Price Changed $175,000 IRMLS
• 2026-05-07 Pending — IRMLS
• 2026-05-01 Coming Soon $194,900 IRMLS
• 2023-04-05 Relisted — IRMLS
• 2023-03-30 Pending — IRMLS
• 2023-03-29 Listed $190,000 IRMLS
• 2021-09-01 Sold (MLS) $135,000 IRMLS
• 2021-07-16 Listed $139,900 IRMLS

Property tax history

+1.8%/yr

Latest (2024): $3,614 · +2.8% YoY. Source: county tax records.