2848 Pennsylvania St · Evansville, IN 47712

$279,000

4 bd · 5.0 ba · 4,560 sqft · MultiFamily public records · 70 Days on market

Built 1904 9,757 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
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Money making westside 5-plex situated perfectly between the new downtown medical school and USI! One bedroom units that gross $1,805/month. Fully rented and owner occupied. Coin-operated laundry room in the basement. One penthouse unit, two main level units and two basement units. 5 Separate gas and electric meters and 5 separate furnaces; one water meter. 4 units with central air units and one basement unit with a window unit. Secured storage offered. Rear parking. Per seller, $3,500 in updates to basement unit D.

Key facts

• Central air units
• Separate furnaces
• Main-level units

Tags

• PENTHOUSE UNIT
• MAIN-LEVEL UNITS
• BASEMENT UNITS
• COIN-OPERATED LAUNDRY ROOM
• SEPARATE FURNACES
• CENTRAL AIR UNITS

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Financial details not provided
• HOA & community: No HOA information provided

Exterior

• Parking: 5 open parking spaces; Off-street and on-street parking; Paved parking lot
• Security: No security features listed
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (multi-family, fiveplex); Single-story building
• Construction: Brick and vinyl siding exterior; Asphalt roof
• Exterior features: Balcony; Covered deck

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Bedrooms information not provided
• Flooring: Carpet; Ceramic tile; Laminate; Tile
• Bathrooms: 5 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Window units; Multiple cooling units
• Interior features: Walk-in closets; Eat-in kitchen; Entrance foyer; Finished and unfinished basement with walk-out access
• Laundry & utility: Washer and dryer included; Washer hookup in common area

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/5.0-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $501/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $279k).
• Recommended offer: $262k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.9% 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: Tekoppel Elementary School (math 42% / reading 33%, grade F, #543 of 994 statewide, top 55%, 445 students, 73% FRL); Helfrich Park Stem Academy (math 36% / reading 47%, grade F, #108 of 330 statewide, top 34%, 517 students, 52% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL).
• Market conditions: 137 active listings in the ZIP; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $4,951/mo this rent would consume 87% of the median local household income ($68k/yr) (locally 797% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $155k; list at $279k implies a 80% gain — meaningful room to come down on a strong offer.

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 $262,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 14.91%
• Cash-on-cash: 30.78%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 2.06×
• Total profit: $82,472
• Equity at exit: $41,600

10-year hold

• IRR: 33.2%
• Equity multiple: 4.03×
• Total profit: $236,399
• Equity at exit: $24,123

Cash invested: $78,120 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 137
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $4,951 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$328 /mo · $3,938/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,040
• Net cashflow: $2,004

Break-even live

Break-even rent $2,415

Max offer price $279,000

Occupancy floor 55%

Sensitivity live

Price	-10% $2,162	-5% $2,083	+0% $2,004	+5% $1,925	+10% $1,846
Rent	-10% $1,613	-5% $1,808	+0% $2,004	+5% $2,199	+10% $2,395
Rate	-1.0pp $2,144	-0.5pp $2,075	base $2,004	+0.5pp $1,931	+1.0pp $1,858

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	5	$4,952
Total (4 units)			$4,951

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-18
   status Pending
2. 2026-03-06
   listed $279,000 Active
3. 2016-07-07
   soldstatus $155,000 521-char remark

   Show marketing remark (521 chars)

   Money making westside 5-plex situated perfectly between the new downtown medical school and USI! One bedroom units that gross $1,805/month. Fully rented and owner occupied. Coin-operated laundry room in the basement. One penthouse unit, two main level units and two basement units. 5 Separate gas and electric meters and 5 separate furnaces; one water meter. 4 units with central air units and one basement unit with a window unit. Secured storage offered. Rear parking. Per seller, $3,500 in updates to basement unit D.

4. 2016-05-10
   listed $179,900 521-char remark

   Show marketing remark (521 chars)

   Money making westside 5-plex situated perfectly between the new downtown medical school and USI! One bedroom units that gross $1,805/month. Fully rented and owner occupied. Coin-operated laundry room in the basement. One penthouse unit, two main level units and two basement units. 5 Separate gas and electric meters and 5 separate furnaces; one water meter. 4 units with central air units and one basement unit with a window unit. Secured storage offered. Rear parking. Per seller, $3,500 in updates to basement unit D.

5. 2015-01-10
   listed $159,900

ⓘ 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: $3,938 · $328/mo
• Projected year-2 tax: $3,938 · $328/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 (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: $59,412
• − Mortgage interest: −$15,628
• − Property taxes: −$3,938
• − Insurance: −$1,395
• − Repairs & maintenance: −$4,753
• − Management: −$4,753
• − Depreciation: −$8,116
• Taxable income: $20,828
• Est. tax owed @ 24.0%: −$4,999
• After-tax cash flow: $19,046/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): 25,444
• Household income: $68,494
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 797.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -101.86%
• Current HPI: 215.5153
• 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

+74.5% since first listed

5 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-03-06 Listed $279,000 IRMLS
• 2016-07-07 Sold (MLS) $155,000 IRMLS
• 2016-05-10 Listed $179,900 IRMLS
• 2015-01-10 Listed $159,900 IRMLS

Property tax history

+2.2%/yr

Latest (2024): $3,938 · -1.9% YoY. Source: county tax records.