1124 Spruce St · Evansville, IN 47710

$113,000

2 bd · 1.0 ba · 1,539 sqft · SingleFamily public records · 45 Days on market

Built 1904 7,000 sqft lot Est $128k · 12% under

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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 +15.2/30.0
• ARV discount +12.7/15.0
• DSCR +4.6/10.0
• 1% rule +3.8/10.0
• 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

Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

Key facts

• Enclosed back porch
• Eat-in kitchen
• Fenced backyard

Tags

• EAT-IN KITCHEN
• UPDATED BATHROOM
• ENCLOSED BACK PORCH
• FENCED BACKYARD
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Brick/mortar foundation; Built as site-built home
• Exterior features: Patio; Covered patio; Screened porch; Porch; Chain link fencing; Level lot

Interior

• Kitchen: Eat-in kitchen; Laminate countertops
• Bedrooms: 6 total rooms (bedrooms included in room count)
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Eat-in kitchen; Tray ceilings; Laminate countertops
• Laundry & utility: Laundry on main level; Crawl space foundation/basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $113k.

Deal economics

• At list price, monthly cash flow is $38 ($461/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 $99k (12.3% below list).
• Recommended offer: $99k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: Cedar Hall Community School (math 13% / reading 19%, grade F, #854 of 994 statewide, top 86%, 509 students, 93% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 72% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 88 active listings in the ZIP; 7 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $7k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $113k implies a 74% gain — meaningful room to come down on a strong offer.

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 $99,108 (12.3% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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?
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: 0.88% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.46%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $127,737
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2218 W Maryland St	0.52mi	3/1.0 (+1)	1,536 (-0%)	4mo	$75,000	$49	67
2201 W Delaware St	0.52mi	3/2.0 (+1)	1,520 (-1%)	3mo	$147,000	$97	62
1110 W Delaware St	0.63mi	3/1.0 (+1)	1,529 (-1%)	5mo	$20,000	$13	61
107 N Wabash Ave	0.70mi	2/2.0	1,488 (-3%)	1mo	$115,000	$77	57
1814 Buchanan Rd	0.51mi	3/1.5 (+1)	1,410 (-8%)	2mo	$192,500	$137	53
2112 W Delaware St	0.48mi	3/1.0 (+1)	1,328 (-14%)	4mo	$132,000	$99	46
618 N Twelfth Ave	0.61mi	3/1.0 (+1)	1,328 (-14%)	1mo	$110,000	$83	43
723 Bell Ave	0.74mi	2/1.0	1,632 (+6%)	22mo	$140,000	$86	37
2027 W Indiana St	0.75mi	3/1.0 (+1)	1,728 (+12%)	12mo	$30,000	$17	30
925 N Third Ave	0.68mi	3/1.0 (+1)	1,720 (+12%)	22mo	$102,500	$60	26

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: -14.0%
• Equity multiple: 0.50×
• Total profit: $-15,870
• Equity at exit: $16,849

10-year hold

• IRR: -5.2%
• Equity multiple: 0.66×
• Total profit: $-10,696
• Equity at exit: $9,770

Cash invested: $31,640 (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 47710

• Home prices YoY: -29.7%
• Active inventory: 88
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $991 high
• Mortgage (P&I): −$593
• Tax from tax record: −$105 /mo · $1,258/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $38

Break-even live

Break-even rent $942

Max offer price $113,000

Occupancy floor 91%

Sensitivity live

Price	-10% $102	-5% $70	+0% $38	+5% $6	+10% $-26
Rent	-10% $-40	-5% $-1	+0% $38	+5% $78	+10% $117
Rate	-1.0pp $95	-0.5pp $67	base $38	+0.5pp $9	+1.0pp $-21

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: $28,250
• Closing costs: $3,390
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2102 W Delaware St Evansville, IN	3.0	1.0	1083	$925	$0.85	14d	1	0.47mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	14d	1	0.61mi
2708 W Franklin St Unit 4 Evansville, IN	2.0	1.0	1100	$900	$0.82	22d	1	1.01mi
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	14d	1	1.12mi
1008 Allens Ln Evansville, IN	2.0	1.0	1081	$750	$0.69	22d	1	1.36mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	22d	1	1.41mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	22d	1	1.42mi

