1202 Henning Ave · Evansville, IN 47714

$99,500

3 bd · 1.5 ba · 1,108 sqft · SingleFamily public records · 45 Days on market

Built 1920 4,356 sqft lot Est $152k · 34% under ↓ 5% since listing

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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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this Craftsman-style bungalow in a highly convenient location near UE, Highway 41, and the Lloyd. Full of original character, this home is ready for the next owner to bring their vision and updates to life. Tall ceilings, detailed trim work, custom cabinetry, and crown molding provide a strong foundation for a renovation that can truly shine. The main floor layout offers both bathrooms, along with a primary bedroom featuring a walk-in closet and en-suite with shower and built-in storage—an ideal starting point for a refreshed primary retreat. Upstairs, a third bedroom with a walk-in closet adds valuable square footage and flexibility for future improvements. Ou

Key facts

• Custom cabinetry
• Original character
• Tall ceilings

Tags

• CRAFTSMAN STYLE BUNGALOW
• HIGHLY CONVENIENT LOCATION
• ORIGINAL CHARACTER
• TALL CEILINGS
• DETAILED TRIM WORK
• CUSTOM CABINETRY

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Vinyl siding
• Exterior features: Screened porch; Enclosed porch

Interior

• Kitchen: Refrigerator
• Bedrooms: Total rooms: 5
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Walk-in closet(s); Breakfast bar; Eat-in kitchen
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: 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: Harper Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 337 students, 74% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-15 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: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 26 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $96,515 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.85%
• DSCR: 1.62
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $151,796
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1114 S Englewood Ave	0.32mi	3/1.0	1,108 (0%)	1mo	$154,000	$139	82
1401 Lodge Ave	0.17mi	3/1.0	990 (-11%)	0mo	$145,000	$146	72
1425 Covert Ave	0.37mi	3/1.0	1,183 (+7%)	1mo	$118,000	$100	68
1826 Madison Ave	0.50mi	3/1.0	1,150 (+4%)	3mo	$157,400	$137	66
1108 E Blackford Ave	0.35mi	2/1.0 (-1)	1,176 (+6%)	3mo	$48,500	$41	64
1059 Waggoner Ave	0.52mi	2/2.0 (-1)	1,150 (+4%)	1mo	$125,000	$109	61
1107 S Evans Ave	0.66mi	2/1.0 (-1)	1,096 (-1%)	0mo	$100,000	$91	60
713 S Runnymeade Ave	0.57mi	2/1.0 (-1)	1,056 (-5%)	1mo	$153,500	$145	58
1810 Cass Ave	0.63mi	2/1.5 (-1)	1,080 (-2%)	4mo	$125,000	$116	58
1809 Powell Ave	0.57mi	2/1.0 (-1)	1,168 (+5%)	1mo	$185,000	$158	56
1451 Bellemeade Ave	0.55mi	2/1.0 (-1)	1,016 (-8%)	2mo	$215,000	$212	52
1101 Ravenswood Dr	0.38mi	2/1.0 (-1)	1,269 (+14%)	1mo	$155,000	$122	50

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.37×
• Total profit: $10,269
• Equity at exit: $14,836

10-year hold

• IRR: 21.6%
• Equity multiple: 3.23×
• Total profit: $62,138
• Equity at exit: $8,603

Cash invested: $27,860 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,159 high
• Mortgage (P&I): −$522
• Tax from tax record: −$31 /mo · $368/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $322

Break-even live

Break-even rent $752

Max offer price $99,500

Occupancy floor 67%

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	13d	1	0.20mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	21d	1	0.27mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	0.46mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	13d	1	0.58mi
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	21d	1	0.77mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	0.82mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	21d	1	0.84mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	21d	1	0.85mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	21d	2	0.91mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	21d	1	0.95mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,275	$1.11	21d	8	0.96mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.02mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	1.08mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	21d	1	1.15mi
2340 Sunburst Blvd Unit 2270-318 Evansville, IN	2.0	1.0	815	$900	$1.10	21d	1	1.15mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	13d	1	1.18mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	21d	1	1.22mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	1.24mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	1.24mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	1.25mi
2001 S Taft Ave Evansville, IN	3.0	2.0	1472	$1,000	$0.68	21d	1	1.29mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	21d	1	1.34mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	21d	1	1.34mi
2232 E Riverside Dr Evansville, IN	2.0	1.0	810	$1,200	$1.48	13d	1	1.42mi
1713 Hawthorne Ave Evansville, IN	3.0	2.0	1204	$1,395	$1.16	21d	1	1.49mi
1604 Marbo Ave Evansville, IN	2.0	1.0	900	$1,095	$1.22	21d	1	1.49mi

Listing history 9 events

1. 2026-06-09
   days on market $99,500 Active 45 DOM
2. 2026-06-08
   days on market $99,500 Active 44 DOM
3. 2026-06-07
   days on market $99,500 Active 43 DOM
4. 2026-06-02
   days on market $99,500 Active 38 DOM
5. 2026-06-01
   days on market $99,500 Active 37 DOM
6. 2026-05-31
   days on market $99,500 Active 36 DOM
7. 2026-05-30
   days on market $99,500 Active 35 DOM
8. 2026-05-10
   price $105,000
9. 2026-04-25
   listed $110,000 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: $368 · $31/mo
• Projected year-2 tax: $607 · $51/mo
• Expected delta: +$239/yr (+$20/mo · 64.8%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°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: $13,908
• − Mortgage interest: −$5,574
• − Property taxes: −$368
• − Insurance: −$498
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − Depreciation: −$2,895
• Taxable income: $2,349
• Est. tax owed @ 24.0%: −$564
• After-tax cash flow: $3,296/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): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

-4.5% since first listed

2 events — show timeline

• 2026-05-10 Price Changed $105,000 IRMLS
• 2026-04-25 Listed $110,000 IRMLS

Property tax history

+16.6%/yr

Latest (2024): $368 · +26.2% YoY. Source: county tax records.