515 Washington Ave · Evansville, IN 47713

$129,900

6 bd · 2.0 ba · 1,460 sqft · MultiFamily public records · 79 Days on market

Built 1889 7,405 sqft lot Est $126k · 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 +5.9/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Stairs to attic
• Ample parking
• Private entrance

Tags

• PRIVATE ENTRANCE
• SEPARATE METERS
• AMPLE PARKING
• LARGE CONCRETE DRIVEWAY
• DESIGNATED SPACES
• STAIRS TO ATTIC

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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) — zoned schools average 88% FRL vs 50% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 40% district-wide (-28 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 (+9.9%/yr); 118 active listings in the ZIP; lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $2,682/mo this rent would consume 79% of the median local household income ($41k/yr) (locally 735% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 16y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1889 — 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 $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.06% ✓
• Cap rate: 17.14%
• Cash-on-cash: 38.74%
• DSCR: 2.72
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $125,560
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Washington Ave	0.00mi	5/2.0 (-1)	1,460 (0%)	1mo	$125,000	$86	94

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: 40.6%
• Equity multiple: 2.87×
• Total profit: $67,975
• Equity at exit: $19,369

10-year hold

• IRR: 49.3%
• Equity multiple: 7.06×
• Total profit: $220,276
• 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 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 118
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,682 high
• Mortgage (P&I): −$681
• Tax from tax record: −$209 /mo · $2,512/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,174

Break-even live

Break-even rent $1,196

Max offer price $129,900

Occupancy floor 51%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,682
Total (2 units)			$2,682

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: —

Listing history 26 events

1. 2026-04-27
   status Pending
2. 2026-04-13
   price $129,900
3. 2026-03-31
   price $139,900
4. 2026-03-20
   status Active
5. 2026-03-20
   price $145,000
6. 2026-03-19
   status Active
7. 2026-03-19
   price $145,000
8. 2026-03-18
   listed $145,000 Active
9. 2026-02-26
   status Pending
10. 2026-02-26
    status Pending
11. 2026-02-05
    price $150,000
12. 2026-02-05
    price $150,000
13. 2026-01-16
    listed $160,000 Active
14. 2026-01-13
    listed $160,000 Active
15. 2022-07-20
    price $1,100
16. 2022-04-29
    soldstatus $125,000
17. 2021-09-22
    listed $119,000
18. 2020-11-13
    soldstatus $70,000
19. 2020-08-05
    listed $64,999
20. 2019-05-17
    listed $60,500
21. 2017-07-19
    soldstatus $35,000
22. 2017-02-20
    listed $49,900
23. 2015-11-13
    soldstatus $21,000
24. 2015-10-14
    listed $25,000
25. 2010-02-05
    listed $28,000
26. 2010-02-05
    listed $28,000

ⓘ 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: $2,512 · $209/mo
• Projected year-2 tax: $2,512 · $209/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 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: $32,184
• − Mortgage interest: −$7,276
• − Property taxes: −$2,512
• − Insurance: −$650
• − Repairs & maintenance: −$2,575
• − Management: −$2,575
• − Depreciation: −$3,779
• Taxable income: $12,818
• Est. tax owed @ 24.0%: −$3,076
• After-tax cash flow: $11,013/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

+363.9% since first listed

26 events — show timeline

• 2026-04-27 Pending — IRMLS
• 2026-04-13 Price Changed $129,900 IRMLS
• 2026-03-31 Price Changed $139,900 IRMLS
• 2026-03-20 Relisted — IRMLS
• 2026-03-20 Price Changed $145,000 IRMLS
• 2026-03-19 Relisted — IRMLS
• 2026-03-19 Price Changed $145,000 IRMLS
• 2026-03-18 Listed $145,000 IRMLS
• 2026-02-26 Pending — IRMLS
• 2026-02-26 Pending — IRMLS
• 2026-02-05 Price Changed $150,000 IRMLS
• 2026-02-05 Price Changed $150,000 IRMLS
• 2026-01-16 Listed $160,000 IRMLS
• 2026-01-13 Listed $160,000 IRMLS
• 2022-07-20 Price Changed $1,100 RENT.
• 2022-04-29 Sold (MLS) $125,000 IRMLS
• 2021-09-22 Listed $119,000 IRMLS
• 2020-11-13 Sold (MLS) $70,000 IRMLS
• 2020-08-05 Listed $64,999 IRMLS
• 2019-05-17 Listed $60,500 IRMLS
• 2017-07-19 Sold (MLS) $35,000 IRMLS
• 2017-02-20 Listed $49,900 IRMLS
• 2015-11-13 Sold (MLS) $21,000 IRMLS
• 2015-10-14 Listed $25,000 IRMLS
• 2010-02-05 Listed $28,000 IRMLS
• 2010-02-05 Listed $28,000 IRMLS

Property tax history

+7.2%/yr

Latest (2024): $2,512 · +2.5% YoY. Source: county tax records.