967 Independence Ave · Evansville, IN 47713

$114,900

3 bd · 1.0 ba · 1,270 sqft · SingleFamily public records · 4 Days on market

Built 1955 9,148 sqft lot Est $138k · 17% under

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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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +5.8/10.0
• 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

Listing remarks

Dont miss your chance on this 4 bed 1 bath home boasting over 1500sqft of living space. Nice sunporch at the front of the home leads into the spacious living room. Dining room located just off the kitchen. New carpet in all four bedrooms Close to downtown eateries and entertainment. Currently zoned C-4. Would make for a great addition to any investors portfolio Home is being sold as-is

Key facts

• Sunporch
• Dining room
• Zoned c-4

Tags

• SUNPORCH
• SPACIOUS LIVING ROOM
• DINING ROOM
• CLOSE TO DOWNTOWN
• ZONED C-4

Property features AI

Finance

• Other: Lot dimensions approximately 50 x 183 (0.21 acre)

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 1 story; Entry level not specified; Facing direction not specified
• Construction: Aluminum siding; Shingle roof; Crawl space foundation; Built year not specified
• Exterior features: Covered porch; Level lot; Shed(s)

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Bedrooms not specified
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Laminate counters; 1 fireplace
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 9.0% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL); New Tech Institute (math 34% / reading 74%, grade C-, #79 of 369 statewide, top 26%, 275 students, 40% FRL).
• Market conditions: Rents rising fast (+9.9%/yr); 119 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 36% of the median local income ($41k/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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,900

Questions for the listing agent

1. Built in 1955 — 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: 1.08% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $138,430
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
807 Prosperity Ave	0.21mi	2/1.5 (-1)	1,232 (-3%)	0mo	$70,000	$57	78
1903 S Kerth Ave	0.43mi	3/2.0	1,214 (-4%)	5mo	$150,000	$124	65
1862 Marshall Ave	0.66mi	3/1.0	1,302 (+2%)	3mo	$65,000	$50	63
2513 Beech Dr	0.61mi	4/1.5 (+1)	1,276 (+0%)	6mo	$150,000	$118	59
1807 S Fares Ave	0.51mi	2/1.0 (-1)	1,229 (-3%)	10mo	$18,000	$15	58
2117 Herbert Ave	0.44mi	3/1.0	1,135 (-11%)	10mo	$144,200	$127	54
2006 Herbert Ave	0.52mi	3/1.0	1,113 (-12%)	7mo	$85,000	$76	50
2209 Maplewood Cir	0.48mi	2/1.0 (-1)	1,125 (-11%)	10mo	$101,000	$90	45
1255 Maple Ct	0.51mi	2/1.5 (-1)	1,450 (+14%)	1mo	$159,900	$110	45
2408 Lodge Ave	0.57mi	3/1.5	1,118 (-12%)	10mo	$84,800	$76	43
1059 Waggoner Ave	0.67mi	2/2.0 (-1)	1,150 (-9%)	2mo	$125,000	$109	43
1615 S Fares Ave	0.71mi	2/1.5 (-1)	1,142 (-10%)	9mo	$140,000	$123	36

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: 3.4%
• Equity multiple: 1.14×
• Total profit: $4,395
• Equity at exit: $17,132

10-year hold

• IRR: 17.0%
• Equity multiple: 2.70×
• Total profit: $54,834
• Equity at exit: $9,934

Cash invested: $32,172 (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: 119
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,243 high
• Mortgage (P&I): −$603
• Tax from tax record: −$73 /mo · $876/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $259

Break-even live

Break-even rent $916

Max offer price $114,900

Occupancy floor 74%

Sensitivity live

Price	-10% $324	-5% $291	+0% $259	+5% $226	+10% $194
Rent	-10% $160	-5% $209	+0% $259	+5% $308	+10% $357
Rate	-1.0pp $316	-0.5pp $288	base $259	+0.5pp $229	+1.0pp $199

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	22d	1	0.73mi
1604 Marbo Ave Evansville, IN	2.0	1.0	900	$1,095	$1.22	22d	1	0.86mi
638 Jackson Ave Evansville, IN	4.0	1.0	1176	$1,495	$1.27	22d	1	0.99mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,275	$1.11	22d	8	1.06mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	22d	1	1.13mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	22d	1	1.28mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	22d	1	1.49mi

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-05-13
   listed $114,900 Active

ⓘ 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: $876 · $73/mo
• Projected year-2 tax: $926 · $77/mo
• Expected delta: +$50/yr (+$4/mo · 5.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 20 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: $14,917
• − Mortgage interest: −$6,436
• − Property taxes: −$876
• − Insurance: −$574
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − Depreciation: −$3,343
• Taxable income: $1,301
• Est. tax owed @ 24.0%: −$312
• After-tax cash flow: $2,791/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

2 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-13 Listed $114,900 IRMLS

Property tax history

+7.2%/yr

Latest (2024): $876 · +0.7% YoY. Source: county tax records.