514 E Illinois St · Evansville, IN 47711

$76,900

3 bd · 1.0 ba · 2,080 sqft · SingleFamily public records · 46 Days on market

Built 1919 3,088 sqft lot Est $110k · 30% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Must have at least 48 Hours' notice. Must have accepted offer Subject to Buyers Walk-Thru Attention Investors this is a package of 15 Properties. See the list on Addendum. 1011 Cherry St rents for $875.00. 1023 Cherry St rents for $973.00. 1105 E Gum St rents for $990.00. 1106/1108/1110 Rents for $2038.00. 1114 Cherry rents for $1050.00. 1130 S Grand rents for $983.00. 1219 S Linwood 2 units Rents for $1,720.00. 1301 & 1303 E Sycamore St Rents for $500.00 & 778.00 1712 Culverson rents for $990.00. 1829 Marshall rents for $801.00. 202 Waggoner Ave Rents for $788.00. 514 E Illinois Rents for $1,265.00. 764 Cross rents for $974.00. Total for package is 1,500.000

Key facts

• 3,088 sq ft lot
• Built 1919
• Listed 46 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Wood siding; Slab foundation; Built as site-built construction
• Exterior features: Level lot; Lot dimensions approximately 30 x 127

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Window unit cooling
• Interior features: Basement present; 7 total rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• Recommended offer: $75k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 234 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 $532 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — 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 $74,593 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.49% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.12%
• DSCR: 1.98
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $110,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
751 E Virginia St	0.29mi	4/2.0 (+1)	2,084 (+0%)	4mo	$147,000	$71	74
116 E Virginia St	0.32mi	3/1.0	1,949 (-6%)	12mo	$60,000	$31	64
216 E Delaware St	0.37mi	3/2.0	2,184 (+5%)	12mo	$215,000	$98	60
656 E Oregon St	0.54mi	4/1.0 (+1)	1,954 (-6%)	4mo	$65,000	$33	57
41 W Maryland St	0.65mi	3/2.0	1,960 (-6%)	3mo	$85,000	$43	54
401 E Iowa St	0.25mi	2/1.0 (-1)	1,868 (-10%)	17mo	$98,500	$53	52
839 Lincoln Ave	0.73mi	4/2.0 (+1)	2,059 (-1%)	8mo	$148,000	$72	49
109 W Indiana St	0.51mi	4/1.5 (+1)	1,939 (-7%)	12mo	$92,000	$47	47
116 E Missouri St	0.63mi	3/1.0	1,944 (-6%)	15mo	$45,000	$23	47
1115 N Elliott St	0.61mi	3/1.0	1,816 (-13%)	13mo	$99,000	$55	40
409 S New York Ave	0.72mi	2/2.0 (-1)	1,872 (-10%)	7mo	$131,700	$70	35
27 W Missouri St	0.73mi	3/2.0	2,288 (+10%)	15mo	$35,000	$15	33

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 1.80×
• Total profit: $17,276
• Equity at exit: $11,466

10-year hold

• IRR: 29.7%
• Equity multiple: 4.13×
• Total profit: $67,350
• Equity at exit: $6,649

Cash invested: $21,532 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 234
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,148 medium
• Mortgage (P&I): −$403
• Tax from tax record: −$74 /mo · $893/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $397

Break-even live

Break-even rent $645

Max offer price $76,900

Occupancy floor 60%

Sensitivity live

Price	-10% $440	-5% $419	+0% $397	+5% $375	+10% $353
Rent	-10% $306	-5% $352	+0% $397	+5% $442	+10% $488
Rate	-1.0pp $436	-0.5pp $416	base $397	+0.5pp $377	+1.0pp $357

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: $19,225
• Closing costs: $2,307
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	22d	1	0.45mi
121 E Florida St Evansville, IN	4.0	2.0	1702	$100	$0.06	22d	1	0.74mi
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	15d	1	1.02mi
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	22d	1	1.38mi

Listing history 16 events

1. 2026-06-22
   days on market $76,900 Active 46 DOM
2. 2026-06-18
   days on market $76,900 Active 43 DOM
3. 2026-06-17
   days on market $76,900 Active 42 DOM
4. 2026-06-16
   days on market $76,900 Active 41 DOM
5. 2026-06-15
   days on market $76,900 Active 40 DOM
6. 2026-06-14
   days on market $76,900 Active 38 DOM
7. 2026-06-13
   days on market $76,900 Active 37 DOM
8. 2026-06-10
   days on market $76,900 Active 35 DOM
9. 2026-06-09
   days on market $76,900 Active 34 DOM
10. 2026-06-08
    days on market $76,900 Active 33 DOM
11. 2026-06-07
    days on market $76,900 Active 32 DOM
12. 2026-06-02
    days on market $76,900 Active 27 DOM
13. 2026-06-01
    days on market $76,900 Active 26 DOM
14. 2026-05-31
    days on market $76,900 Active 25 DOM
15. 2026-05-30
    days on market $76,900 Active 24 DOM
16. 2026-05-05
    listed $76,900 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: $893 · $74/mo
• Projected year-2 tax: $893 · $74/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 ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $13,771
• − Mortgage interest: −$4,308
• − Property taxes: −$893
• − Insurance: −$384
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$2,237
• Taxable income: $3,746
• Est. tax owed @ 24.0%: −$899
• After-tax cash flow: $3,864/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): 30,944
• Household income: $66,320
• Rent vs Own: 24.4% rent · 75.6% own
• Severe rent burden: 659.0

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 (85%)
• Race & ethnicity: White 85% Black 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -97.98%
• Current HPI: 205.62
• Rent YoY: ▲ 6.72%
• 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

1 event — show timeline

• 2026-05-05 Listed $76,900 IRMLS