1401 Greenfield Rd · Evansville, IN 47715

$200,000

3 bd · 2.0 ba · 1,890 sqft · SingleFamily public records · 2 Days on market

Built 1946 0.50 ac lot Est $234k · 15% under

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Why this score? — see what drove the D+ 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 +14.6/30.0
• ARV discount +14.1/15.0
• DSCR +4.5/10.0
• 1% rule +3.9/10.0
• 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

Incredible Opportunity in Arcadian Acres! Nestled among mature shade trees on an expansive half-acre lot, this three-bedroom brick ranch home offers a rare chance to create something truly special. The property boasts a generously sized yard—perfect for gardening, entertaining, or simply enjoying the outdoors. Inside, you’ll find a main living room with a cozy fireplace featuring gas logs, flowing into an attached dining room accented by beautiful doors and charming arched doorways. Hardwood flooring lies beneath the carpet, ready to be uncovered and restored to its original character. This home is full of potential but will require updates, including kitchen, bath improvements,

Key facts

• Attached dining room
• Arched doorways
• Half acre lot

Tags

• HALF ACRE LOT
• MATURE SHADE TREES
• MAIN LIVING ROOM
• COZY FIREPLACE
• ATTACHED DINING ROOM
• ARCHED DOORWAYS

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One-story
• Construction: Brick construction
• Exterior features: Corner, level lot; Lot dimensions approximately 135 x 160; Approximately 0.5 acre lot

Interior

• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Two fireplaces (living room and basement) with gas log and wood-burning capability; Full basement; Seven total rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $47 ($569/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 $179k (10.7% below list).
• Recommended offer: $179k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: 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: Hebron Elementary School (math 37% / reading 35%, grade F, #577 of 994 statewide, top 59%, 758 students, 56% FRL); Plaza Park International Prep Acad (math 27% / reading 37%, grade F, #190 of 330 statewide, top 59%, 650 students, 65% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL).
• Market conditions: 181 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1946 — 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 $178,573 (10.7% below list)

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.89% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $234,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1551 Greenfield Rd	0.16mi	3/2.5	1,986 (+5%)	1mo	$295,000	$149	82
6921 Monroe Ave	0.21mi	3/1.5	1,955 (+3%)	3mo	$242,000	$124	80
1511 Oriole Dr	0.42mi	3/2.5	1,897 (+0%)	1mo	$235,000	$124	77
1401 Greenfield Rd	0.00mi	3/2.0	2,142 (+13%)	1mo	$226,000	$106	77
1452 Bonnie View Dr	0.05mi	2/1.0 (-1)	1,700 (-10%)	1mo	$204,799	$120	71
1719 Seasons Ridge Blvd	0.51mi	3/2.0	1,756 (-7%)	3mo	$238,000	$136	62
1200 S Burkhardt Rd	0.19mi	3/1.5	1,607 (-15%)	3mo	$265,000	$165	62
1908 Chickasaw Dr	0.63mi	3/2.0	1,998 (+6%)	1mo	$245,000	$123	60
7215 E Powell Ave	0.54mi	2/2.0 (-1)	1,761 (-7%)	2mo	$247,000	$140	57
671 Glenmoor Dr	0.67mi	4/3.0 (+1)	1,872 (-1%)	2mo	$247,000	$132	57
1020 Martin Ln	0.52mi	4/2.0 (+1)	2,107 (+12%)	1mo	$209,900	$100	51
5710 Washington Ave	0.66mi	2/1.0 (-1)	2,114 (+12%)	1mo	$219,000	$104	40

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: -14.7%
• Equity multiple: 0.48×
• Total profit: $-29,374
• Equity at exit: $29,821

10-year hold

• IRR: -6.0%
• Equity multiple: 0.61×
• Total profit: $-21,629
• Equity at exit: $17,292

Cash invested: $56,000 (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: 181
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,786 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$231 /mo · $2,774/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $47

Break-even live

Break-even rent $1,726

Max offer price $200,000

Occupancy floor 92%

Sensitivity live

Price	-10% $161	-5% $104	+0% $47	+5% $-9	+10% $-66
Rent	-10% $-94	-5% $-23	+0% $47	+5% $118	+10% $188
Rate	-1.0pp $148	-0.5pp $98	base $47	+0.5pp $-4	+1.0pp $-57

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.27mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,500	$1.56	22d	2	0.99mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	15d	17	1.14mi
4920 Penrose Dr Newburgh, IN	3.0	2.0	1250	$1,900	$1.52	45d	1	1.36mi
4799 Imperial Dr Newburgh, IN	3.0	2.0	1370	$1,975	$1.44	45d	1	1.42mi
200 Kimber Ln Evansville, IN	1.0–3.0	1.0–1.5	1025	$1,399	$1.36	15d	5	1.47mi

Listing history 2 events

1. 2026-04-11
   status Pending
2. 2026-04-09
   listed $200,000 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: $2,774 · $231/mo
• Projected year-2 tax: $2,774 · $231/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,429
• − Mortgage interest: −$11,203
• − Property taxes: −$2,774
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$5,818
• Taxable loss: −$2,795
• Est. tax savings @ 24.0%: +$671
• After-tax cash flow: $1,240/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): 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

Price history

2 events — show timeline

• 2026-04-11 Pending — IRMLS
• 2026-04-09 Listed $200,000 IRMLS

Property tax history

+1.8%/yr

Latest (2024): $2,774 · +1.6% YoY. Source: county tax records.