2317 Maplewood Cir

Evansville, IN 47714

$105,000D+

2 bd · 1.0 ba · 825 sqft · Built 1949 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $992/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $106/mo
• Annual: $1,275/yr
• Cap rate: 7.51%
• Cash-on-cash: 4.34%
• DSCR: 1.19
• 1% rule: 0.94%
• Cash to close: $29,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $106 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (5.5% below list).
• It's been on market 17 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (5.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 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: Lodge Community School (math 11% / reading 19%, grade F, #859 of 994 statewide, top 87%, 382 students, 85% FRL) — zoned schools average 85% FRL vs 50% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 40% district-wide (-24 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: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 19 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).
• 4 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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.
• Cap rate 7.5% 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.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.