2063 E Columbia St · Evansville, IN 47711

$119,000

4 bd · 2.0 ba · 1,480 sqft · SingleFamily public records · 1 Days on market

Built 1951 Est $200k · 40% 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +6.3/10.0
• 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

Home is being sold as is. Inspections welcomed however, the substantially reduced price reflects the as is condition. Centrally located north side neighborhood. House needs updated kitchen and bathroom, as well as paint, flooring and a couple of windows. Great home for first time family or investment property. Immediate possession upon closing.

Key facts

• Immediate possession
• Updated kitchen
• Updated bathroom

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• IMMEDIATE POSSESSION

Property features AI

Exterior

• Home design: Built in 1951
• Construction: 1951 construction
• Exterior features: Located in the Wesselman Park subdivision

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Cap rate 9.2% 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: schools D+, crime F, commute F.
• 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.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 3 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 $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $33k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1951 — 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 $119,000

Questions for the listing agent

1. Built in 1951 — 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 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: 1.13% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.36%
• DSCR: 1.46
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $199,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
900 N Alvord Blvd	0.22mi	3/2.0 (-1)	1,445 (-2%)	11mo	$200,000	$138	72
2258 E Florida St	0.42mi	4/2.0	1,580 (+7%)	3mo	$206,000	$130	67
34 N Kelsey Ave	0.40mi	3/1.0 (-1)	1,467 (-1%)	9mo	$168,000	$115	63
1015 N Alvord Blvd	0.28mi	3/1.5 (-1)	1,626 (+10%)	3mo	$220,000	$135	61
39 N Kelsey Ave	0.39mi	3/1.0 (-1)	1,402 (-5%)	3mo	$49,820	$36	61
2507 Vogel Rd	0.56mi	3/2.0 (-1)	1,419 (-4%)	3mo	$200,000	$141	60
901 N Alvord Blvd	0.24mi	3/1.0 (-1)	1,347 (-9%)	11mo	$182,000	$135	56
1722 E Division St	0.55mi	3/2.0 (-1)	1,372 (-7%)	6mo	$152,400	$111	52
117 S Boeke Rd	0.72mi	3/1.0 (-1)	1,396 (-6%)	4mo	$200,000	$143	45
2625 Vogel Rd	0.63mi	3/1.5 (-1)	1,350 (-9%)	6mo	$205,000	$152	44
2420 Vogel Rd	0.53mi	3/2.0 (-1)	1,648 (+11%)	11mo	$166,000	$101	42
2359 E Tennessee St	0.52mi	3/1.5 (-1)	1,688 (+14%)	8mo	$168,500	$100	38

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: 3.2%
• Equity multiple: 1.13×
• Total profit: $4,278
• Equity at exit: $17,743

10-year hold

• IRR: 15.9%
• Equity multiple: 2.52×
• Total profit: $50,514
• Equity at exit: $10,289

Cash invested: $33,320 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$105 /mo · $1,258/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $288

Break-even live

Break-even rent $985

Max offer price $119,000

Occupancy floor 74%

Sensitivity live

Price	-10% $355	-5% $321	+0% $288	+5% $254	+10% $220
Rent	-10% $181	-5% $234	+0% $288	+5% $341	+10% $394
Rate	-1.0pp $348	-0.5pp $318	base $288	+0.5pp $257	+1.0pp $226

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 N Spring St Evansville, IN	3.0	1.5	1232	$1,350	$1.10	14d	1	0.12mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	21d	1	0.63mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	21d	1	1.47mi

Listing history 2 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $119,000 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: $1,258 · $105/mo
• Projected year-2 tax: $1,258 · $105/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,196
• − Mortgage interest: −$6,666
• − Property taxes: −$1,258
• − Insurance: −$595
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − Depreciation: −$3,462
• Taxable income: $1,624
• Est. tax owed @ 24.0%: −$390
• After-tax cash flow: $3,063/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

2 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $119,000 FSBO.com

Property tax history

-4.1%/yr

Latest (2024): $1,258 · +7.9% YoY. Source: county tax records.