22 W Tennessee St · Evansville, IN 47710

$74,000

2 bd · 1.0 ba · 752 sqft · SingleFamily public records · 117 Days on market

Built 1933 3,870 sqft lot Est $63k · 17% over

---

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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.9/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming home offering an enclosed front porch filled with plenty of windows for natural sunlight, a rear wood deck, and a detached garage with alley access. Inside, you’ll find a cozy living area and kitchen, along with two bedrooms and one full bathroom. The enclosed porch adds extra space to enjoy, while the rear deck provides a great spot for outdoor relaxation. The detached garage offers convenient parking or additional storage.

Key facts

• Alley access
• Rear wood deck
• Enclosed front porch

Tags

• ENCLOSED FRONT PORCH
• REAR WOOD DECK
• DETACHED GARAGE
• ALLEY ACCESS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Built with site-built construction
• Exterior features: Enclosed porch; Deck; Level lot

Interior

• Bedrooms: Main-level bedrooms
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating with forced air; Window air conditioning units
• Interior features: Total of 5 rooms; Crawl space basement
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($880 rent vs $74k).
• Recommended offer: $67k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: 88 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $512 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1933 — 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 $67,340 (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 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.19% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $63,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 E Tennessee St	0.11mi	2/1.0	752 (0%)	10mo	$93,500	$124	87
318 W Florida St	0.23mi	2/1.0	756 (+0%)	6mo	$101,000	$134	83
524 W Louisiana Ave	0.41mi	2/1.0	750 (-0%)	9mo	$45,000	$60	72
1309 N Garvin St	0.46mi	2/1.0	736 (-2%)	8mo	$50,000	$68	68
313 E Tennessee St	0.32mi	2/1.0	824 (+10%)	10mo	$64,500	$78	60
707 E Missouri St	0.66mi	2/1.0	714 (-5%)	1mo	$23,000	$32	60
916 Edgar St	0.49mi	2/1.0	832 (+11%)	4mo	$27,000	$32	56
710 Reis Ave	0.73mi	1/1.0 (-1)	720 (-4%)	2mo	$70,000	$97	52
424 Richardt Ave	0.72mi	2/1.0	816 (+8%)	0mo	$123,000	$151	52
1031 N Third Ave	0.71mi	1/1.0 (-1)	777 (+3%)	6mo	$65,000	$84	51
619 Keck Ave	0.68mi	2/1.0	848 (+13%)	0mo	$152,000	$179	47
638 E Missouri St	0.58mi	3/1.0 (+1)	840 (+12%)	3mo	$25,500	$30	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,109
• Equity at exit: $11,034

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $17,835
• Equity at exit: $6,398

Cash invested: $20,720 (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 47710

• Home prices YoY: -29.7%
• Active inventory: 88
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $880 high
• Mortgage (P&I): −$388
• Tax from tax record: −$71 /mo · $850/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $206

Break-even live

Break-even rent $620

Max offer price $74,000

Occupancy floor 72%

Sensitivity live

Price	-10% $248	-5% $227	+0% $206	+5% $185	+10% $164
Rent	-10% $136	-5% $171	+0% $206	+5% $240	+10% $275
Rate	-1.0pp $243	-0.5pp $225	base $206	+0.5pp $187	+1.0pp $167

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	14d	1	0.02mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	22d	1	0.19mi
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	22d	1	0.20mi
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	22d	1	0.46mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	0.70mi
406 Edgar St Unit 1 Evansville, IN	1.0	1.0	530	$1,500	$2.83	22d	1	0.70mi
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	22d	1	0.76mi
41 W Division St Unit 101 Evansville, IN	1.0	1.0	634	$1,100	$1.74	22d	1	0.84mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	22d	1	0.84mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	22d	1	0.99mi
1306 W Missouri St Evansville, IN	2.0	1.0	800	$950	$1.19	14d	1	1.01mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	22d	1	1.08mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	22d	1	1.09mi
820 Negley Ave Unit B Evansville, IN	1.0	1.0	575	$695	$1.21	22d	1	1.11mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	22d	1	1.18mi
941 Stanley Ave Unit A Evansville, IN	1.0	1.0	850	$800	$0.94	22d	1	1.25mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	22d	1	1.28mi
1151 Diamond Pl Evansville, IN	1.0	1.0	700	$780	$1.11	22d	1	1.33mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	14d	1	1.33mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	22d	1	1.35mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	22d	1	1.39mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	14d	1	1.40mi
1008 Allens Ln Evansville, IN	2.0	1.0	1081	$750	$0.69	22d	1	1.42mi
702 Fairway Dr Evansville, IN	1.0–2.0	1.0	800	$640	$0.80	22d	2	1.43mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	22d	1	1.44mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	22d	1	1.44mi
101 SE 2nd St Evansville, IN	1.0	1.0	530	$750	$1.42	14d	1	1.49mi

Listing history 5 events

1. 2026-05-31
   days on market $74,000 Active 117 DOM
2. 2026-05-30
   days on market $74,000 Active 116 DOM
3. 2026-02-16
   price $74,000
4. 2026-02-03
   listed $79,000 Active
5. 2017-11-27
   listed $11,900

ⓘ 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: $850 · $71/mo
• Projected year-2 tax: $850 · $71/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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $10,564
• − Mortgage interest: −$4,145
• − Property taxes: −$850
• − Insurance: −$370
• − Repairs & maintenance: −$845
• − Management: −$845
• − Depreciation: −$2,153
• Taxable income: $1,355
• Est. tax owed @ 24.0%: −$325
• After-tax cash flow: $2,143/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): 18,309
• Household income: $47,292
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 722.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 6% Hispanic / Latino 4%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -91.84%
• Current HPI: 217.586
• 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

+521.8% since first listed

3 events — show timeline

• 2026-02-16 Price Changed $74,000 IRMLS
• 2026-02-03 Listed $79,000 IRMLS
• 2017-11-27 Listed $11,900 IRMLS

Property tax history

+8.8%/yr

Latest (2024): $850 · +18.6% YoY. Source: county tax records.