2164 E Eichel Ave · Evansville, IN 47111

$125,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 160 Days on market

Built 1940 10,080 sqft lot Est $143k · 12% under

---

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 +15.8/30.0
• ARV discount +13.1/15.0
• DSCR +4.9/10.0
• Schools +3.3/10.0
• 1% rule +3.2/10.0
• 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

Unlock the potential of this one-story home, in Evansville. Featuring 2 bedrooms and 1 bathroom, this fixer-upper is ripe for renovation and offers a fantastic canvas for value addition. The property includes a privacy-fenced rear yard. Ideal for savvy investors looking to capitalize on a renovation opportunity. With some creative vision and TLC, this property can be transformed into a lucrative asset. Seize the chance to enhance your investment portfolio with this gem!

Key facts

• New siding
• Shed
• New gutters

Tags

• NEW ROOF
• NEW GUTTERS
• NEW SIDING
• REPLACEMENT WINDOWS
• PRIVACY FENCE
• SHED

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Single-family residence; Site-built home; 1 story
• Construction: Vinyl siding; Shingle roof; Crawl space foundation; Built as a site-built home
• Exterior features: Privacy wood fencing; Shed(s); Level lot; Lot dimensions approximately 80 x 126

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Gas cooktop; Gas oven; Laminate counters
• Bedrooms: Total rooms: 5
• Flooring: Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Floor furnace; Central air; Ceiling fans
• Interior features: Laminate counters; Blinds; Disposal; Dishwasher; Microwave; Refrigerator; Gas cooktop; Gas oven; Electric water heater; Water heater; Vinyl flooring
• Laundry & utility: Washer; Dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $57 ($684/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 $102k (18.0% below list).
• Recommended offer: $102k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Vogel Elementary School (math 38% / reading 33%, grade F, #584 of 994 statewide, top 59%, 523 students, 64% FRL); North Junior High School (math 44% / reading 57%, grade C, #43 of 330 statewide, top 14%, 929 students, 42% FRL); North High School (math 57% / reading 74%, grade B, #29 of 369 statewide, top 8%, 1,674 students, 35% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 264 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent is only 13% of the median local income ($95k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $39k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $125k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $102,455 (18.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 0.82% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.95%
• DSCR: 1.09
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $142,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1814 E Morgan Ave	0.31mi	2/1.0	814 (-3%)	7mo	$118,000	$145	74
1917 Keck Ave	0.39mi	2/1.0	816 (-3%)	7mo	$150,000	$184	71
904 N Lincoln Park Dr	0.41mi	3/1.0 (+1)	864 (+3%)	1mo	$186,500	$216	70
1801 Hercules Ave	0.34mi	2/1.0	914 (+9%)	0mo	$150,000	$164	69
2037 E Virginia St	0.64mi	2/1.0	822 (-2%)	1mo	$139,900	$170	66
2108 Hercules Ave	0.51mi	2/1.0	764 (-9%)	5mo	$110,000	$144	57
1699 Harding Ave	0.67mi	2/1.0	896 (+7%)	4mo	$119,900	$134	54
1909 Haven Dr	0.64mi	3/1.0 (+1)	868 (+3%)	6mo	$134,900	$155	54
3040 E Morgan Ave	0.74mi	2/1.0	900 (+7%)	1mo	$42,000	$47	53
803 Hercules Ave	0.51mi	2/1.5	758 (-10%)	6mo	$128,500	$170	52
1821 Harding Ave	0.70mi	2/1.0	720 (-14%)	3mo	$130,000	$181	41
2318 E Franklin St	0.74mi	3/1.0 (+1)	952 (+13%)	4mo	$178,150	$187	34

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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-16,679
• Equity at exit: $18,638

10-year hold

• IRR: -4.4%
• Equity multiple: 0.71×
• Total profit: $-10,065
• Equity at exit: $10,808

Cash invested: $35,000 (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 47111

• Active inventory: 264
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,025 high
• Mortgage (P&I): −$656
• Tax from tax record: −$45 /mo · $538/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $57

Break-even live

Break-even rent $952

Max offer price $125,000

Occupancy floor 89%

Sensitivity live

Price	-10% $128	-5% $92	+0% $57	+5% $22	+10% $-14
Rent	-10% $-24	-5% $17	+0% $57	+5% $97	+10% $138
Rate	-1.0pp $120	-0.5pp $89	base $57	+0.5pp $25	+1.0pp $-8

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2151 E Columbia St #2193 Evansville, IN	1.0	1.0	600	$695	$1.16	15d	1	0.49mi
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	23d	7	0.87mi
103 Princeton Ct Evansville, IN	1.0	1.0	576	$802	$1.39	15d	4	0.97mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	23d	1	1.13mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	15d	1	1.14mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	15d	1	1.15mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	15d	1	1.16mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	15d	1	1.21mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	15d	1	1.23mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	23d	1	1.31mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	23d	1	1.39mi
941 Stanley Ave Unit A Evansville, IN	1.0	1.0	850	$800	$0.94	23d	1	1.46mi

