32 Tulip Ave · Evansville, IN 47711

$109,900

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 62 Days on market

Built 1944 6,534 sqft lot Est $135k · 19% under ↓ 10% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.8/30.0
• DSCR +4.2/10.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2 bed, 1 bath home offers a covered front porch and spacious backyard. This floor plan includes a spacious living room, perfect for gathering. The living room leads to the kitchen, which includes an abundance of cabinetry. There are 2 bedrooms with access to the full bath. The large backyard is perfect for relaxing and outdoor enjoyment. This great home offers off street parking in a great location, close to shopping and dining. Home is currently tenant occupied, no longer vacant.

Key facts

• Covered front porch
• Spacious backyard
• Off street parking

Tags

• COVERED FRONT PORCH
• SPACIOUS BACKYARD
• ABUNDANCE OF CABINETRY
• OFF STREET PARKING
• GREAT LOCATION

Property features AI

Finance

• Other: Property listed by ERA FIRST ADVANTAGE REALTY, INC

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Aluminum and vinyl siding; Built with conventional construction
• Exterior features: Lot dimensions approximately 50 x 130; 0.15 acre lot; Gravel parking

Interior

• Kitchen: Includes refrigerator and electric range
• Bedrooms: Total of 4 rooms (bedrooms included)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling system
• Interior features: Refrigerator; Electric range
• Laundry & utility: Laundry located on the lower level; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $11 ($132/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (19.7% below list).
• Recommended offer: $88k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: 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 (+6.7%/yr); 229 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent is only 16% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — 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 $88,219 (19.7% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $135,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2519 N Heidelbach Ave	0.25mi	2/1.0	951 (-0%)	6mo	$77,500	$81	83
213 Van Dusen Ave	0.18mi	2/1.0	876 (-8%)	4mo	$126,700	$145	75
2501 N Lafayette Ave	0.31mi	2/1.0	888 (-7%)	3mo	$115,000	$130	72
3119 Kensington Ave	0.39mi	3/1.0 (+1)	925 (-3%)	6mo	$131,500	$142	67
404 Wedeking Ave	0.55mi	2/1.0	931 (-2%)	5mo	$170,000	$183	67
2724 Edgar St	0.56mi	2/1.0	936 (-2%)	5mo	$133,000	$142	66
11 E Olmstead Ave	0.10mi	3/2.0 (+1)	1,062 (+12%)	6mo	$132,000	$124	62
220 Wedeking Ave	0.53mi	2/1.0	907 (-5%)	8mo	$135,000	$149	61
728 E Parkland Ave	0.56mi	3/1.0 (+1)	1,022 (+7%)	2mo	$145,000	$142	55
516 Wedeking Ave	0.61mi	2/1.5	896 (-6%)	7mo	$120,000	$134	54
424 Richardt Ave	0.52mi	2/1.0	816 (-14%)	0mo	$123,000	$151	52
719 Wedeking Ave	0.74mi	3/1.0 (+1)	1,026 (+8%)	4mo	$184,900	$180	45

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: -11.9%
• Equity multiple: 0.55×
• Total profit: $-13,716
• Equity at exit: $16,386

10-year hold

• IRR: 1.6%
• Equity multiple: 1.13×
• Total profit: $4,002
• Equity at exit: $9,502

Cash invested: $30,772 (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: 10.4×

Monthly cashflow live

• Estimated rent: $882 high
• Mortgage (P&I): −$576
• Tax from tax record: −$64 /mo · $766/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $11

Break-even live

Break-even rent $868

Max offer price $109,900

Occupancy floor 94%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	20d	1	0.52mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	20d	1	0.63mi
820 Negley Ave Unit B Evansville, IN	1.0	1.0	575	$695	$1.21	20d	1	0.65mi
702 Fairway Dr Evansville, IN	1.0–2.0	1.0	800	$640	$0.80	20d	2	0.68mi
941 Stanley Ave Unit A Evansville, IN	1.0	1.0	850	$800	$0.94	20d	1	0.80mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	20d	1	0.86mi
407 N Park Dr Unit NA Evansville, IN	3.0	1.0	1029	$1,600	$1.55	13d	1	0.96mi
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	20d	1	0.96mi
905 Vanderburgh Ave Evansville, IN	3.0	1.0	988	$1,200	$1.21	13d	1	0.97mi
1008 Allens Ln Evansville, IN	2.0	1.0	1081	$750	$0.69	20d	1	0.98mi
1151 Diamond Pl Evansville, IN	1.0	1.0	700	$780	$1.11	20d	1	0.99mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	20d	1	0.99mi
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	13d	1	1.04mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	13d	1	1.11mi
1210 Vista Ct Unit 3901 Evansville, IN	1.0	1.0	567	$750	$1.32	20d	1	1.21mi
1210 Vista Ct Unit 3915 Evansville, IN	2.0	1.5	814	$1,050	$1.29	20d	1	1.21mi
1210 Vista Ct Unit 3959 Evansville, IN	2.0	1.0	814	$1,025	$1.26	20d	1	1.21mi
1210 Vista Ct Unit 3951 Evansville, IN	1.0	1.0	567	$795	$1.40	20d	1	1.21mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	20d	1	1.23mi
1125 Wellington Dr Evansville, IN	1.0–2.0	1.0–1.5	975	$1,340	$1.37	13d	15	1.39mi
3900 N Fulton Ave Evansville, IN	2.0	1.0	620	$1,015	$1.64	13d	6	1.41mi
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	20d	1	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $109,900 Active 62 DOM
2. 2026-06-17
   days on market $109,900 Active 61 DOM
3. 2026-06-16
   days on market $109,900 Active 60 DOM
4. 2026-06-15
   days on market $109,900 Active 59 DOM
5. 2026-06-14
   days on market $109,900 Active 57 DOM
6. 2026-06-13
   days on market $109,900 Active 56 DOM
7. 2026-06-10
   days on market $109,900 Active 54 DOM
8. 2026-06-09
   days on market $109,900 Active 53 DOM
9. 2026-06-08
   days on market $109,900 Active 52 DOM
10. 2026-06-07
    pricedays on market $109,900 Active 51 DOM
11. 2026-06-02
    days on market $119,900 Active 46 DOM
12. 2026-06-01
    days on market $119,900 Active 45 DOM
13. 2026-05-31
    days on market $119,900 Active 44 DOM
14. 2026-05-30
    days on market $119,900 Active 43 DOM
15. 2026-05-19
    price $119,900
16. 2026-04-17
    listed $132,500 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: $766 · $64/mo
• Projected year-2 tax: $850 · $71/mo
• Expected delta: +$84/yr (+$7/mo · 11.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% 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: $10,586
• − Mortgage interest: −$6,156
• − Property taxes: −$766
• − Insurance: −$550
• − Repairs & maintenance: −$847
• − Management: −$847
• − Depreciation: −$3,197
• Taxable loss: −$1,776
• Est. tax savings @ 24.0%: +$426
• After-tax cash flow: $558/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

-9.5% since first listed

2 events — show timeline

• 2026-05-19 Price Changed $119,900 IRMLS
• 2026-04-17 Listed $132,500 IRMLS

Property tax history

-7.4%/yr

Latest (2024): $766 · +8.9% YoY. Source: county tax records.