706 Madison Ave · Evansville, IN 47713

$115,000

3 bd · 1.5 ba · 1,056 sqft · SingleFamily public records · 1 Days on market

Built 1944 4,356 sqft lot Est $115k · at est. ↓ 12% since listing

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Why this score? — see what drove the C 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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.8/10.0
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming, Affordable 3-Bedroom Home Near Haynie’s Corner – Move-In Ready Potential! Welcome to 706 Madison Ave, an incredible opportunity to own a 3-bedroom, 1.5-bath home in one of Evansville’s most vibrant and centrally located areas, just minutes from the Haynie’s Corner Arts District. At just $115,000, this home offers unbeatable value with major updates already taken care of, including a newer furnace, air conditioner, and water heater (all under 5 years old), giving buyers peace of mind on big-ticket items. Inside, you’ll find a functional layout with plenty of space, plus a full basement offering endless potential for storage, a workshop, or future fini

Key facts

• Front deck
• Centrally located
• Full basement

Tags

• MOVE IN READY
• FULL BASEMENT
• ALL WEATHER ENCLOSED PORCH
• FRONT DECK
• CENTRALLY LOCATED

Property features AI

Finance

• Other: Workshop and outbuilding on property

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Block foundation; Shingle roof; Built as site-built construction
• Exterior features: Enclosed porch; Deck; Porch; Level lot

Interior

• Kitchen: Refrigerator; Electric oven; Electric range
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Hardwood floors; Full basement
• Laundry & utility: Washer and dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 8.5% 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: Evans School (math 9% / reading 7%, grade F, #945 of 994 statewide, top 95%, 499 students, 85% 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 54% FRL track the district average.
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 37% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1944 — 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. 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.
6. 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.
7. 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: 1.08% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $115,104
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1107 S Evans Ave	0.08mi	2/1.0 (-1)	1,096 (+4%)	0mo	$100,000	$91	83
1320 S Governor St	0.36mi	2/1.0 (-1)	1,048 (-1%)	3mo	$32,500	$31	73
1317 S Linwood Ave	0.16mi	2/1.5 (-1)	975 (-8%)	4mo	$135,000	$138	71
110 Jefferson Ave	0.54mi	3/1.0	1,064 (+1%)	3mo	$166,000	$156	69
613 Madison Ave	0.16mi	3/1.0	1,176 (+11%)	4mo	$165,000	$140	68
711 Waggoner Ave	0.42mi	2/1.0 (-1)	991 (-6%)	1mo	$45,000	$45	62
329 Taylor Ave	0.46mi	2/1.0 (-1)	1,021 (-3%)	6mo	$46,000	$45	61
1921 Shadewood Ave	0.75mi	3/1.0	1,037 (-2%)	3mo	$135,000	$130	57
513 S Denby Ave	0.74mi	4/1.0 (+1)	1,096 (+4%)	2mo	$54,000	$49	50
957 Taylor Ave	0.35mi	2/1.0 (-1)	1,196 (+13%)	6mo	$159,900	$134	50
1059 Waggoner Ave	0.60mi	2/2.0 (-1)	1,150 (+9%)	1mo	$125,000	$109	49
1108 E Blackford Ave	0.51mi	2/1.0 (-1)	1,176 (+11%)	3mo	$48,500	$41	48

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.04×
• Total profit: $1,172
• Equity at exit: $17,147

10-year hold

• IRR: 15.0%
• Equity multiple: 2.49×
• Total profit: $48,026
• Equity at exit: $9,943

Cash invested: $32,200 (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 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 118
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,245 high
• Mortgage (P&I): −$603
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $208

Break-even live

Break-even rent $983

Max offer price $115,000

Occupancy floor 78%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	20d	1	0.20mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	20d	1	0.21mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	20d	1	0.40mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	20d	1	0.51mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	13d	1	0.55mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	20d	1	0.61mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	13d	1	0.66mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	20d	1	0.68mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	20d	1	0.73mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	20d	1	0.91mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	20d	1	0.95mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	20d	6	1.09mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	20d	4	1.18mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	13d	1	1.21mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	13d	1	1.24mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	13d	17	1.24mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	20d	1	1.35mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	1.36mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	1.37mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	20d	1	1.39mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	20d	1	1.40mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	1.43mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	20d	2	1.45mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	13d	7	1.45mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	20d	1	1.48mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,275	$1.11	20d	8	1.49mi

Listing history 3 events

1. 2026-05-17
   status Pending
2. 2026-05-15
   listed $115,000 Active
3. 2021-03-12
   listed $130,000

ⓘ 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: $1,504 · $125/mo
• Projected year-2 tax: $1,504 · $125/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $14,945
• − Mortgage interest: −$6,442
• − Property taxes: −$1,504
• − Insurance: −$575
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$3,345
• Taxable income: $687
• Est. tax owed @ 24.0%: −$165
• After-tax cash flow: $2,325/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): 9,988
• Household income: $40,873
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 735.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 39% Two or more races 7% Hispanic / Latino 3% Pacific Islander 1% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 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: ▼ -119.22%
• Current HPI: 229.9312
• Rent YoY: ▲ 9.87%
• 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

-11.5% since first listed

3 events — show timeline

• 2026-05-17 Pending — IRMLS
• 2026-05-15 Listed $115,000 IRMLS
• 2021-03-12 Listed $130,000 IRMLS

Property tax history

+7.2%/yr

Latest (2024): $1,504 · +2.1% YoY. Source: county tax records.