Listing history 25 events

1. 2026-06-17
   status $125,000 Pending 160 DOM
2. 2026-06-17
   days on market $125,000 Active 160 DOM
3. 2026-06-16
   days on market $125,000 Active 159 DOM
4. 2026-06-15
   days on market $125,000 Active 158 DOM
5. 2026-06-14
   days on market $125,000 Active 156 DOM
6. 2026-06-13
   days on market $125,000 Active 155 DOM
7. 2026-06-10
   days on market $125,000 Active 153 DOM
8. 2026-06-09
   days on market $125,000 Active 152 DOM
9. 2026-06-08
   days on market $125,000 Active 151 DOM
10. 2026-06-07
    pricedays on market $125,000 Active 150 DOM
11. 2026-06-02
    days on market $130,000 Active 145 DOM
12. 2026-06-01
    days on market $130,000 Active 144 DOM
13. 2026-05-31
    days on market $130,000 Active 143 DOM
14. 2026-05-30
    days on market $130,000 Active 142 DOM
15. 2026-04-20
    price $130,000
16. 2026-03-21
    price $134,000
17. 2026-03-07
    price $139,000
18. 2026-03-02
    price $144,000
19. 2026-02-16
    price $149,000
20. 2026-01-24
    price $154,000
21. 2026-01-07
    listed $164,000 Active
22. 2024-11-04
    soldstatus $50,000 Closed 474-char remark

    Show marketing remark (474 chars)

    Unlock the potential of this one-story home, in Evansville. Featuring 2 bedrooms and 1 bathroom, this fixer-upper is ripe for renovation and offers a fantastic canvas for value addition. The property includes a privacy-fenced rear yard. Ideal for savvy investors looking to capitalize on a renovation opportunity. With some creative vision and TLC, this property can be transformed into a lucrative asset. Seize the chance to enhance your investment portfolio with this gem!

23. 2024-10-04
    status Pending 474-char remark

    Show marketing remark (474 chars)

    Unlock the potential of this one-story home, in Evansville. Featuring 2 bedrooms and 1 bathroom, this fixer-upper is ripe for renovation and offers a fantastic canvas for value addition. The property includes a privacy-fenced rear yard. Ideal for savvy investors looking to capitalize on a renovation opportunity. With some creative vision and TLC, this property can be transformed into a lucrative asset. Seize the chance to enhance your investment portfolio with this gem!

24. 2024-09-13
    price $55,000 474-char remark

    Show marketing remark (474 chars)

    Unlock the potential of this one-story home, in Evansville. Featuring 2 bedrooms and 1 bathroom, this fixer-upper is ripe for renovation and offers a fantastic canvas for value addition. The property includes a privacy-fenced rear yard. Ideal for savvy investors looking to capitalize on a renovation opportunity. With some creative vision and TLC, this property can be transformed into a lucrative asset. Seize the chance to enhance your investment portfolio with this gem!

25. 2024-07-31
    listed $59,900 Active 474-char remark

    Show marketing remark (474 chars)

    Unlock the potential of this one-story home, in Evansville. Featuring 2 bedrooms and 1 bathroom, this fixer-upper is ripe for renovation and offers a fantastic canvas for value addition. The property includes a privacy-fenced rear yard. Ideal for savvy investors looking to capitalize on a renovation opportunity. With some creative vision and TLC, this property can be transformed into a lucrative asset. Seize the chance to enhance your investment portfolio with this gem!

ⓘ 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: $538 · $45/mo
• Projected year-2 tax: $800 · $67/mo
• Expected delta: +$262/yr (+$22/mo · 48.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 3% 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: $12,295
• − Mortgage interest: −$7,002
• − Property taxes: −$538
• − Insurance: −$625
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$3,636
• Taxable loss: −$1,474
• Est. tax savings @ 24.0%: +$354
• After-tax cash flow: $1,038/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: Clark County · 108,879 people
• City population: 146,793
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• 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

+117.0% since first listed

11 events — show timeline

• 2026-04-20 Price Changed $130,000 IRMLS
• 2026-03-21 Price Changed $134,000 IRMLS
• 2026-03-07 Price Changed $139,000 IRMLS
• 2026-03-02 Price Changed $144,000 IRMLS
• 2026-02-16 Price Changed $149,000 IRMLS
• 2026-01-24 Price Changed $154,000 IRMLS
• 2026-01-07 Listed $164,000 IRMLS
• 2024-11-04 Sold (MLS) $50,000 IRMLS
• 2024-10-04 Pending — IRMLS
• 2024-09-13 Price Changed $55,000 IRMLS
• 2024-07-31 Listed $59,900 IRMLS

Property tax history

+2.2%/yr

Latest (2024): $538 · +3.6% YoY. Source: county tax records.