1850 Lodge Ave · Evansville, IN 47714

$108,900

2 bd · 2.0 ba · 1,668 sqft · SingleFamily public records · 566 Days on market

Built 1952 8,400 sqft lot Est $180k · 40% under

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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 +19.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2 bed, 2 bath brick corner ranch with 2-car garage. Recent updates per seller include flooring, carpet, paint, front door, roof, refrigerator, and range. Currently rented for $1300/month. Tenant is responsible for all utilities. Part of a package deal that includes 2 homes (959 S Grand Avenue and 1850 Lodge Avenue) for a TOTAL purchase price of $160,000. Can be purchased as part of a package that includes 2 homes(959 S Grand Avenue and 1850 Lodge Avenue) for a TOTAL purchase price of $160,000. Sold as is.

Key facts

• Roof
• Front door
• Flooring

Tags

• FLOORING
• CARPET
• PAINT
• FRONT DOOR
• ROOF
• REFRIGERATOR

Property features AI

Exterior

• Parking: Detached off-street garage with 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Brick and vinyl siding exterior
• Exterior features: Corner, level, wooded lot; No fencing; Sidewalks in the community

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total rooms: 5
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Refrigerator; Electric range; One fireplace; Unfinished crawl space basement; Main-level laundry
• Laundry & utility: Laundry on the main level

🏷️ Possibly a rental listed for sale. The $108,900 price doesn't fit this home's estimated sale value (~$180,144) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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: Lodge Community School (math 11% / reading 19%, grade F, #859 of 994 statewide, top 87%, 382 students, 85% FRL) — zoned schools average 85% FRL vs 50% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 40% district-wide (-24 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; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $753 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $30k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 566 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask is 36% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $95,832 (12.0% below list)

Questions for the listing agent

1. It's been on market 566 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 1952 — 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: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.85%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $180,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1140 Covert Ave	0.44mi	2/1.0	1,705 (+2%)	0mo	$130,000	$76	72
1255 Maple Ct	0.23mi	2/1.5	1,450 (-13%)	1mo	$159,900	$110	65
1558 Henning Ave	0.35mi	2/1.0	1,508 (-10%)	4mo	$65,000	$43	60
2011 Maplewood Cir	0.19mi	3/1.0 (+1)	1,505 (-10%)	11mo	$81,000	$54	57
1024 Ravenswood Dr	0.59mi	3/1.5 (+1)	1,780 (+7%)	1mo	$191,900	$108	54
1143 Bennighof Ave	0.64mi	3/2.0 (+1)	1,582 (-5%)	5mo	$195,000	$123	53
2067 Ridgeway Ave	0.63mi	2/1.0	1,550 (-7%)	9mo	$108,000	$70	47
1010 Ravenswood Dr	0.61mi	3/1.0 (+1)	1,591 (-5%)	11mo	$175,000	$110	46
2031 Taylor Ave	0.73mi	3/1.5 (+1)	1,523 (-9%)	2mo	$200,000	$131	43
1304 Parkside Dr	0.63mi	3/1.5 (+1)	1,536 (-8%)	11mo	$205,000	$133	41
2004 Frisse Ave	0.63mi	3/1.5 (+1)	1,457 (-13%)	3mo	$149,900	$103	40
2016 Mahrendale Ave	0.68mi	3/1.5 (+1)	1,870 (+12%)	12mo	$186,200	$100	31

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-4,060
• Equity at exit: $16,237

10-year hold

• IRR: 11.2%
• Equity multiple: 2.07×
• Total profit: $32,612
• Equity at exit: $9,416

Cash invested: $30,492 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,115 high
• Mortgage (P&I): −$571
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $123

Break-even live

Break-even rent $959

Max offer price $108,900

Occupancy floor 84%

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: $27,225
• Closing costs: $3,267
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	20d	8	0.50mi
2001 S Taft Ave Evansville, IN	3.0	2.0	1472	$1,000	$0.68	20d	1	0.95mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	20d	1	1.16mi
1713 Hawthorne Ave Evansville, IN	3.0	2.0	1204	$1,395	$1.16	20d	1	1.31mi
2947 Ravenswood Dr Unit 2927 Evansville, IN	2.0	1.0	1150	$975	$0.85	20d	1	1.42mi
2818 S Villa Dr Evansville, IN	3.0	1.0	1061	$1,295	$1.22	20d	1	1.44mi

Listing history 22 events

1. 2026-06-18
   days on market $108,900 Active 566 DOM
2. 2026-06-17
   days on market $108,900 Active 565 DOM
3. 2026-06-16
   days on market $108,900 Active 564 DOM
4. 2026-06-15
   days on market $108,900 Active 563 DOM
5. 2026-06-14
   days on market $108,900 Active 561 DOM
6. 2026-06-13
   days on market $108,900 Active 560 DOM
7. 2026-06-10
   days on market $108,900 Active 558 DOM
8. 2026-06-09
   days on market $108,900 Active 557 DOM
9. 2026-06-08
   days on market $108,900 Active 556 DOM
10. 2026-06-07
    days on market $108,900 Active 555 DOM
11. 2026-06-02
    days on market $108,900 Active 550 DOM
12. 2026-06-01
    days on market $108,900 Active 549 DOM
13. 2026-05-31
    days on market $108,900 Active 548 DOM
14. 2026-05-30
    pricedays on market $108,900 Active 547 DOM
15. 2026-05-07
    status Active
16. 2026-05-07
    historical
17. 2025-12-01
    status Active
18. 2025-11-24
    price $110,000
19. 2024-11-30
    listed $80,000 Active
20. 2021-06-27
    listed $99,900
21. 2019-11-15
    soldstatus $440,000
22. 2014-01-29
    listed $21,250

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,698 · $142/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $13,385
• − Mortgage interest: −$6,100
• − Property taxes: −$1,698
• − Insurance: −$544
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − Depreciation: −$3,168
• Taxable loss: −$268
• Est. tax savings @ 24.0%: +$64
• After-tax cash flow: $1,542/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

+417.6% since first listed

8 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2025-12-01 Relisted — IRMLS
• 2025-11-24 Price Changed $110,000 IRMLS
• 2024-11-30 Listed $80,000 IRMLS
• 2021-06-27 Listed $99,900 IRMLS
• 2019-11-15 Sold (Public Records) $440,000 Public Records
• 2014-01-29 Listed $21,250 IRMLS

Property tax history

-3.1%/yr

Latest (2024): $1,698 · +5.7% YoY. Source: county tax records.