Flex 5901 N · Evansville, IN 47720

$73,995

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 45 Days on market

Built 2026 Excellent condition $475/mo HOA · 41% of rent

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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).

• 1% rule +10.0/10.0
• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

The Belmont offers a smart, spacious layout designed for comfortable everyday living. This thoughtfully designed home features 3 bedrooms and 2 full baths, providing plenty of room for family and guests. At the heart of the home, you'll find a beautiful, well-appointed kitchen that flows seamlessly into an expansive living area with extended length-perfect for entertaining, relaxing, or creating flexible spaces to fit your lifestyle. With its open design and generous proportions, the Belmont delivers both functionality and style in a home that truly feels inviting.

Key facts

• Built 2026
• Listed 45 days

Property features AI

Finance

• Other: Address: Flex 5901 N, Evansville, IN 47720; List price $73,995
• HOA & community: Association fee $475

Exterior

• Home design: Single-family property (Belmont/Grandin plan); Listed as Spec home
• Exterior features: Living area approximately 1,216 (interior living space)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home (Belmont/Grandin plan); Active listing

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-69 ($-831/yr) — negative.
• To cash-flow at today's rent, offer at most $64k (13.5% below list).
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $64k (13.5% below list) — sets the bar for cash-flow.

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: Highland Elementary School (math 55% / reading 54%, grade C, #197 of 994 statewide, top 22%, 839 students, 49% FRL); Thompkins Middle School (math 39% / reading 46%, grade D-, #98 of 330 statewide, top 30%, 618 students, 53% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: 107 active listings in the ZIP; 4 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $511 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,979 (13.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 1.57% ✓
• Cap rate: 5.17%
• Cash-on-cash: -4.01%
• DSCR: 0.82
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.22×
• Total profit: $-16,090
• Equity at exit: $11,033

10-year hold

• IRR: -15.4%
• Equity multiple: 0.11×
• Total profit: $-18,430
• Equity at exit: $6,398

Cash invested: $20,719 (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 47720

• Home prices YoY: -33.7%
• Active inventory: 107
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$388
• Tax est. 1.5%: −$92 /mo · $1,110/yr
• Insurance: −$31
• HOA: −$475
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $-69

Break-even live

Break-even rent $1,249

Max offer price $63,979

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-44	+0% $-69	+5% $-95	+10% $-120
Rent	-10% $-161	-5% $-115	+0% $-69	+5% $-23	+10% $22
Rate	-1.0pp $-32	-0.5pp $-50	base $-69	+0.5pp $-88	+1.0pp $-108

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: $18,499
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6907 Sweet Gum Ct Evansville, IN	1.0–2.0	1.0	672	$899	$1.34	23d	3	1.23mi
1219 Kiwi Ct Evansville, IN	2.0	2.0	1200	$1,250	$1.04	23d	1	1.31mi
1125 Wellington Dr Evansville, IN	1.0–2.0	1.0–1.5	975	$1,340	$1.37	15d	15	1.37mi
3900 N Fulton Ave Evansville, IN	2.0	1.0	620	$1,015	$1.64	15d	6	1.38mi

HOA detail

• Monthly dues: $475 · $5,700/yr

Listing history 15 events

1. 2026-06-22
   days on market $73,995 Active 45 DOM
2. 2026-06-18
   days on market $73,995 Active 42 DOM
3. 2026-06-17
   days on market $73,995 Active 41 DOM
4. 2026-06-16
   days on market $73,995 Active 40 DOM
5. 2026-06-15
   days on market $73,995 Active 39 DOM
6. 2026-06-14
   days on market $73,995 Active 37 DOM
7. 2026-06-13
   days on market $73,995 Active 36 DOM
8. 2026-06-10
   days on market $73,995 Active 34 DOM
9. 2026-06-09
   days on market $73,995 Active 33 DOM
10. 2026-06-08
    days on market $73,995 Active 32 DOM
11. 2026-06-07
    days on market $73,995 Active 31 DOM
12. 2026-06-02
    days on market $73,995 Active 26 DOM
13. 2026-06-01
    days on market $73,995 Active 25 DOM
14. 2026-05-31
    days on market $73,995 Active 24 DOM
15. 2026-05-30
    days on market $73,995 Active 23 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,931
• − Mortgage interest: −$4,145
• − Property taxes: −$1,110
• − Insurance: −$370
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − HOA: −$5,700
• − Depreciation: −$2,153
• Taxable loss: −$1,775
• Est. tax savings @ 24.0%: +$426
• After-tax cash flow: $-405/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This manufactured home is in excellent condition with a modern and well-maintained interior and exterior. It offers a spacious and functional layout with potential for minor updates to further enhance its value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's appeal and value.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Both Adding smart home features — Smart home features can increase the home's value and attract tech-savvy buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can enhance the home's appeal and value. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Both Adding smart home features — Smart home features can increase the home's value and attract tech-savvy buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• City population: 146,793
• Population (ZIP): 17,103

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 (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Slovak 4% Lithuanian 3% Italian 2%
• Foreign-born: 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: ▼ -98.44%
• Current HPI: 193.409
• Rent YoY: —
• Metro: —
• 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