2609 Saw Grass Dr · Evansville, IN 47715

$92,995

3 bd · 2.0 ba · 1,493 sqft · Manufactured · 178 Days on market

Built 2025 $475/mo HOA · 29% of rent

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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 +23.7/30.0
• 1% rule +10.0/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 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

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

Property features AI

Finance

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

Exterior

• Home design: Single-family property; Apex (Waterford Pointe) plan; Active 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)

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $93k).
• Recommended offer: $82k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: 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: 177 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 32% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 178 days — a 12% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% 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 $81,835 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.76% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-3,512
• Equity at exit: $13,866

10-year hold

• IRR: 6.4%
• Equity multiple: 1.49×
• Total profit: $12,702
• 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 →

ZIP-level market 47715

• Active inventory: 177
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,638 medium
• Mortgage (P&I): −$488
• Tax est. 1.5%: −$116 /mo · $1,395/yr
• Insurance: −$39
• HOA: −$475
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $176

Break-even live

Break-even rent $1,415

Max offer price $92,995

Occupancy floor 84%

Sensitivity live

Price	-10% $241	-5% $209	+0% $176	+5% $144	+10% $112
Rent	-10% $47	-5% $112	+0% $176	+5% $241	+10% $306
Rate	-1.0pp $223	-0.5pp $200	base $176	+0.5pp $152	+1.0pp $128

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
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1701 Southfield Rd Evansville, IN	3.0	2.5	1696	$1,900	$1.12	22d	1	0.77mi
1900 Pueblo Pass Evansville, IN	2.0–3.0	1.5	1081	$1,379	$1.28	14d	5	0.87mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0–2.0	914	$1,170	$1.28	14d	19	1.28mi

HOA detail

• Monthly dues: $475 · $5,700/yr
• Likely covers: landscaping

Listing history 14 events

1. 2026-06-18
   days on market $92,995 Active 178 DOM
2. 2026-06-17
   days on market $92,995 Active 177 DOM
3. 2026-06-16
   days on market $92,995 Active 176 DOM
4. 2026-06-15
   days on market $92,995 Active 175 DOM
5. 2026-06-14
   days on market $92,995 Active 173 DOM
6. 2026-06-13
   days on market $92,995 Active 172 DOM
7. 2026-06-10
   days on market $92,995 Active 170 DOM
8. 2026-06-09
   days on market $92,995 Active 169 DOM
9. 2026-06-08
   days on market $92,995 Active 168 DOM
10. 2026-06-07
    days on market $92,995 Active 167 DOM
11. 2026-06-02
    days on market $92,995 Active 162 DOM
12. 2026-06-01
    days on market $92,995 Active 161 DOM
13. 2026-05-31
    days on market $92,995 Active 160 DOM
14. 2026-05-30
    days on market $92,995 Active 159 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: $19,658
• − Mortgage interest: −$5,209
• − Property taxes: −$1,395
• − Insurance: −$465
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − HOA: −$5,700
• − Depreciation: −$2,705
• Taxable income: $1,038
• Est. tax owed @ 24.0%: −$249
• After-tax cash flow: $1,869/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

• County: Vanderburgh County · 146,793 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: 1652.0

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 (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%

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

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