2609 Saw Grass Dr · Evansville, IN 47715

$92,995

3 bd · 2.0 ba · 1,493 sqft · Manufactured · 276 Days on market

Manufactured home Built 2025 Good condition $62/sqft · 61% below area $475/mo HOA · 37% of rent

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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).

• 1% rule +8.8/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• DSCR +1.8/10.0
• Manufactured-home adj. -3.3

Listing remarks

This brand new double width Apex model offers a spacious 28×56 layout with an open living area, modern kitchen, and three comfortable bedrooms. Clean finishes, a bright interior, and a functional floorplan make this home ideal for comfortable, low maintenance everyday living in a desirable Evansville community. Community amenities include quiet streets, well kept grounds, and convenient access to shopping and essential services.

Key facts

• Well kept grounds
• Open living area
• Functional floorplan

Tags

• MODERN KITCHEN
• OPEN LIVING AREA
• FUNCTIONAL FLOORPLAN
• QUIET STREETS
• WELL KEPT GROUNDS
• CONVENIENT ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $93k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (16.7% below list).
• Meets the 1% rule at list price ($1k rent vs $93k).
• Recommended offer: $77k (16.7% below list) — sets the bar for cash-flow.

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: Fairlawn Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 422 students, 76% FRL); Mcgary Middle School (math 8% / reading 15%, grade F, #311 of 330 statewide, top 94%, 351 students, 81% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL) — zoned schools average 72% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 40% district-wide (-14 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: 325 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.
• 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 $77,482 (16.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
9. 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.
10. 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.
11. 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: 1.38% ✓
• Cap rate: 4.91%
• Cash-on-cash: -4.94%
• DSCR: 0.78
• GRM: 6.1

CMA / ARV

• ARV (median comp): $237,623
• List price: $92,995
• Delta: -60.86%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5318 Monroe Ave	1.33mi	3/2.0	1,527 (+2%)	1mo	$223,000	$146	60
5131 Stables Dr	0.87mi	3/2.0	1,408 (-6%)	0mo	$274,900	$195	55
6002 Poinsettia Cv	0.55mi	3/2.0	1,310 (-12%)	1mo	$253,000	$193	53
2020 Seasons Ridge Blvd	0.47mi	3/2.0	1,139 (-24%)	2mo	$209,000	$183	51
1424 Continental Dr	1.06mi	4/1.5 (+1)	1,596 (+7%)	2mo	$192,900	$121	45
1504 Continental Dr	1.04mi	3/1.5	1,336 (-10%)	1mo	$219,900	$165	45
6520 Greencove Ave	0.81mi	3/2.0	1,156 (-23%)	1mo	$227,250	$197	39
5707 Crossfield Dr	0.81mi	3/2.0	1,222 (-18%)	1mo	$167,000	$137	39
5024 Graham Ave	1.00mi	3/2.0	1,242 (-17%)	2mo	$231,500	$186	38
7612 Adams Ave	1.48mi	3/1.5	1,257 (-16%)	1mo	$225,000	$179	37
4827 Paddock Dr	1.07mi	2/2.0 (-1)	1,687 (+13%)	2mo	$286,000	$170	36
4707 Taylor Ave	1.49mi	2/1.0 (-1)	1,133 (-24%)	1mo	$62,917	$56	30

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: -24.2%
• Equity multiple: 0.17×
• Total profit: $-21,586
• Equity at exit: $13,866

10-year hold

• IRR: -18.3%
• Equity multiple: -0.01×
• Total profit: $-26,325
• Equity at exit: $8,041

Cash invested: $26,039 (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 →

Active competition Active MLS

• For sale now: 7 active
• Median asking: $85,995 ($63/sqft)
• Median days on market: 329 d
• This list price: 71% of active listings are priced below it
• ARV vs active asking: +153.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 47715

• Active inventory: 325
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,279 medium
• Mortgage (P&I): −$488
• Tax est. 1.5%: −$116 /mo · $1,395/yr
• Insurance: −$39
• HOA: −$475
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-107

Break-even live

Break-even rent $1,415

Max offer price $77,482

Occupancy floor —

Sensitivity live

Price	-10% $-43	-5% $-75	+0% $-107	+5% $-139	+10% $-171
Rent	-10% $-208	-5% $-158	+0% $-107	+5% $-57	+10% $-6
Rate	-1.0pp $-60	-0.5pp $-84	base $-107	+0.5pp $-131	+1.0pp $-156

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: $23,249
• Closing costs: $2,790
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1701 Southfield Rd Evansville, IN	3.0	2.5	1696	$2,050	$1.21	6d	1	0.78mi
1900 Pueblo Pass Evansville, IN	2.0–3.0	1.5–2.0	1081	$1,429	$1.32	0d	12	0.87mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0	895	$1,140	$1.27	5d	14	1.28mi
4219 Pollack Ave Evansville, IN	3.0	1.5	999	$1,350	$1.35	6d	1	1.45mi

Property features AI

Finance

• Financial info: List price $92,995
• HOA & community: Association fee of $475

Exterior

• Home design: Single-family propertyApex (Waterford Pointe) planActive listing
• Construction: Living area approximately 1,493
• Exterior features: Address: 2609 Saw Grass Dr, Evansville, IN 47715

