610 E Michigan St · Evansville, IN 47711

$95,000

2 bd · 1.0 ba · 1,036 sqft · SingleFamily public records · 137 Days on market

Built 1914 3,920 sqft lot Est $68k · 39% over

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Why this score? — see what drove the C- 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 +26.5/30.0
• DSCR +9.0/10.0
• 1% rule +6.0/10.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

2 bedroom 1 bath single family home. Sold as part of a package deal (#3) totaling 5 investment properties. Currently rented for $900/month. Package includes 610 E Michigan St. , 1812 Hercules Ave. , 1104 Adams Ave. , 1217 Edgar St. , and 1251 E Illinois St. for a total package purchase price of $475,000.00.

Key facts

• 3,920 sq ft lot
• Built 1914
• Listed 137 days

Property features AI

Finance

• Financial info: Annual tax listed (amount provided)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story; Above-grade finished area approximately 1,036
• Construction: Vinyl and wood siding; Asphalt roof
• Exterior features: Covered porch; Level lot

Interior

• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space, partial, unfinished basement; Main-level laundry; Total of 4 rooms
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: Lincoln School (math 12% / reading 17%, grade F, #862 of 994 statewide, top 88%, 236 students, 88% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 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 1914 — 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: 1.10% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.35%
• DSCR: 1.50
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $68,376
• 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	0.12mi	2/1.0	1,090 (+5%)	0mo	$50,000	$46	86
812 N Garvin St	0.29mi	2/1.0	978 (-6%)	6mo	$64,900	$66	72
313 E Iowa St	0.22mi	2/1.0	1,116 (+8%)	7mo	$69,900	$63	71
416 S Garvin St	0.56mi	2/1.0	1,024 (-1%)	3mo	$38,750	$38	69
614 E Iowa St	0.12mi	2/1.0	1,176 (+14%)	7mo	$119,900	$102	66
1311 N Garvin St	0.60mi	2/1.0	1,016 (-2%)	6mo	$126,000	$124	64
311 E Oregon St	0.41mi	2/1.0	950 (-8%)	5mo	$17,000	$18	63
1108 Garvin St	0.47mi	2/1.0	976 (-6%)	8mo	$110,000	$113	62
503 S Grand Ave	0.75mi	2/1.0	1,000 (-4%)	6mo	$60,000	$60	54
1006 Cherry St	0.71mi	2/1.0	976 (-6%)	4mo	$95,000	$97	54
424 S Linwood Ave	0.60mi	3/2.0 (+1)	990 (-4%)	5mo	$155,000	$157	52
318 E Eichel Ave	0.72mi	2/1.0	1,158 (+12%)	7mo	$72,000	$62	41

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $4,636
• Equity at exit: $14,165

10-year hold

• IRR: 16.8%
• Equity multiple: 2.60×
• Total profit: $42,447
• Equity at exit: $8,214

Cash invested: $26,600 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,042 high
• Mortgage (P&I): −$498
• Tax from tax record: −$34 /mo · $410/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $252

Break-even live

Break-even rent $724

Max offer price $95,000

Occupancy floor 71%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	20d	1	0.47mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	13d	7	0.48mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	20d	1	0.58mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	20d	1	0.60mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	20d	1	0.68mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	20d	1	0.70mi
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	13d	1	0.81mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	20d	1	0.82mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	20d	1	0.84mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	0.87mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	0.91mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	20d	1	0.92mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	20d	1	0.99mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	20d	1	0.99mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	1.02mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	13d	1	1.06mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	20d	1	1.11mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	13d	1	1.15mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	20d	1	1.22mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	20d	1	1.25mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	20d	1	1.26mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	13d	17	1.26mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	20d	4	1.26mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	20d	1	1.28mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	20d	6	1.30mi
315 SE 1st St Evansville, IN	1.0	1.0	1331	$1,695	$1.27	20d	1	1.31mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	20d	1	1.36mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	20d	1	1.43mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	20d	1	1.44mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	13d	1	1.47mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	13d	1	1.50mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $95,000 Pending 137 DOM
2. 2026-06-02
   days on market $95,000 Active 134 DOM
3. 2026-06-01
   days on market $95,000 Active 133 DOM
4. 2026-05-31
   days on market $95,000 Active 132 DOM
5. 2026-05-30
   days on market $95,000 Active 131 DOM
6. 2026-02-15
   price $95,000
7. 2026-01-20
   listed $95,714 Active
8. 2025-06-05
   listed $95,714 Active
9. 2016-05-09
   listed $35,900

ⓘ 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: $410 · $34/mo
• Projected year-2 tax: $609 · $51/mo
• Expected delta: +$199/yr (+$17/mo · 48.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% 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: $12,508
• − Mortgage interest: −$5,321
• − Property taxes: −$410
• − Insurance: −$475
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$2,764
• Taxable income: $1,537
• Est. tax owed @ 24.0%: −$369
• After-tax cash flow: $2,649/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

+164.6% since first listed

4 events — show timeline

• 2026-02-15 Price Changed $95,000 IRMLS
• 2026-01-20 Listed $95,714 IRMLS
• 2025-06-05 Listed $95,714 IRMLS
• 2016-05-09 Listed $35,900 IRMLS

Property tax history

-1.9%/yr

Latest (2024): $410 · +16.6% YoY. Source: county tax records.