221 Vann Ave · Evansville, IN 47714

$129,900

2 bd · 1.0 ba · 754 sqft · SingleFamily public records · 23 Days on market

Built 1945 6,098 sqft lot Est $135k · at est.

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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).

• Cash flow +14.1/30.0
• ARV discount +9.2/15.0
• Rent growth +4.5/5.0
• DSCR +4.3/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable, updated home in an excellent location on Evansville?s east side across from Evansville?s state park. 2 bedroom, 1 bath in great condition at a great price. Kitchen has eat-in area and newer appliance. Hot water heater is less than 5 years old. The unfinished basement offers lots of extra space. In addition to its charm, the exterior is in excellent condition with roof under 5 years old.

Key facts

• 6,098 sq ft lot
• Built 1945
• Listed 23 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Level lot; Shed(s)

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Refrigerator; Electric range; Unfinished basement
• Laundry & utility: Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $18 ($222/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 $101k (22.0% below list).
• Recommended offer: $101k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Harper Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 337 students, 74% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-15 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 21 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — 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 $101,347 (22.0% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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?
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: 0.78% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.61%
• DSCR: 1.03
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $134,966
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3004 E Walnut St	0.10mi	2/1.0	720 (-4%)	14mo	$145,000	$201	76
119 S Villa Dr	0.24mi	2/1.0	818 (+8%)	3mo	$150,000	$183	72
13 S Thomas Ave	0.22mi	2/1.0	838 (+11%)	10mo	$158,000	$189	63
415 Vann Ave	0.10mi	1/1.0 (-1)	832 (+10%)	16mo	$45,000	$54	60
305 S Boeke Rd	0.50mi	2/1.0	803 (+6%)	16mo	$130,000	$162	52
2319 E Illinois St	0.65mi	2/1.0	750 (-0%)	20mo	$137,300	$183	52
2614 E Gum St	0.57mi	2/1.0	836 (+11%)	6mo	$151,500	$181	50
2424 E Walnut St	0.43mi	2/1.0	840 (+11%)	16mo	$139,900	$167	48
304 S Congress Ave	0.68mi	2/1.0	768 (+2%)	21mo	$65,000	$85	48
214 S Congress Ave	0.68mi	2/1.0	800 (+6%)	16mo	$130,500	$163	45
2332 E Illinois St	0.64mi	2/1.0	672 (-11%)	20mo	$120,000	$179	36
207 S Iroquois Dr	0.70mi	2/1.0	864 (+15%)	13mo	$140,000	$162	32

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-14,728
• Equity at exit: $19,369

10-year hold

• IRR: 3.8%
• Equity multiple: 1.33×
• Total profit: $12,058
• Equity at exit: $11,231

Cash invested: $36,372 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,013 high
• Mortgage (P&I): −$681
• Tax from tax record: −$47 /mo · $562/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $18

Break-even live

Break-even rent $990

Max offer price $129,900

Occupancy floor 93%

Sensitivity live

Price	-10% $92	-5% $55	+0% $18	+5% $-18	+10% $-55
Rent	-10% $-62	-5% $-22	+0% $18	+5% $59	+10% $99
Rate	-1.0pp $84	-0.5pp $52	base $18	+0.5pp $-15	+1.0pp $-49