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home (Apex plan, Waterford Pointe)

HOA detail $475/mo · $5,700/yr

• Likely covers: landscaping

Listing history 50 events

1. 2026-09-24
   days on market $92,995 Active 276 DOM
2. 2026-09-24
   days on market $92,995 Active 275 DOM
3. 2026-09-22
   days on market $92,995 Active 274 DOM
4. 2026-09-21
   days on market $92,995 Active 273 DOM
5. 2026-09-20
   days on market $92,995 Active 272 DOM
6. 2026-09-18
   days on market $92,995 Active 270 DOM
7. 2026-09-17
   days on market $92,995 Active 269 DOM
8. 2026-09-16
   days on market $92,995 Active 268 DOM
9. 2026-09-15
   days on market $92,995 Active 267 DOM
10. 2026-09-14
    days on market $92,995 Active 266 DOM
11. 2026-09-13
    days on market $92,995 Active 265 DOM
12. 2026-09-12
    days on market $92,995 Active 264 DOM
13. 2026-09-11
    days on market $92,995 Active 263 DOM
14. 2026-09-05
    days on market $92,995 Active 257 DOM
15. 2026-09-04
    days on market $92,995 Active 256 DOM
16. 2026-09-03
    days on market $92,995 Active 255 DOM
17. 2026-08-31
    days on market $92,995 Active 252 DOM
18. 2026-08-30
    days on market $92,995 Active 251 DOM
19. 2026-08-29
    days on market $92,995 Active 250 DOM
20. 2026-08-28
    days on market $92,995 Active 249 DOM
21. 2026-08-27
    days on market $92,995 Active 248 DOM
22. 2026-08-26
    days on market $92,995 Active 247 DOM
23. 2026-08-25
    days on market $92,995 Active 246 DOM
24. 2026-08-24
    days on market $92,995 Active 245 DOM
25. 2026-08-23
    days on market $92,995 Active 244 DOM
26. 2026-08-22
    days on market $92,995 Active 243 DOM
27. 2026-08-21
    days on market $92,995 Active 242 DOM
28. 2026-08-20
    days on market $92,995 Active 241 DOM
29. 2026-08-19
    days on market $92,995 Active 240 DOM
30. 2026-08-18
    days on market $92,995 Active 239 DOM
31. 2026-08-17
    days on market $92,995 Active 238 DOM
32. 2026-08-16
    days on market $92,995 Active 237 DOM
33. 2026-08-15
    days on market $92,995 Active 236 DOM
34. 2026-08-14
    days on market $92,995 Active 235 DOM
35. 2026-08-13
    days on market $92,995 Active 234 DOM
36. 2026-08-12
    days on market $92,995 Active 233 DOM
37. 2026-08-11
    days on market $92,995 Active 232 DOM
38. 2026-08-10
    days on market $92,995 Active 231 DOM
39. 2026-08-09
    days on market $92,995 Active 230 DOM
40. 2026-08-08
    days on market $92,995 Active 229 DOM
41. 2026-08-07
    days on market $92,995 Active 228 DOM
42. 2026-08-06
    days on market $92,995 Active 227 DOM
43. 2026-08-05
    days on market $92,995 Active 226 DOM
44. 2026-08-04
    days on market $92,995 Active 225 DOM
45. 2026-08-03
    days on market $92,995 Active 224 DOM
46. 2026-07-31
    days on market $92,995 Active 221 DOM
47. 2026-07-29
    days on market $92,995 Active 219 DOM
48. 2026-07-27
    days on market $92,995 Active 217 DOM
49. 2026-07-25
    days on market $92,995 Active 215 DOM
50. 2026-07-24
    days on market $92,995 Active 214 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 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 3% 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: $15,349
• − Mortgage interest: −$5,209
• − Property taxes: −$1,395
• − Insurance: −$465
• − Repairs & maintenance: −$1,228
• − Management: −$1,228
• − HOA: −$5,700
• − Depreciation: −$2,705
• Taxable loss: −$2,581
• Est. tax savings @ 24.0%: +$620
• After-tax cash flow: $-667/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $7,465–$22,395 screening

This Apex double-wide model is in good condition with a spacious layout and modern finishes, ideal for low-maintenance living in a desirable Evansville community.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace or clean gutters — Improves drainage and prevents water damage ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Hebron Elementary School F IN #577/994 Nat'l #22,595/41,679 Middle Mcgary Middle School F IN #311/330 Nat'l #13,186/14,009 High William Henry Harrison High School F IN #211/369 Nat'l #7,907/17,239

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

C Composite livability gradescore 63/100

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

• County: Vanderburgh County · 187,038 people
• City population: 146,793
• Metro: Evansville, IN-KY
• Population (ZIP): 29,280
• Household income: $60,897
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 6% Two or more races 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 4% Chinese 1%

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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: ▼ -113.01%
• Current HPI: 195.7299
• Rent YoY: —
• Metro: Evansville, IN-KY
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• Financial info: List price $92,995
• HOA & community: Association fee of $475

Exterior

• Home design: Single-family propertyApex (Waterford Pointe) planActive listing
• Construction: Living area approximately 1,493
• Exterior features: Address: 2609 Saw Grass Dr, Evansville, IN 47715

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home (Apex plan, Waterford Pointe)