2937 Broadway Ave · Evansville, IN 47712

$49,900

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 309 Days on market

Built 1900 2,875 sqft lot Est $99k · 50% under

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Check out this 3 bedroom, 1 bathroom investment property with tons of potential on Evansville's West Side!

Key facts

• 2,875 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Lot dimensions approximately 23 x 125 (0.07 acres)

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-story single family home; Site-built construction
• Construction: Aluminum siding; Brick/mortar foundation; Built as a site-built home
• Exterior features: Covered porch; Porch; Corner lot; Level yard; Landscaped

Interior

• Kitchen: Laminate countertops
• Bedrooms: 4 total rooms (bedroom count not specified)
• Flooring: Hardwood; Vinyl; Other
• Bathrooms: 1 full bathroom; Main-level bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Laminate countertops
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($996 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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: Daniel Wertz Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 315 students, 59% FRL); Perry Heights Middle School (math 43% / reading 56%, grade C, #50 of 330 statewide, top 16%, 470 students, 39% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 134 active listings in the ZIP; 10 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 17% of the median local income ($68k/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 $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 309 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $7k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $50k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 309 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 2.00% ✓
• Cap rate: 16.77%
• Cash-on-cash: 37.42%
• DSCR: 2.66
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $99,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2829 Dennison St	0.35mi	2/1.0	907 (+1%)	8mo	$107,500	$119	76
1516 Cumberland Ave	0.21mi	1/1.0 (-1)	828 (-8%)	2mo	$20,000	$24	71
1712 Irvington Ave	0.51mi	3/1.0 (+1)	912 (+1%)	3mo	$100,000	$110	67
2836 Dennison St	0.32mi	2/1.0	816 (-9%)	4mo	$63,000	$77	66
3139 Arlington Ave	0.18mi	2/1.0	835 (-7%)	18mo	$90,000	$108	65
1627 Delmar Ave	0.31mi	2/1.0	980 (+9%)	13mo	$146,000	$149	60
1708 Irvington Ave	0.50mi	3/1.0 (+1)	912 (+1%)	16mo	$145,000	$159	56
2838 Dennison St	0.31mi	1/1.0 (-1)	768 (-15%)	10mo	$81,000	$105	48
3301 Austin Ave	0.70mi	2/1.0	985 (+9%)	6mo	$171,500	$174	47
3133 Austin Ave	0.67mi	2/1.0	1,024 (+14%)	9mo	$55,000	$54	38
3221 Austin Ave	0.69mi	2/1.0	768 (-15%)	10mo	$41,000	$53	34
3401 Austin Ave	0.73mi	2/1.0	1,016 (+13%)	14mo	$142,500	$140	33

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: 33.4%
• Equity multiple: 2.41×
• Total profit: $19,682
• Equity at exit: $7,440

10-year hold

• IRR: 40.3%
• Equity multiple: 4.79×
• Total profit: $52,947
• Equity at exit: $4,314

Cash invested: $13,972 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 134
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $996 high
• Mortgage (P&I): −$262
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $436

Break-even live

Break-even rent $445

Max offer price $49,900

Occupancy floor 51%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 Irvington Ave Evansville, IN	1.0	1.0	990	$600	$0.61	20d	1	0.45mi
2727 Austin Ave Evansville, IN	2.0	1.0	952	$1,495	$1.57	20d	1	0.69mi
3200 Edgewood Dr Evansville, IN	2.0	1.0	720	$1,295	$1.80	13d	1	0.83mi
1815 S Helfrich Ave Evansville, IN	3.0	1.0	1078	$975	$0.90	20d	1	0.96mi
3308 Forest Ave Evansville, IN	1.0	1.0	900	$750	$0.83	13d	1	0.97mi
409 S Bosse Ave Evansville, IN	2.0	1.0	1050	$985	$0.94	20d	1	0.99mi
360 S Rosenberger Ave Evansville, IN	1.0–2.0	1.0	710	$980	$1.38	13d	9	1.08mi
2517 W Illinois St Evansville, IN	2.0	1.0	938	$960	$1.02	20d	1	1.27mi
2708 W Franklin St Unit 4 Evansville, IN	2.0	1.0	1100	$900	$0.82	20d	1	1.27mi
406 Wills Ave Evansville, IN	2.0	1.0	832	$1,295	$1.56	13d	1	1.33mi

Listing history 14 events

1. 2026-06-02
   days on market $49,900 Active 309 DOM
2. 2026-06-01
   days on market $49,900 Active 308 DOM
3. 2026-05-31
   days on market $49,900 Active 307 DOM
4. 2026-05-30
   days on market $49,900 Active 306 DOM
5. 2025-10-29
   price $49,900
6. 2025-07-28
   listed $57,000 Active
7. 2024-03-28
   listed $65,000 Active
8. 2023-11-09
   status Active
9. 2023-10-05
   status Pending
10. 2023-09-11
    listed $69,900 Active
11. 2018-08-24
    soldstatus $29,647
12. 2018-04-26
    listed $41,757
13. 2015-07-22
    listed $41,757
14. 2014-08-09
    listed $35,000

ⓘ 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: $829 · $69/mo
• Projected year-2 tax: $829 · $69/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 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: $11,958
• − Mortgage interest: −$2,795
• − Property taxes: −$829
• − Insurance: −$250
• − Repairs & maintenance: −$957
• − Management: −$957
• − Depreciation: −$1,452
• Taxable income: $4,719
• Est. tax owed @ 24.0%: −$1,133
• After-tax cash flow: $4,095/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): 25,444
• Household income: $68,494
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 797.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -101.86%
• Current HPI: 215.5153
• 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

+42.6% since first listed

10 events — show timeline

• 2025-10-29 Price Changed $49,900 IRMLS
• 2025-07-28 Listed $57,000 IRMLS
• 2024-03-28 Listed $65,000 IRMLS
• 2023-11-09 Relisted — IRMLS
• 2023-10-05 Pending — IRMLS
• 2023-09-11 Listed $69,900 IRMLS
• 2018-08-24 Sold (MLS) $29,647 IRMLS
• 2018-04-26 Listed $41,757 IRMLS
• 2015-07-22 Listed $41,757 IRMLS
• 2014-08-09 Listed $35,000 IRMLS

Property tax history

-2.8%/yr

Latest (2024): $829 · +2.3% YoY. Source: county tax records.