Flex 5901 N

Evansville, IN 47720

$73,995F

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $894/mo
• Mortgage (P&I): −$388
• Tax + insurance: −$123
• HOA: −$475
• Vac / Maint / Mgmt: −$188
• Net cashflow: $-280/mo
• Annual: $-3,362/yr
• Cap rate: 1.75%
• Cash-on-cash: -16.23%
• DSCR: 0.28
• 1% rule: 1.21%
• Cash to close: $20,719

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated excellent.
• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $33k (54.8% below list).
• Meets the 1% rule at list price ($894 rent vs $74k).
• It's been on market 45 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (54.8% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 53% of rent.
• Market conditions: 107 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• 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.
• Cap rate 1.7% vs local median 4.6% in Evansville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.