416 E Michigan St · Evansville, IN 47711

$50,000

2 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 1 Days on market

Built 1869 3,485 sqft lot

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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 +7.5/15.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 3,485 sq ft lot
• Garage
• Built 1869

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 18.0% 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: Delaware Elementary School (math 22% / reading 16%, grade F, #829 of 994 statewide, top 84%, 338 students, 90% 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).
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 30 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1869 — 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 $50,000

Questions for the listing agent

1. Built in 1869 — 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: 2.11% ✓
• Cap rate: 18.04%
• Cash-on-cash: 41.94%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $105,730
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
416 E Michigan St	0.00mi	2/1.0	1,090 (0%)	0mo	$50,000	$46	100
614 E Iowa St	0.18mi	2/1.0	1,176 (+8%)	7mo	$119,900	$102	72
812 N Garvin St	0.29mi	2/1.0	978 (-10%)	6mo	$64,900	$66	64
416 S Garvin St	0.57mi	2/1.0	1,024 (-6%)	3mo	$38,750	$38	61
311 E Oregon St	0.37mi	2/1.0	950 (-13%)	5mo	$17,000	$18	57
1311 N Garvin St	0.61mi	2/1.0	1,016 (-7%)	6mo	$126,000	$124	56
318 E Eichel Ave	0.71mi	2/1.0	1,158 (+6%)	7mo	$72,000	$62	51
1006 Cherry St	0.67mi	2/1.0	976 (-10%)	4mo	$95,000	$97	48
211 S Bedford Ave	0.60mi	3/1.0 (+1)	1,246 (+14%)	1mo	$136,500	$110	42
424 S Linwood Ave	0.63mi	3/2.0 (+1)	990 (-9%)	5mo	$155,000	$157	42
220 E Eichel Ave	0.72mi	2/1.0	1,231 (+13%)	7mo	$84,900	$69	39
29 W Florida St	0.70mi	3/1.0 (+1)	1,232 (+13%)	7mo	$135,000	$110	35

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 42.8%
• Equity multiple: 2.94×
• Total profit: $27,177
• Equity at exit: $7,455

10-year hold

• IRR: 50.6%
• Equity multiple: 6.86×
• Total profit: $82,032
• Equity at exit: $4,323

Cash invested: $14,000 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 229
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,057 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $489

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 49%

Sensitivity live

Price	-10% $524	-5% $507	+0% $489	+5% $472	+10% $455
Rent	-10% $406	-5% $448	+0% $489	+5% $531	+10% $573
Rate	-1.0pp $514	-0.5pp $502	base $489	+0.5pp $476	+1.0pp $463

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	21d	1	0.36mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	0.37mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	21d	1	0.48mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	21d	1	0.62mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	0.68mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	0.71mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	21d	1	0.73mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	21d	1	0.74mi
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	14d	1	0.75mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	21d	1	0.84mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	21d	1	0.89mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	14d	1	0.98mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	14d	1	0.98mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	1.01mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	14d	1	1.01mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	21d	1	1.02mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	14d	1	1.13mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	14d	1	1.13mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	14d	17	1.18mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	21d	4	1.19mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	21d	1	1.20mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	21d	1	1.22mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	21d	6	1.23mi
315 SE 1st St Evansville, IN	1.0	1.0	1331	$1,695	$1.27	21d	1	1.24mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	21d	1	1.24mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	1.28mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	21d	1	1.32mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	21d	1	1.43mi
1306 W Missouri St Evansville, IN	2.0	1.0	800	$950	$1.19	14d	1	1.45mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	21d	1	1.46mi

Listing history 2 events

1. 2026-02-08
   status Pending
2. 2026-02-08
   listed $50,000 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 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: $12,680
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$1,455
• Taxable income: $5,396
• Est. tax owed @ 24.0%: −$1,295
• After-tax cash flow: $4,576/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): 30,944
• Household income: $66,320
• Rent vs Own: 24.4% rent · 75.6% own
• Severe rent burden: 659.0

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 (85%)
• Race & ethnicity: White 85% Black 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -97.98%
• Current HPI: 205.62
• Rent YoY: ▲ 6.72%
• 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

• 2026-02-08 Pending — IRMLS
• 2026-02-08 Listed $50,000 IRMLS