807 N Fourth Ave · Evansville, IN 47710

$69,900

4 bd · 2.5 ba · 2,326 sqft · SingleFamily · 18 Days on market

Built 1904 Fair condition 4,356 sqft lot Est $84k · 17% under

---

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
• ARV discount +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Your next summer investment project awaits! An open front porch welcomes you to this large two story home that is currently set up as a duplex but has potential to be a triplex or even could be a large single family home again as it was originally intended. The home features 4 bedrooms and 3 bathrooms along with more than 2300 square feet of space. Multiple entrances to each apartment already exist. A rear kitchen and foyer in the home feature new flooring and trim. The upstairs features a large kitchen, full bath and large rooms. Two separate gas furnaces. Outside, enjoy a large, newer 24x30 garage that has a concrete floor and rear garage door. With some cosmetic TLC this home could reall

Key facts

• Newer garage
• Rear kitchen
• New flooring

Tags

• OPEN FRONT PORCH
• REAR KITCHEN
• NEW FLOORING
• NEWER GARAGE
• CONCRETE FLOOR
• MULTIPLE ENTRANCES

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; Two stories
• Construction: Aluminum siding; Brick/mortar foundation
• Exterior features: Level lot; Lot dimensions approximately 42 x 130

Interior

• Bathrooms: Two full bathrooms; One half bathroom; Two main-level bathrooms
• Heating & cooling: Natural gas forced air heating; No cooling
• Interior features: Partial basement; Main-level laundry; 10 total rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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; 4 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).
• This rent runs 31% of the median local income ($47k/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 $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

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 $68,851 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
7. 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.
8. 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: 1.75% ✓
• Cap rate: 14.62%
• Cash-on-cash: 29.75%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $83,736
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 N Fourth Ave	0.11mi	4/2.0	2,142 (-8%)	2mo	$105,000	$49	78
1028 N 3rd Ave	0.16mi	5/1.0 (+1)	2,386 (+3%)	5mo	$85,000	$36	73
908 W Maryland St	0.13mi	3/1.5 (-1)	2,236 (-4%)	12mo	$28,000	$13	69
1021 N Second Ave	0.24mi	5/1.5 (+1)	2,434 (+5%)	4mo	$87,500	$36	69
1002 Edgar St	0.36mi	3/2.0 (-1)	2,285 (-2%)	6mo	$5,000	$2	68
802 W Franklin St	0.40mi	4/3.0	2,442 (+5%)	13mo	$120,000	$49	60
1409 W Maryland St	0.31mi	4/1.0	1,998 (-14%)	1mo	$90,000	$45	55
909 W Maryland St	0.14mi	4/1.0	2,658 (+14%)	12mo	$30,000	$11	54
1025 N Third Ave	0.16mi	3/2.0 (-1)	1,979 (-15%)	14mo	$18,500	$9	49
1113 Georgia St	0.35mi	4/1.0	1,988 (-14%)	13mo	$100,000	$50	42
313 W Florida St	0.63mi	3/1.0 (-1)	2,064 (-11%)	8mo	$40,000	$19	34
209 W Columbia St	0.63mi	4/2.0	2,034 (-13%)	18mo	$45,000	$22	33

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: 24.3%
• Equity multiple: 2.00×
• Total profit: $19,597
• Equity at exit: $10,422

10-year hold

• IRR: 32.1%
• Equity multiple: 3.91×
• Total profit: $56,935
• Equity at exit: $6,044

Cash invested: $19,572 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,226 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $485

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 55%

Sensitivity live

Price	-10% $534	-5% $509	+0% $485	+5% $461	+10% $437
Rent	-10% $388	-5% $437	+0% $485	+5% $534	+10% $582
Rate	-1.0pp $520	-0.5pp $503	base $485	+0.5pp $467	+1.0pp $449

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 W Illinois St Evansville, IN	5.0	2.0	1892	$3,500	$1.85	22d	1	0.41mi
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	14d	1	0.63mi
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	22d	1	0.83mi
121 E Florida St Evansville, IN	4.0	2.0	1702	$100	$0.06	22d	1	1.01mi

Listing history 13 events

1. 2026-06-18
   days on market $69,900 Active 18 DOM
2. 2026-06-17
   days on market $69,900 Active 17 DOM
3. 2026-06-16
   days on market $69,900 Active 16 DOM
4. 2026-06-15
   days on market $69,900 Active 15 DOM
5. 2026-06-14
   days on market $69,900 Active 13 DOM
6. 2026-06-13
   days on market $69,900 Active 12 DOM
7. 2026-06-10
   days on market $69,900 Active 10 DOM
8. 2026-06-09
   days on market $69,900 Active 9 DOM
9. 2026-06-08
   days on market $69,900 Active 8 DOM
10. 2026-06-07
    days on market $69,900 Active 7 DOM
11. 2026-06-02
    days on market $69,900 Active 2 DOM
12. 2026-06-01
    remarks 699-char remark
13. 2026-06-01
    listed $69,900 Active 1 DOM

ⓘ 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 ≥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: $14,708
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,177
• − Management: −$1,177
• − Depreciation: −$2,033
• Taxable income: $5,008
• Est. tax owed @ 24.0%: −$1,202
• After-tax cash flow: $4,621/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-story home requires moderate renovations to update the kitchen and bathrooms, paint the interior and exterior, and improve curb appeal. With these updates, it could become a move-in-ready property with increased resale and rental value.

Repairs flagged

• Major kitchen cabinets — Old and outdated
• Major bathroom fixtures — Old and outdated
• Moderate exterior siding — Worn and needs repainting

Value-add opportunities

• Both update kitchen cabinets and flooring — Modernizing the kitchen will appeal to both buyers and renters
• Both update bathroom fixtures and flooring — Modernizing the bathrooms will appeal to both buyers and renters
• Both paint interior walls and exterior siding — Fresh paint and siding will improve curb appeal and home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Old and outdated	Major	$15,000–50,000
bathroom fixtures · Old and outdated	Major	$15,000–50,000
exterior siding · Worn and needs repainting	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both update kitchen cabinets and flooring — Modernizing the kitchen will appeal to both buyers and renters ↑
• Both update bathroom fixtures and flooring — Modernizing the bathrooms will appeal to both buyers and renters ↑
• Both paint interior walls and exterior siding — Fresh paint and siding will improve curb appeal and home value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-01 Listed $69,900 IRMLS