959 S Grand Ave · Evansville, IN 47713

$59,000

2 bd · 1.0 ba · 2,426 sqft · SingleFamily public records · 566 Days on market

Built 1919 1,739 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 +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

Bungalow with recent updates include a newer roof, flooring, and fresh paint. Living room and dining room with stunning box beam ceilings. The den off the dining room could easily be converted into a 3rd bedroom, and the 2nd floor has the potential to add a 4th bedroom. Full unfinished basement. Previously rented for $600/month in rental income. Tenant was responsible for all utilities. Can be purchased as part of a package that includes 2 homes (959 S Grand Avenue and 1850 Lodge Avenue) for a TOTAL purchase price of $160,000. Sold as is.

Key facts

• 1,739 sq ft lot
• Built 1919
• Listed 565 days

Property features AI

Exterior

• Parking: No parking or garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Aluminum and vinyl siding
• Exterior features: Front porch; Level lot; Sidewalks in the community

Interior

• Bedrooms: Bedrooms included in total room count (5 rooms total)
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Carpet and vinyl flooring; One fireplace (no special features); Full unfinished basement
• Laundry & utility: Laundry on the main level

🏷️ Possibly a rental listed for sale. The $59,000 price doesn't fit this home's estimated sale value (~$184,376) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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: Dexter Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 328 students, 83% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL) — zoned schools average 76% FRL vs 50% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 40% district-wide (-23 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 (+9.9%/yr); 118 active listings in the ZIP; lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 31% 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 $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 566 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $21k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1919 — 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 $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 566 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.80% ✓
• Cap rate: 15.00%
• Cash-on-cash: 31.11%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $184,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
665 S Kentucky Ave	0.36mi	3/1.5 (+1)	2,456 (+1%)	6mo	$190,000	$77	69
805 E Chandler Ave	0.22mi	3/2.0 (+1)	2,273 (-6%)	7mo	$289,900	$128	65
1111 S Evans Ave	0.23mi	3/2.5 (+1)	2,340 (-4%)	15mo	$144,900	$62	60
1101 Taylor Ave	0.47mi	3/2.0 (+1)	2,439 (+0%)	14mo	$200,000	$82	56
1028 Ravenswood Dr	0.48mi	2/1.0	2,688 (+11%)	9mo	$122,500	$46	52
864 Lincoln Ave	0.48mi	3/1.0 (+1)	2,548 (+5%)	15mo	$55,000	$22	51
1019 Ravenswood Dr	0.51mi	3/1.5 (+1)	2,244 (-8%)	7mo	$217,500	$97	51
1113 Ravenswood Dr	0.54mi	3/1.0 (+1)	2,666 (+10%)	7mo	$196,500	$74	47
728 College Hwy	0.54mi	3/2.5 (+1)	2,614 (+8%)	13mo	$405,000	$155	40
1124 Covert Ave	0.58mi	3/3.0 (+1)	2,640 (+9%)	11mo	$151,000	$57	36
705 E Riverside Dr	0.74mi	2/1.0	2,160 (-11%)	14mo	$32,000	$15	36
820 S Governor St	0.56mi	3/2.0 (+1)	2,170 (-11%)	16mo	$165,000	$76	34

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: 31.5%
• Equity multiple: 2.41×
• Total profit: $23,340
• Equity at exit: $8,797

10-year hold

• IRR: 41.3%
• Equity multiple: 5.91×
• Total profit: $81,036
• Equity at exit: $5,101

Cash invested: $16,520 (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: 118
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,061 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$76 /mo · $911/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $428

Break-even live

Break-even rent $519

Max offer price $59,000

Occupancy floor 55%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $59,000 Active 566 DOM
2. 2026-06-17
   days on market $59,000 Active 565 DOM
3. 2026-06-16
   days on market $59,000 Active 564 DOM
4. 2026-06-15
   days on market $59,000 Active 563 DOM
5. 2026-06-14
   days on market $59,000 Active 561 DOM
6. 2026-06-13
   days on market $59,000 Active 560 DOM
7. 2026-06-10
   days on market $59,000 Active 558 DOM
8. 2026-06-09
   days on market $59,000 Active 557 DOM
9. 2026-06-08
   days on market $59,000 Active 556 DOM
10. 2026-06-07
    days on market $59,000 Active 555 DOM
11. 2026-06-02
    days on market $59,000 Active 550 DOM
12. 2026-06-01
    days on market $59,000 Active 549 DOM
13. 2026-05-31
    days on market $59,000 Active 548 DOM
14. 2026-05-30
    pricedays on market $59,000 Active 547 DOM
15. 2026-05-07
    status Active
16. 2026-05-07
    historical
17. 2025-12-01
    status Active
18. 2025-11-24
    price $60,000
19. 2024-11-29
    listed $80,000 Active
20. 2019-11-15
    soldstatus $440,000
21. 2014-01-29
    listed $21,250

ⓘ 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: $911 · $76/mo
• Projected year-2 tax: $911 · $76/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 3/10 Moderate FEMA zone X (shaded) · 20% 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 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: $12,731
• − Mortgage interest: −$3,305
• − Property taxes: −$911
• − Insurance: −$295
• − Repairs & maintenance: −$1,018
• − Management: −$1,018
• − Depreciation: −$1,716
• Taxable income: $4,467
• Est. tax owed @ 24.0%: −$1,072
• After-tax cash flow: $4,067/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

+182.4% since first listed

7 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2025-12-01 Relisted — IRMLS
• 2025-11-24 Price Changed $60,000 IRMLS
• 2024-11-29 Listed $80,000 IRMLS
• 2019-11-15 Sold (Public Records) $440,000 Public Records
• 2014-01-29 Listed $21,250 IRMLS

Property tax history

+4.0%/yr

Latest (2024): $911 · -6.0% YoY. Source: county tax records.