1629 Ewing Ave · Evansville, IN 47712

$164,900

4 bd · 2.0 ba · 2,064 sqft · MultiFamily public records · 286 Days on market

Built 1914 7,405 sqft lot

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Beautiful 4 bedrooms, 2 bath duplex in Howell. This property is a great investment opportunity if given the right amount of TLC. Downstairs features one bedroom, one bathroom, office, and kitchen. The upstairs boasts 3 additional bedrooms, 1 bathroom, another kitchen, sunroom, laundry, and separate entrance. The 2 units are metered separately but the house could easily be used as a single-family home. Sold as-is.

Key facts

• Updates to a/c
• Fully remodeled
• Detached garage

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• FULLY REMODELED
• UPDATES TO A/C
• ELECTRIC METERED SEPARATELY
• DETACHED GARAGE

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); 2 stories
• Construction: Vinyl siding
• Exterior features: Covered patio/porch; Corner lot; Level lot

Interior

• Kitchen: Microwave; Range; Refrigerator; Dishwasher not listed
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Washer hookup; Unfinished basement; Carpet flooring; Dryer, Microwave, Range, Refrigerator, Washer
• Laundry & utility: Washer hookup; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Daniel Wertz Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 315 students, 59% FRL); Perry Heights Middle School (math 43% / reading 56%, grade C, #50 of 330 statewide, top 16%, 470 students, 39% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 32% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $107k; list at $165k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $145,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 days. Have you received any prior offers? Is the seller open to a 12% 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 1914 — 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: 1.12% ✓
• Cap rate: 9.09%
• Cash-on-cash: 10.00%
• DSCR: 1.44
• GRM: 7.4

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,231
• Equity at exit: $24,587

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $29,556
• Equity at exit: $14,258

Cash invested: $46,172 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 134
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $1,845 high
• Mortgage (P&I): −$865
• Tax from tax record: −$139 /mo · $1,672/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $385

Break-even live

Break-even rent $1,358

Max offer price $164,900

Occupancy floor 74%

Sensitivity live

Price	-10% $478	-5% $431	+0% $385	+5% $338	+10% $291
Rent	-10% $239	-5% $312	+0% $385	+5% $458	+10% $530
Rate	-1.0pp $468	-0.5pp $427	base $385	+0.5pp $342	+1.0pp $299

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,844
Total (2 units)			$1,845

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4002 Petes Ct Evansville, IN	3.0	2.0	1776	$1,600	$0.90	21d	1	0.63mi

Listing history 18 events

1. 2026-06-18
   days on market $164,900 Active 286 DOM
2. 2026-06-17
   days on market $164,900 Active 285 DOM
3. 2026-06-16
   days on market $164,900 Active 284 DOM
4. 2026-06-15
   days on market $164,900 Active 283 DOM
5. 2026-06-14
   days on market $164,900 Active 281 DOM
6. 2026-06-13
   days on market $164,900 Active 280 DOM
7. 2026-06-10
   days on market $164,900 Active 278 DOM
8. 2026-06-09
   days on market $164,900 Active 277 DOM
9. 2026-06-08
   days on market $164,900 Active 276 DOM
10. 2026-06-07
    days on market $164,900 Active 275 DOM
11. 2026-06-02
    days on market $164,900 Active 270 DOM
12. 2026-06-01
    days on market $164,900 Active 269 DOM
13. 2026-05-31
    days on market $164,900 Active 268 DOM
14. 2026-05-30
    days on market $164,900 Active 267 DOM
15. 2025-09-05
    listed $164,900 Active
16. 2023-08-03
    soldstatus $107,000 Closed 416-char remark

    Show marketing remark (416 chars)

    Beautiful 4 bedrooms, 2 bath duplex in Howell. This property is a great investment opportunity if given the right amount of TLC. Downstairs features one bedroom, one bathroom, office, and kitchen. The upstairs boasts 3 additional bedrooms, 1 bathroom, another kitchen, sunroom, laundry, and separate entrance. The 2 units are metered separately but the house could easily be used as a single-family home. Sold as-is.

17. 2023-06-15
    status Pending 416-char remark

    Show marketing remark (416 chars)

    Beautiful 4 bedrooms, 2 bath duplex in Howell. This property is a great investment opportunity if given the right amount of TLC. Downstairs features one bedroom, one bathroom, office, and kitchen. The upstairs boasts 3 additional bedrooms, 1 bathroom, another kitchen, sunroom, laundry, and separate entrance. The 2 units are metered separately but the house could easily be used as a single-family home. Sold as-is.

18. 2023-05-24
    listed $117,500 Active 416-char remark

    Show marketing remark (416 chars)

    Beautiful 4 bedrooms, 2 bath duplex in Howell. This property is a great investment opportunity if given the right amount of TLC. Downstairs features one bedroom, one bathroom, office, and kitchen. The upstairs boasts 3 additional bedrooms, 1 bathroom, another kitchen, sunroom, laundry, and separate entrance. The 2 units are metered separately but the house could easily be used as a single-family home. Sold as-is.

ⓘ 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: $1,672 · $139/mo
• Projected year-2 tax: $1,672 · $139/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 (unshaded) · 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 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: $22,140
• − Mortgage interest: −$9,237
• − Property taxes: −$1,672
• − Insurance: −$824
• − Repairs & maintenance: −$1,771
• − Management: −$1,771
• − Depreciation: −$4,797
• Taxable income: $2,067
• Est. tax owed @ 24.0%: −$496
• After-tax cash flow: $4,121/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

+40.3% since first listed

4 events — show timeline

• 2025-09-05 Listed $164,900 IRMLS
• 2023-08-03 Sold (MLS) $107,000 IRMLS
• 2023-06-15 Pending — IRMLS
• 2023-05-24 Listed $117,500 IRMLS

Property tax history

+1.5%/yr

Latest (2024): $1,672 · +32.9% YoY. Source: county tax records.