Listing history 27 events

1. 2026-06-18
   days on market $113,000 Active 45 DOM
2. 2026-06-17
   days on market $113,000 Active 44 DOM
3. 2026-06-16
   price $113,000 Active 43 DOM
4. 2026-06-16
   days on market $120,000 Active 43 DOM
5. 2026-06-15
   days on market $120,000 Active 42 DOM
6. 2026-06-14
   days on market $120,000 Active 40 DOM
7. 2026-06-13
   days on market $120,000 Active 39 DOM
8. 2026-06-10
   days on market $120,000 Active 37 DOM
9. 2026-06-09
   days on market $120,000 Active 36 DOM
10. 2026-06-08
    days on market $120,000 Active 35 DOM
11. 2026-06-07
    days on market $120,000 Active 34 DOM
12. 2026-06-02
    days on market $120,000 Active 29 DOM
13. 2026-06-01
    days on market $120,000 Active 28 DOM
14. 2026-05-31
    days on market $120,000 Active 27 DOM
15. 2026-05-30
    days on market $120,000 Active 26 DOM
16. 2026-05-04
    listed $120,000 Active
17. 2025-03-23
    historical $1,350
18. 2025-03-13
    listed $1,350
19. 2023-12-11
    soldstatus $65,000 Closed 153-char remark

    Show marketing remark (153 chars)

    Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

20. 2023-11-14
    status Pending 153-char remark

    Show marketing remark (153 chars)

    Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

21. 2023-10-10
    status Active 153-char remark

    Show marketing remark (153 chars)

    Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

22. 2023-09-20
    status Pending 153-char remark

    Show marketing remark (153 chars)

    Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

23. 2023-09-13
    listed $69,900 Active 153-char remark

    Show marketing remark (153 chars)

    Very Nice One and a half story home with new flooring throughout and a kitchen remodel. Its a 3 Bed 1 Bath home with a detached 1 car garage around back.

24. 2022-03-31
    soldstatus $50,000 622-char remark

    Show marketing remark (622 chars)

    Spacious 3-bedroom, 1-bath home with a large yard and detached garage. The home offers a covered front porch with entry into the living room or eat-in kitchen. The large living room provides ample space to entertain family and friends, with the spacious eat-in kitchen allowing tons of storage and prep space. There are two bedrooms and a full bath on the main level of the home, as well as a fully enclosed porch over-looking the back yard. Upstairs is a large third bedroom that could also be used as a bonus or rec room. The nice level back yard is great for outdoor dining and recreation, with plenty of room to spare!

25. 2022-03-01
    listed $50,000 622-char remark

    Show marketing remark (622 chars)

    Spacious 3-bedroom, 1-bath home with a large yard and detached garage. The home offers a covered front porch with entry into the living room or eat-in kitchen. The large living room provides ample space to entertain family and friends, with the spacious eat-in kitchen allowing tons of storage and prep space. There are two bedrooms and a full bath on the main level of the home, as well as a fully enclosed porch over-looking the back yard. Upstairs is a large third bedroom that could also be used as a bonus or rec room. The nice level back yard is great for outdoor dining and recreation, with plenty of room to spare!

26. 2020-10-02
    soldstatus $31,000
27. 2020-07-14
    listed $39,900

ⓘ 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: $1,258 · $105/mo
• Projected year-2 tax: $1,258 · $105/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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 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: $11,893
• − Mortgage interest: −$6,330
• − Property taxes: −$1,258
• − Insurance: −$565
• − Repairs & maintenance: −$951
• − Management: −$951
• − Depreciation: −$3,287
• Taxable loss: −$1,450
• Est. tax savings @ 24.0%: +$348
• After-tax cash flow: $809/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): 18,309
• Household income: $47,292
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 722.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 6% Hispanic / Latino 4%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -91.84%
• Current HPI: 217.586
• 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

+200.8% since first listed

12 events — show timeline

• 2026-05-04 Listed $120,000 IRMLS
• 2025-03-23 Rental Removed $1,350 APPFOLIO
• 2025-03-13 Listed for Rent $1,350 APPFOLIO
• 2023-12-11 Sold (MLS) $65,000 IRMLS
• 2023-11-14 Pending — IRMLS
• 2023-10-10 Relisted — IRMLS
• 2023-09-20 Pending — IRMLS
• 2023-09-13 Listed $69,900 IRMLS
• 2022-03-31 Sold (MLS) $50,000 IRMLS
• 2022-03-01 Listed $50,000 IRMLS
• 2020-10-02 Sold (MLS) $31,000 IRMLS
• 2020-07-14 Listed $39,900 IRMLS

Property tax history

+3.8%/yr

Latest (2024): $1,258 · +6.8% YoY. Source: county tax records.