2204 N 5th Ave · Evansville, IN 47710

$44,900

2 bd · 1.0 ba · 630 sqft · SingleFamily public records · 77 Days on market

Built 1947 3,325 sqft lot Est $74k · 40% under ↓ 15% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

2 Bedroom, 1 Bathroom close to Cedar Hall

Key facts

• 3,325 sq ft lot
• Built 1947
• Listed 77 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One-story
• Construction: Aluminum and vinyl siding; Block foundation
• Exterior features: Level lot; Lot dimensions approximately 25 x 133

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Crawl space basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.4% 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: Cedar Hall Community School (math 13% / reading 19%, grade F, #854 of 994 statewide, top 86%, 509 students, 93% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 88 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — 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 $42,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.88% ✓
• Cap rate: 16.39%
• Cash-on-cash: 36.04%
• DSCR: 2.60
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $74,340
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 Cody St	0.10mi	2/1.0	658 (+4%)	1mo	$20,000	$30	87
1423 Allens Ln	0.65mi	2/1.0	690 (+10%)	0mo	$119,500	$173	54
1527 W Dresden St	0.39mi	2/1.0	720 (+14%)	8mo	$24,000	$33	51
827 Allens Ln	0.68mi	2/1.0	704 (+12%)	3mo	$83,000	$118	46
829 Allens Ln	0.68mi	2/1.0	704 (+12%)	4mo	$99,500	$141	46
1511 Dresden St	0.38mi	2/1.0	696 (+10%)	23mo	$40,000	$57	46
2705 Edgar St	0.65mi	2/1.0	720 (+14%)	11mo	$112,900	$157	37

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: 31.8%
• Equity multiple: 2.33×
• Total profit: $16,775
• Equity at exit: $6,695

10-year hold

• IRR: 38.9%
• Equity multiple: 4.62×
• Total profit: $45,573
• Equity at exit: $3,882

Cash invested: $12,572 (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 47710

• Home prices YoY: -29.7%
• Active inventory: 88
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $842 high
• Mortgage (P&I): −$235
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $378

Break-even live

Break-even rent $364

Max offer price $44,900

Occupancy floor 50%

Sensitivity live

Price	-10% $403	-5% $390	+0% $378	+5% $365	+10% $352
Rent	-10% $311	-5% $344	+0% $378	+5% $411	+10% $444
Rate	-1.0pp $400	-0.5pp $389	base $378	+0.5pp $366	+1.0pp $354

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1151 Diamond Pl Evansville, IN	1.0	1.0	700	$780	$1.11	22d	1	0.43mi
702 Fairway Dr Evansville, IN	1.0–2.0	1.0	800	$640	$0.80	22d	2	0.90mi
1210 Vista Ct Unit 3951 Evansville, IN	1.0	1.0	567	$795	$1.40	22d	1	1.11mi
1210 Vista Ct Unit 3901 Evansville, IN	1.0	1.0	567	$750	$1.32	22d	1	1.11mi
3321 N 12th Ave Evansville, IN	2.0	1.0	720	$1,250	$1.74	14d	1	1.15mi
2025 W Columbia St Evansville, IN	1.0	1.0	465	$625	$1.34	14d	1	1.17mi
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	22d	1	1.24mi
3900 N Fulton Ave Evansville, IN	2.0	1.0	620	$1,015	$1.64	14d	6	1.25mi
406 Edgar St Unit 1 Evansville, IN	1.0	1.0	530	$1,500	$2.83	22d	1	1.32mi
605 W Michigan St Unit 1 Evansville, IN	1.0	1.0	484	$795	$1.64	22d	1	1.32mi
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	22d	1	1.38mi
1125 Wellington Dr Evansville, IN	1.0–2.0	1.0–1.5	975	$1,340	$1.37	14d	15	1.43mi
613 Hess Ave Unit 1 Evansville, IN	1.0	1.0	500	$600	$1.20	22d	1	1.48mi

Listing history 2 events

1. 2026-03-24
   price $44,900
2. 2026-03-09
   listed $53,000 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: $404 · $34/mo
• Projected year-2 tax: $404 · $34/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,108
• − Mortgage interest: −$2,515
• − Property taxes: −$404
• − Insurance: −$224
• − Repairs & maintenance: −$809
• − Management: −$809
• − Depreciation: −$1,306
• Taxable income: $4,041
• Est. tax owed @ 24.0%: −$970
• After-tax cash flow: $3,562/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): 18,309
• Household income: $47,292
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 722.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 6% Hispanic / Latino 4%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -91.84%
• Current HPI: 217.586
• 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

Price history

-15.3% since first listed

2 events — show timeline

• 2026-03-24 Price Changed $44,900 IRMLS
• 2026-03-09 Listed $53,000 IRMLS

Property tax history

+6.9%/yr

Latest (2024): $404 · +137.8% YoY. Source: county tax records.