535 S Congress Ave · Evansville, IN 47714

$145,000

2 bd · 1.0 ba · 930 sqft · SingleFamily public records · 3 Days on market

Built 1943 0.32 ac lot Est $151k · at est.

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Why this score? — see what drove the F 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).

• ARV discount +9.2/15.0
• Cash flow +7.9/30.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Sweet and well-maintained, this 2-bedroom ranch offers a partly finished basement, detached garage, carport, and an extra-deep, park-like lot backing up to the State Hospital grounds. This property provides both privacy and outdoor space to enjoy. Updates per Seller: water heater, central air, replacement windows, house roof, washer and dryer, step-in shower, and more! The bright and cheerful living room welcomes you in, per owner, there are hardwood floors under the carpet. The kitchen features classic oak cabinetry. and a cozy dining area connects the kitchen and living room. Downstairs, the full basement provides additional living space with a large family room—perfect for gatherin

Key facts

• Carport
• Extra-deep lot
• Park-like lot

Tags

• PARTLY FINISHED BASEMENT
• DETACHED GARAGE
• CARPORT
• EXTRA-DEEP LOT
• PARK-LIKE LOT
• REPLACEMENT WINDOWS

Property features AI

Exterior

• Parking: Detached garage with garage door opener (1 garage space); Gravel parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Block foundation; Built as site-built construction
• Exterior features: Porch; Wooded lot; Chain link fencing (full)

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: Total of 5 rooms (configuration unspecified)
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Has heating and cooling
• Interior features: Laminate counters; Sump pump in basement; Partially finished full basement
• Laundry & utility: Washer and dryer included; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-155 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (26.0% below list).
• Recommended offer: $107k (26.0% below list) — sets the bar for 1% rule.

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: Hebron Elementary School (math 37% / reading 35%, grade F, #577 of 994 statewide, top 59%, 758 students, 56% FRL); Plaza Park International Prep Acad (math 27% / reading 37%, grade F, #190 of 330 statewide, top 59%, 650 students, 65% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 191 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1943 — 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 $107,236 (26.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1943 — 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: 0.74% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $150,660
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 S Congress Ave	0.10mi	2/1.0	900 (-3%)	15mo	$109,000	$121	78
207 S Iroquois Dr	0.26mi	2/1.0	864 (-7%)	13mo	$140,000	$162	65
214 S Congress Ave	0.23mi	2/1.0	800 (-14%)	16mo	$130,500	$163	53
3115 Bellemeade Ave	0.72mi	2/1.0	1,003 (+8%)	2mo	$192,000	$191	52
417 Vann Ave	0.69mi	1/1.0 (-1)	902 (-3%)	16mo	$45,000	$50	44
3107 Lincoln Ave	0.71mi	2/1.0	1,020 (+10%)	20mo	$188,500	$185	34
415 Vann Ave	0.69mi	1/1.0 (-1)	832 (-10%)	16mo	$45,000	$54	32

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: -18.8%
• Equity multiple: 0.31×
• Total profit: $-27,844
• Equity at exit: $21,620

10-year hold

• IRR: -3.7%
• Equity multiple: 0.71×
• Total profit: $-11,920
• Equity at exit: $12,537

Cash invested: $40,600 (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: 191
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $-155

Break-even live

Break-even rent $1,268

Max offer price $122,587

Occupancy floor —

Sensitivity live

Price	-10% $-55	-5% $-105	+0% $-155	+5% $-205	+10% $-255
Rent	-10% $-240	-5% $-197	+0% $-155	+5% $-113	+10% $-70
Rate	-1.0pp $-82	-0.5pp $-118	base $-155	+0.5pp $-192	+1.0pp $-231

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3951 Bellemeade Ave Unit D Evansville, IN	2.0	1.0	825	$1,100	$1.33	22d	1	0.35mi
665 Saint Mary's Dr Unit 3 Evansville, IN	1.0	1.0	550	$900	$1.64	22d	1	0.43mi
950 S Hebron Ave Apt 301 Evansville, IN	2.0	1.0	1088	$1,900	$1.75	22d	1	0.50mi
700 Chateau Dr Evansville, IN	2.0	1.0	825	$695	$0.84	15d	2	0.51mi
4982 Tippecanoe Dr Evansville, IN	1.0–2.0	1.0	897	$910	$1.01	15d	3	0.54mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	15d	17	0.63mi
1165 Shiloh Sq Evansville, IN	1.0–2.0	1.0–2.0	907	$1,145	$1.26	15d	15	0.78mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,188	$1.23	22d	2	0.88mi
5560 E Virginia St Evansville, IN	1.0	1.0	773	$899	$1.16	22d	1	0.88mi
1290 Hatfield Dr Unit 1378 Evansville, IN	1.0	1.0	550	$775	$1.41	22d	1	0.93mi
1290 Hatfield Dr Unit 1330 Evansville, IN	1.0	1.0	550	$697	$1.27	22d	1	0.93mi
1290 Hatfield Dr Unit 1150 Evansville, IN	1.0	1.0	550	$775	$1.41	15d	1	0.93mi
1290 Hatfield Dr Unit 1266 Evansville, IN	1.0	1.0	600	$800	$1.33	22d	1	0.93mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,032	$1.03	15d	36	0.97mi
3 Brentwood Dr Evansville, IN	1.0	1.0	550	$1,300	$2.36	22d	1	1.03mi
3700 Justus Ct Evansville, IN	1.0–2.0	1.0–2.0	790	$975	$1.23	22d	1	1.05mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	22d	1	1.09mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0–2.0	914	$1,170	$1.28	15d	19	1.12mi
4689 Covert Ave Unit 4629 Evansville, IN	2.0	1.0	725	$775	$1.07	15d	1	1.16mi
4689 Covert Ave Unit 4637 Evansville, IN	1.0	1.0	610	$695	$1.14	22d	1	1.16mi
1621 Burdette Ave Evansville, IN	2.0	1.0	720	$1,050	$1.46	22d	1	1.16mi
200 Kimber Ln Evansville, IN	1.0–3.0	1.0–1.5	1025	$1,149	$1.12	15d	5	1.25mi
100 Williamsburg Dr Evansville, IN	1.0–3.0	1.0–1.5	960	$1,187	$1.24	15d	10	1.30mi

Listing history 2 events

1. 2026-05-04
   status Pending
2. 2026-05-01
   listed $145,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,868
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$4,218
• Taxable loss: −$4,431
• Est. tax savings @ 24.0%: +$1,063
• After-tax cash flow: $-795/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

2 events — show timeline

• 2026-05-04 Pending — IRMLS
• 2026-05-01 Listed $145,000 IRMLS

Property tax history

-5.1%/yr

Latest (2024): $67 · +2.0% YoY. Source: county tax records.