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
665 Saint Mary's Dr Unit 3 Evansville, IN	1.0	1.0	550	$900	$1.64	22d	1	0.47mi
3951 Bellemeade Ave Unit D Evansville, IN	2.0	1.0	825	$1,100	$1.33	22d	1	0.71mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	22d	1	0.75mi
1290 Hatfield Dr Unit 1150 Evansville, IN	1.0	1.0	550	$775	$1.41	15d	1	0.94mi
1290 Hatfield Dr Unit 1330 Evansville, IN	1.0	1.0	550	$697	$1.27	22d	1	0.94mi
1290 Hatfield Dr Unit 1266 Evansville, IN	1.0	1.0	600	$800	$1.33	22d	1	0.94mi
1290 Hatfield Dr Unit 1378 Evansville, IN	1.0	1.0	550	$775	$1.41	22d	1	0.94mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	22d	1	0.99mi
2151 E Columbia St #2193 Evansville, IN	1.0	1.0	600	$695	$1.16	15d	1	1.02mi
950 S Hebron Ave Apt 301 Evansville, IN	2.0	1.0	1088	$1,900	$1.75	22d	1	1.10mi
4982 Tippecanoe Dr Evansville, IN	1.0–2.0	1.0	897	$910	$1.01	15d	3	1.14mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,032	$1.03	15d	36	1.14mi
700 Chateau Dr Evansville, IN	2.0	1.0	825	$695	$0.84	15d	2	1.20mi
1165 Shiloh Sq Evansville, IN	1.0–2.0	1.0–2.0	907	$1,145	$1.26	15d	15	1.21mi
3700 Justus Ct Evansville, IN	1.0–2.0	1.0–2.0	790	$975	$1.23	22d	1	1.24mi
5560 E Virginia St Evansville, IN	1.0	1.0	773	$899	$1.16	22d	1	1.28mi
103 Princeton Ct Evansville, IN	1.0	1.0	576	$802	$1.39	15d	4	1.30mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	15d	17	1.30mi
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	22d	7	1.36mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	15d	1	1.46mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	15d	1	1.48mi

Listing history 7 events

1. 2026-05-30
   status $129,900 Pending 23 DOM
2. 2026-05-13
   price $129,900
3. 2026-05-05
   listed $134,900 Active
4. 2021-06-30
   soldstatus $120,000 399-char remark

   Show marketing remark (399 chars)

   Adorable, updated home in an excellent location on Evansville?s east side across from Evansville?s state park. 2 bedroom, 1 bath in great condition at a great price. Kitchen has eat-in area and newer appliance. Hot water heater is less than 5 years old. The unfinished basement offers lots of extra space. In addition to its charm, the exterior is in excellent condition with roof under 5 years old.

5. 2021-05-26
   listed $100,000 399-char remark

   Show marketing remark (399 chars)

   Adorable, updated home in an excellent location on Evansville?s east side across from Evansville?s state park. 2 bedroom, 1 bath in great condition at a great price. Kitchen has eat-in area and newer appliance. Hot water heater is less than 5 years old. The unfinished basement offers lots of extra space. In addition to its charm, the exterior is in excellent condition with roof under 5 years old.

6. 2017-01-09
   soldstatus $60,500 488-char remark

   Show marketing remark (488 chars)

   Adorable 2 bedroom, 1 bath home is like new! This home is perfect for a first time home buyer or someone who is looking to downsize. The Kitchen includes an eat-in area, title floors, and all newer appliances. All bedrooms have fresh paint and new carpet. The unfinished basement offer lots of extra space. This home is conveniently located near shopping and the Llyod. Updates Per owner: Roof 1 year old, furnace and A/C 5 years, water heater 1 year, carpet 6 months, and all new paint.

7. 2016-10-28
   listed $62,900 488-char remark

   Show marketing remark (488 chars)

   Adorable 2 bedroom, 1 bath home is like new! This home is perfect for a first time home buyer or someone who is looking to downsize. The Kitchen includes an eat-in area, title floors, and all newer appliances. All bedrooms have fresh paint and new carpet. The unfinished basement offer lots of extra space. This home is conveniently located near shopping and the Llyod. Updates Per owner: Roof 1 year old, furnace and A/C 5 years, water heater 1 year, carpet 6 months, and all new paint.

ⓘ 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: $562 · $47/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: +$271/yr (+$23/mo · 48.3%)

ⓘ 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 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: $12,162
• − Mortgage interest: −$7,276
• − Property taxes: −$562
• − Insurance: −$650
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$3,779
• Taxable loss: −$2,051
• Est. tax savings @ 24.0%: +$492
• After-tax cash flow: $714/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): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

+106.5% since first listed

6 events — show timeline

• 2026-05-13 Price Changed $129,900 IRMLS
• 2026-05-05 Listed $134,900 IRMLS
• 2021-06-30 Sold (MLS) $120,000 IRMLS
• 2021-05-26 Listed $100,000 IRMLS
• 2017-01-09 Sold (MLS) $60,500 IRMLS
• 2016-10-28 Listed $62,900 IRMLS

Property tax history

-10.0%/yr

Latest (2024): $562 · +1.4% YoY. Source: county tax records.