1823 Covert Ave · Evansville, IN 47714

$67,000

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 16 Days on market

Built 1952 8,004 sqft lot Est $106k · 37% under ↓ 16% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-bedroom, 1-bathroom home with basement - Investor Special! This property offers a great opportunity for investors looking to renovate and add value. Featuring a full basement with potential for additional living space or storage. Bring your vision and transform this property into a profitable investment. Don't miss out on this opportunity to expand your portfolio! Sold as-is.

Key facts

• New roof
• Hardwood floors
• 8,004 sq ft lot

Tags

• NEW ROOF
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Listed by Key Associates of Rockport IN

Exterior

• Parking: Detached concrete garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story; Zoned R-1 One-Family Residence; Located in the Southside Park subdivision
• Construction: Aluminum and vinyl siding
• Exterior features: Asphalt roof; Level lot; Lot approximately 58 x 138 (0.18 acres)

Interior

• Bedrooms: Total of 4 rooms (bedroom count not specified)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Full unfinished basement; Level lot
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $66k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: Lodge Community School (math 11% / reading 19%, grade F, #859 of 994 statewide, top 87%, 382 students, 85% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 77% FRL vs 50% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 40% district-wide (-22 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 26 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 $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $54k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $65,995 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — 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: 1.56% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.26%
• DSCR: 1.99
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $105,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1605 Ravenswood Dr	0.20mi	2/1.0	752 (-2%)	4mo	$70,000	$93	84
1615 Ravenswood Dr	0.17mi	2/1.0	805 (+5%)	1mo	$99,900	$124	83
1407 Waggoner Ave	0.35mi	2/1.0	775 (+1%)	2mo	$94,500	$122	81
1505 Jackson Ave	0.32mi	2/1.0	780 (+2%)	4mo	$38,750	$50	79
1909 Taylor Ave	0.17mi	2/1.0	696 (-9%)	3mo	$96,000	$138	74
2202 Ravenswood Dr	0.41mi	2/1.0	728 (-5%)	3mo	$118,450	$163	70
1119 Brookside Dr	0.51mi	2/1.0	724 (-6%)	0mo	$107,000	$148	66
2020 E Blackford Ave	0.62mi	2/1.0	840 (+9%)	3mo	$138,500	$165	52
1315 Marshall Ave	0.49mi	2/1.0	659 (-14%)	1mo	$82,500	$125	52
1203 Lodge Ave	0.50mi	3/1.0 (+1)	864 (+12%)	4mo	$60,000	$69	47
1801 E Powell Ave	0.62mi	2/1.0	880 (+15%)	1mo	$168,500	$191	46
2229 Margybeth Ave	0.74mi	2/1.0	672 (-12%)	1mo	$99,000	$147	44

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: 20.5%
• Equity multiple: 1.89×
• Total profit: $16,697
• Equity at exit: $9,990

10-year hold

• IRR: 31.9%
• Equity multiple: 4.60×
• Total profit: $67,538
• Equity at exit: $5,793

Cash invested: $18,760 (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: 188
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,046 high
• Mortgage (P&I): −$351
• Tax from tax record: −$99 /mo · $1,193/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $348

Break-even live

Break-even rent $606

Max offer price $67,000

Occupancy floor 62%

Sensitivity live

Price	-10% $386	-5% $367	+0% $348	+5% $329	+10% $310
Rent	-10% $265	-5% $307	+0% $348	+5% $389	+10% $431
Rate	-1.0pp $382	-0.5pp $365	base $348	+0.5pp $331	+1.0pp $313

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	0.19mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	22d	1	0.33mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	22d	1	0.35mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	22d	2	0.39mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	22d	8	0.42mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	0.56mi
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	22d	1	0.80mi
2340 Sunburst Blvd Unit 2270-318 Evansville, IN	2.0	1.0	815	$900	$1.10	22d	1	0.80mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	22d	1	0.80mi
2232 E Riverside Dr Evansville, IN	2.0	1.0	810	$1,200	$1.48	14d	1	0.85mi
2501 Pollack Ave Evansville, IN	2.0	1.0	648	$1,080	$1.67	22d	1	0.90mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	14d	1	0.90mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	22d	1	1.01mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	22d	1	1.04mi
1604 Marbo Ave Evansville, IN	2.0	1.0	900	$1,095	$1.22	22d	1	1.13mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	22d	1	1.21mi
1290 Hatfield Dr Unit 1266 Evansville, IN	1.0	1.0	600	$800	$1.33	22d	1	1.28mi
1290 Hatfield Dr Unit 1150 Evansville, IN	1.0	1.0	550	$775	$1.41	14d	1	1.28mi
1290 Hatfield Dr Unit 1330 Evansville, IN	1.0	1.0	550	$697	$1.27	22d	1	1.28mi
1290 Hatfield Dr Unit 1378 Evansville, IN	1.0	1.0	550	$775	$1.41	22d	1	1.28mi
2818 S Villa Dr Evansville, IN	3.0	1.0	1061	$1,295	$1.22	22d	1	1.31mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	22d	1	1.39mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	22d	1	1.39mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	22d	1	1.42mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,032	$1.03	14d	36	1.45mi
3700 Justus Ct Evansville, IN	1.0–2.0	1.0–2.0	790	$975	$1.23	22d	1	1.46mi

Listing history 11 events

1. 2026-06-18
   days on market $67,000 Active 16 DOM
2. 2026-06-17
   days on market $67,000 Active 15 DOM
3. 2026-06-16
   days on market $67,000 Active 14 DOM
4. 2026-06-15
   days on market $67,000 Active 13 DOM
5. 2026-06-14
   days on market $67,000 Active 11 DOM
6. 2026-06-13
   days on market $67,000 Active 10 DOM
7. 2026-06-10
   days on market $67,000 Active 8 DOM
8. 2026-06-09
   days on market $67,000 Active 7 DOM
9. 2026-06-08
   days on market $67,000 Active 6 DOM
10. 2026-06-07
    remarks 172-char remark
11. 2026-06-07
    listed $67,000 Active 5 DOM

ⓘ 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: $1,193 · $99/mo
• Projected year-2 tax: $1,193 · $99/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,557
• − Mortgage interest: −$3,753
• − Property taxes: −$1,193
• − Insurance: −$335
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$1,949
• Taxable income: $3,317
• Est. tax owed @ 24.0%: −$796
• After-tax cash flow: $3,379/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

-16.2% since first listed

8 events — show timeline

• 2026-06-02 Listed $67,000 IRMLS
• 2024-11-22 Sold (MLS) $54,000 IRMLS
• 2024-10-31 Pending — IRMLS
• 2024-07-11 Price Changed $65,000 IRMLS
• 2024-06-28 Relisted — IRMLS
• 2024-06-16 Pending — IRMLS
• 2024-06-11 Price Changed $70,000 IRMLS
• 2024-06-04 Listed $80,000 IRMLS

Property tax history

+7.5%/yr

Latest (2024): $1,193 · -1.5% YoY. Source: county tax records.