2609 Saw Grass Dr

Evansville, IN 47715

$92,995D-

3 bd · 2.0 ba · 1,493 sqft · Built 2025 · Manufactured · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,261/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$155
• HOA: −$475
• Vac / Maint / Mgmt: −$265
• Net cashflow: $-121/mo
• Annual: $-1,454/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.58%
• DSCR: 0.75
• 1% rule: 1.36%
• Cash to close: $26,039

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $93k. Condition is rated good.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (18.9% below list).
• Meets the 1% rule at list price ($1k rent vs $93k).
• It's been on market 229 days — a 12% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (18.9% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 38% of rent.
• Market conditions: 255 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?