7824 Spry Rd · Evansville, IN 47715

$175,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 13 Days on market

Built 1942 0.91 ac lot Est $182k · at est.

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Why this score? — see what drove the C- 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 +21.4/30.0
• ARV discount +9.3/15.0
• DSCR +6.8/10.0
• 1% rule +4.5/10.0
• 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 MLS

Welcome to your secluded paradise that perfectly combines tranquility and convenience. Nestled on nearly an acre of land, this charming and updated 2-bedroom, 1-bathroom home offers a harmonious blend of modern comfort and natural beauty. Step inside to discover a refreshed interior that's been enhanced with a new HVAC system to ensure year-round comfort. The exterior boasts brand new vinyl siding that not only enhances the curb appeal but also promises long-lasting durability. The main level laundry adds convenience to your daily routine, while the cellar basement stands ready to provide shelter during storms. The large detached 1.5-car garage not only accommodates your vehicles but also provides ample space for a workshop. Adjacent to the property is a sprawling 2-acre yard, owned by a pipeline company. This means you'll be able to enjoy the feeling of an expansive yard without the upkeep. Don't miss the chance to claim this cozy haven as your own.

Key facts

• New siding
• New landscaping
• New hvac

Tags

• NEW SIDING
• NEW HVAC
• NEW DISHWASHER
• TREE REMOVAL
• NEW LANDSCAPING
• NEW DRIVEWAY IMPROVEMENTS

Property features AI

Exterior

• Parking: Detached garage (approximately 1.5 car)
• Utilities: Public water; Septic tank
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding
• Exterior features: Wooded lot

Interior

• Kitchen: Dishwasher; Electric cooktop
• Bedrooms: 5 total rooms (includes bedroom count within room total)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Dishwasher; Electric cooktop; Partial basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/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 $167k (4.8% below list).
• Recommended offer: $167k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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: 177 active listings in the ZIP; 9 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).
• This rent runs 33% 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 $5k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $145k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $166,612 (4.8% below list)

Questions for the listing agent

1. Built in 1942 — 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. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $182,448
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7701 Pendleton Ave	0.17mi	2/1.0	884 (-12%)	7mo	$159,900	$181	66
7118 Pollack Ave	0.49mi	3/1.0 (+1)	962 (-5%)	2mo	$186,500	$194	63
1831 Chickasaw Dr	0.42mi	3/1.5 (+1)	1,076 (+7%)	2mo	$180,000	$167	60
6066 Indian Dr	0.60mi	2/1.0	936 (-7%)	2mo	$176,400	$188	58
7504 Pendleton Ave	0.27mi	3/2.0 (+1)	1,120 (+11%)	2mo	$210,250	$188	58
2014 Audubon Dr	0.51mi	3/1.0 (+1)	988 (-2%)	13mo	$177,500	$180	58
7402 Pendleton Ave	0.33mi	2/1.0	884 (-12%)	8mo	$168,000	$190	57
7423 Pendleton Ave	0.31mi	3/2.0 (+1)	1,064 (+6%)	16mo	$161,000	$151	54
8201 Spry Rd	0.22mi	2/1.0	1,143 (+13%)	19mo	$83,000	$73	51

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-11,886
• Equity at exit: $26,093

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $10,669
• Equity at exit: $15,131

Cash invested: $49,000 (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: 177
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,666 high
• Mortgage (P&I): −$918
• Tax from tax record: −$66 /mo · $791/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $260

Break-even live

Break-even rent $1,337

Max offer price $175,000

Occupancy floor 79%

Sensitivity live

Price	-10% $359	-5% $309	+0% $260	+5% $210	+10% $161
Rent	-10% $128	-5% $194	+0% $260	+5% $326	+10% $391
Rate	-1.0pp $348	-0.5pp $304	base $260	+0.5pp $214	+1.0pp $168

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7501 E Powell Ave Evansville, IN	3.0	1.0	1100	$1,650	$1.50	22d	1	0.83mi
4920 Penrose Dr Newburgh, IN	3.0	2.0	1250	$1,900	$1.52	44d	1	0.99mi
4799 Imperial Dr Newburgh, IN	3.0	2.0	1370	$1,975	$1.44	44d	1	1.10mi
10686 Fall Creek Dr Newburgh, IN	3.0	2.0	1436	$1,950	$1.36	14d	1	1.13mi
6166 River Bluff Dr Newburgh, IN	3.0	2.0	1282	$2,500	$1.95	44d	1	1.18mi
8416 Lincoln Ave Evansville, IN	1.0–2.0	1.0	941	$1,375	$1.46	14d	25	1.38mi
410 Fuquay Rd Evansville, IN	1.0–3.0	1.0–2.0	955	$1,294	$1.36	14d	11	1.39mi
5879 Riverwalk Cir Newburgh, IN	3.0	2.0	1128	$1,600	$1.42	22d	1	1.42mi
9895 Cove Point Ct Newburgh, IN	3.0	2.0	1307	$1,950	$1.49	22d	1	1.48mi

Listing history 11 events

1. 2026-06-18
   days on market $175,000 Active 13 DOM
2. 2026-06-17
   days on market $175,000 Active 12 DOM
3. 2026-06-16
   pricedays on market $175,000 Active 11 DOM
4. 2026-06-15
   days on market $180,000 Active 10 DOM
5. 2026-06-14
   days on market $180,000 Active 8 DOM
6. 2026-06-13
   days on market $180,000 Active 7 DOM
7. 2026-06-10
   days on market $180,000 Active 5 DOM
8. 2026-06-09
   days on market $180,000 Active 4 DOM
9. 2026-06-08
   days on market $180,000 Active 3 DOM
10. 2026-06-07
    remarks 623-char remark
11. 2026-06-07
    listed $180,000 Active 2 DOM

ⓘ 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: $791 · $66/mo
• Projected year-2 tax: $1,139 · $95/mo
• Expected delta: +$348/yr (+$29/mo · 44.1%)

ⓘ 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: $19,993
• − Mortgage interest: −$9,803
• − Property taxes: −$791
• − Insurance: −$875
• − Repairs & maintenance: −$1,599
• − Management: −$1,599
• − Depreciation: −$5,091
• Taxable income: $235
• Est. tax owed @ 24.0%: −$56
• After-tax cash flow: $3,060/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

• 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

+56.5% since first listed

8 events — show timeline

• 2026-06-05 Listed $180,000 IRMLS
• 2023-11-01 Sold (MLS) $145,000 IRMLS
• 2023-10-02 Pending — IRMLS
• 2023-09-24 Relisted — IRMLS
• 2023-09-04 Pending — IRMLS
• 2023-08-29 Listed $145,000 IRMLS
• 2020-08-03 Sold (MLS) $110,000 IRMLS
• 2020-06-18 Listed $115,000 IRMLS

Property tax history

+21.5%/yr

Latest (2024): $791 · -15.9% YoY. Source: county tax records.