2217 N Heidelbach Ave · Evansville, IN 47711

$86,000

3 bd · 0.5 ba · 1,200 sqft · SingleFamily public records · 117 Days on market

Built 1869 5,227 sqft lot Est $157k · 45% under ↓ 13% 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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.7/10.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special! Great opportunity at 2217 N Heidelbach Avenue for investors or renovators looking to add value. This property offers solid potential with a functional layout and room for improvements throughout. Ideal for a fix-and-flip or long-term rental, the home sits on a convenient lot in an established neighborhood with strong rental demand. Close to schools, shopping, and major routes, making it an attractive option for future tenants or resale. Property is being sold as-is—bring your vision and unlock the upside potential.

Key facts

• Strong rental demand
• Convenient lot
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• ESTABLISHED NEIGHBORHOOD
• STRONG RENTAL DEMAND
• CONVENIENT LOT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Stone construction
• Exterior features: Corner lot; Lot dimensions approximately 36 x 145

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: 6 total rooms; Partial, unfinished crawl space basement; Basement present
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/0.5-bath single-family listed at $86k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $78k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: Delaware Elementary School (math 22% / reading 16%, grade F, #829 of 994 statewide, top 84%, 338 students, 90% 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).
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 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 $595 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $13k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1869 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,260 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $157,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Richardt Ave	0.08mi	3/1.0	1,140 (-5%)	0mo	$145,000	$127	86
407 Richardt Ave	0.14mi	3/1.0	1,140 (-5%)	2mo	$150,000	$132	81
2013 Stringtown Rd	0.35mi	2/1.0 (-1)	1,176 (-2%)	2mo	$150,000	$128	72
203 Van Dusen Ave	0.33mi	3/1.0	1,331 (+11%)	1mo	$164,900	$124	64
220 E Eichel Ave	0.48mi	2/1.0 (-1)	1,231 (+3%)	7mo	$84,900	$69	60
413 E Olmstead Ave	0.43mi	2/1.0 (-1)	1,108 (-8%)	2mo	$135,000	$122	58
3000 Sheridan Rd	0.71mi	3/1.5	1,225 (+2%)	2mo	$161,000	$131	58
11 E Olmstead Ave	0.38mi	3/2.0	1,062 (-12%)	6mo	$132,000	$124	52
2451 N Bedford Ave	0.64mi	3/1.5	1,110 (-8%)	3mo	$165,900	$149	51
719 Wedeking Ave	0.43mi	3/1.0	1,026 (-14%)	4mo	$184,900	$180	51
932 Joan Ave	0.71mi	3/1.0	1,080 (-10%)	1mo	$158,000	$146	47
728 E Parkland Ave	0.59mi	3/1.0	1,022 (-15%)	2mo	$145,000	$142	44

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $2,912
• Equity at exit: $12,823

10-year hold

• IRR: 16.1%
• Equity multiple: 2.57×
• Total profit: $37,716
• Equity at exit: $7,436

Cash invested: $24,080 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 229
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,092 high
• Mortgage (P&I): −$451
• Tax from tax record: −$123 /mo · $1,475/yr
• Insurance: −$36
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $197

Break-even live

Break-even rent $842

Max offer price $86,000

Occupancy floor 77%

Sensitivity live

Price	-10% $246	-5% $221	+0% $197	+5% $173	+10% $148
Rent	-10% $111	-5% $154	+0% $197	+5% $240	+10% $283
Rate	-1.0pp $240	-0.5pp $219	base $197	+0.5pp $175	+1.0pp $152

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: $21,500
• Closing costs: $2,580
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 E Eichel Ave Unit B Evansville, IN	4.0	2.0	1228	$1,257	$1.02	21d	1	0.48mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	21d	1	0.58mi
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	14d	1	0.60mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	14d	1	1.01mi
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	21d	1	1.02mi
702 Fairway Dr Evansville, IN	1.0–2.0	1.0	800	$640	$0.80	21d	2	1.04mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	14d	1	1.20mi
1008 Allens Ln Evansville, IN	2.0	1.0	1081	$750	$0.69	21d	1	1.20mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	1.26mi
905 Vanderburgh Ave Evansville, IN	3.0	1.0	988	$1,200	$1.21	14d	1	1.29mi
1306 W Missouri St Evansville, IN	2.0	1.0	800	$950	$1.19	14d	1	1.41mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	21d	1	1.42mi
407 N Park Dr Unit NA Evansville, IN	3.0	1.0	1029	$1,600	$1.55	14d	1	1.43mi

Listing history 18 events

1. 2026-06-18
   days on market $86,000 Active 117 DOM
2. 2026-06-17
   days on market $86,000 Active 116 DOM
3. 2026-06-16
   days on market $86,000 Active 115 DOM
4. 2026-06-15
   days on market $86,000 Active 114 DOM
5. 2026-06-14
   days on market $86,000 Active 112 DOM
6. 2026-06-13
   days on market $86,000 Active 111 DOM
7. 2026-06-10
   days on market $86,000 Active 109 DOM
8. 2026-06-09
   days on market $86,000 Active 108 DOM
9. 2026-06-08
   days on market $86,000 Active 107 DOM
10. 2026-06-07
    days on market $86,000 Active 106 DOM
11. 2026-06-02
    days on market $86,000 Active 101 DOM
12. 2026-06-01
    days on market $86,000 Active 100 DOM
13. 2026-05-31
    days on market $86,000 Active 99 DOM
14. 2026-05-30
    days on market $86,000 Active 98 DOM
15. 2026-03-27
    status Active
16. 2026-01-18
    status Pending
17. 2026-01-03
    price $86,000
18. 2025-12-14
    listed $99,000 Active

ⓘ 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: $1,475 · $123/mo
• Projected year-2 tax: $1,475 · $123/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 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°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: $13,098
• − Mortgage interest: −$4,817
• − Property taxes: −$1,475
• − Insurance: −$1,096
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$2,502
• Taxable income: $1,112
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $2,098/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): 30,944
• Household income: $66,320
• Rent vs Own: 24.4% rent · 75.6% own
• Severe rent burden: 659.0

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 (85%)
• Race & ethnicity: White 85% Black 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -97.98%
• Current HPI: 205.62
• Rent YoY: ▲ 6.72%
• 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

-13.1% since first listed

4 events — show timeline

• 2026-03-27 Relisted — IRMLS
• 2026-01-18 Pending — IRMLS
• 2026-01-03 Price Changed $86,000 IRMLS
• 2025-12-14 Listed $99,000 IRMLS

Property tax history

+9.4%/yr

Latest (2024): $1,475 · +78.8% YoY. Source: county tax records.