509 E Iowa St · Evansville, IN 47711

$65,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 119 Days on market

Built 1904 4,356 sqft lot Est $65k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.4/15.0
• 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

INVESTORS: Check out this 2 bedroom, 1 bath. Single family with recent upgrades. Package deal with 4 other homes. 1010 E Mulberry, 414 E Virginia, 707 Iowa. 1403 E Indiana. Price for all is $325,000.

Key facts

• 4,356 sq ft lot
• Built 1904
• Listed 119 days

Property features AI

Finance

• Financial info: Annual property tax: $574

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story single family home; Site-built construction
• Construction: Aluminum siding exterior
• Exterior features: Level lot

Interior

• Bedrooms: Bedrooms on main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Crawl space basement; Total of 4 rooms
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $65k).
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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: Lincoln School (math 12% / reading 17%, grade F, #862 of 994 statewide, top 88%, 236 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); 229 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent is only 18% of the median local income ($66k/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 $449 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 8 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 1904 — 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 $59,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — 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. 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.
8. 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.
9. 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: 1.52% ✓
• Cap rate: 12.99%
• Cash-on-cash: 23.91%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $64,896
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
638 E Missouri St	0.37mi	3/1.0 (+1)	840 (+1%)	3mo	$25,500	$30	73
717 E Iowa St	0.17mi	2/1.0	768 (-8%)	7mo	$31,700	$41	73
313 E Tennessee St	0.53mi	2/1.0	824 (-1%)	10mo	$64,500	$78	65
715 E Louisiana St	0.45mi	2/1.0	875 (+5%)	8mo	$115,000	$131	63
311 E Oregon St	0.29mi	2/1.0	950 (+14%)	5mo	$17,000	$18	59
707 E Missouri St	0.38mi	2/1.0	714 (-14%)	1mo	$23,000	$32	57
1309 N Garvin St	0.50mi	2/1.0	736 (-12%)	8mo	$50,000	$68	50
16 W Tennessee St	0.65mi	2/1.0	894 (+8%)	10mo	$119,000	$133	49
217 E Eichel Ave	0.60mi	2/1.0	760 (-9%)	11mo	$102,000	$134	48
15 E Tennessee St	0.60mi	2/1.0	752 (-10%)	10mo	$93,500	$124	48
321 E Tennessee St	0.53mi	2/2.0	720 (-14%)	12mo	$56,000	$78	39
317 Enlow Ave	0.71mi	2/1.0	950 (+14%)	9mo	$155,500	$164	36

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: 21.1%
• Equity multiple: 1.90×
• Total profit: $16,387
• Equity at exit: $9,692

10-year hold

• IRR: 31.5%
• Equity multiple: 4.35×
• Total profit: $60,943
• Equity at exit: $5,620

Cash invested: $18,200 (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: 229
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $985 high
• Mortgage (P&I): −$341
• Tax from tax record: −$48 /mo · $574/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $363

Break-even live

Break-even rent $526

Max offer price $65,000

Occupancy floor 58%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	21d	1	0.38mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	13d	7	0.47mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	21d	1	0.57mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	21d	1	0.60mi
41 W Division St Unit 101 Evansville, IN	1.0	1.0	634	$1,100	$1.74	21d	1	0.60mi
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	21d	1	0.61mi
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	13d	1	0.67mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	0.74mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	0.82mi
406 Edgar St Unit 1 Evansville, IN	1.0	1.0	530	$1,500	$2.83	21d	1	0.83mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	21d	1	0.84mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	0.97mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	21d	1	0.97mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	1.00mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	21d	1	1.00mi
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	21d	1	1.09mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	1.11mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	13d	1	1.11mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	13d	1	1.14mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	1.14mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	21d	1	1.16mi
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	21d	7	1.25mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	13d	1	1.27mi
101 SE 2nd St Evansville, IN	1.0	1.0	530	$750	$1.42	13d	1	1.28mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	21d	1	1.31mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	13d	17	1.31mi
820 Negley Ave Unit B Evansville, IN	1.0	1.0	575	$695	$1.21	21d	1	1.32mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	21d	4	1.33mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	21d	1	1.35mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	1.36mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	21d	6	1.37mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	21d	1	1.37mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	21d	1	1.39mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	21d	1	1.40mi
941 Stanley Ave Unit A Evansville, IN	1.0	1.0	850	$800	$0.94	21d	1	1.40mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	13d	1	1.41mi
1306 W Missouri St Evansville, IN	2.0	1.0	800	$950	$1.19	13d	1	1.46mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	21d	1	1.47mi

Listing history 19 events

1. 2026-06-10
   status $65,000 Pending 119 DOM
2. 2026-06-09
   days on market $65,000 Active 119 DOM
3. 2026-06-08
   days on market $65,000 Active 118 DOM
4. 2026-06-07
   days on market $65,000 Active 117 DOM
5. 2026-06-02
   days on market $65,000 Active 112 DOM
6. 2026-06-01
   days on market $65,000 Active 111 DOM
7. 2026-05-31
   days on market $65,000 Active 110 DOM
8. 2026-05-30
   days on market $65,000 Active 109 DOM
9. 2026-02-10
   listed $65,000 Active
10. 2025-11-28
    historical $600
11. 2025-11-21
    listed $600
12. 2025-05-14
    listed $325,000 Active
13. 2024-06-06
    historical $700
14. 2024-05-31
    price $700
15. 2024-05-16
    listed $750
16. 2024-04-10
    listed $47,000 Active
17. 2023-10-06
    listed $39,000 Active
18. 2020-09-29
    listed $39,000
19. 2016-05-09
    listed $29,900

ⓘ 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: $574 · $48/mo
• Projected year-2 tax: $574 · $48/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: $11,825
• − Mortgage interest: −$3,641
• − Property taxes: −$574
• − Insurance: −$325
• − Repairs & maintenance: −$946
• − Management: −$946
• − Depreciation: −$1,891
• Taxable income: $3,502
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $3,512/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

+117.4% since first listed

11 events — show timeline

• 2026-02-10 Listed $65,000 IRMLS
• 2025-11-28 Rental Removed $600 APPFOLIO
• 2025-11-21 Listed for Rent $600 APPFOLIO
• 2025-05-14 Listed $325,000 IRMLS
• 2024-06-06 Rental Removed $700 APPFOLIO
• 2024-05-31 Price Changed $700 APPFOLIO
• 2024-05-16 Listed for Rent $750 APPFOLIO
• 2024-04-10 Listed $47,000 IRMLS
• 2023-10-06 Listed $39,000 IRMLS
• 2020-09-29 Listed $39,000 IRMLS
• 2016-05-09 Listed $29,900 IRMLS

Property tax history

-0.3%/yr

Latest (2024): $574 · +1.3% YoY. Source: county tax records.