6940 Kolb Dr · Evansville, IN 47715

$250,000

3 bd · 1.0 ba · 1,856 sqft · SingleFamily public records · 8 Days on market

Built 1988 10,019 sqft lot Est $252k · at est.

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Why this score? — see what drove the D- 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 +12.6/30.0
• ARV discount +7.9/15.0
• DSCR +3.8/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Two-Story in Audubon Estates with 1856sqft, 4 bedrooms, 2.5 baths, living room, eat-in kitchen, dining room, 2 car garage. Main Level includes hardwood flooring, spacious living room, formal dining room, kitchen with breakfast bar, pantry, built-in desk, appliances stay, laundry and half bath just off the kitchen; plus kitchen dining area with access door to back patio and backyard view of mature trees. Upstairs offers an Owner’s Suite with 2 closets and full bath, plus 3 other bedrooms, and a hallway bath. Roof is 10 years old. Close to shopping and restaurants!

Key facts

• Hardwood flooring
• Eat-in kitchen
• Private view

Tags

• HARDWOOD FLOORING
• EAT-IN KITCHEN
• BREAKFAST BAR
• PRIVATE VIEW
• MATURE TREES
• OWNER'S SUITE

Property features AI

Exterior

• Parking: Attached concrete garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence (site-built); 2 stories
• Construction: Vinyl siding; Built above grade (finished area reported); Crawl space foundation
• Exterior features: Patio; Level lot; Lot dimensions 75 x 132; Lot size approximately 0.23 acres

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric oven; Eat-in kitchen; Breakfast bar
• Bedrooms: 8 total rooms (bedroom count not specified)
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 bathroom on the main level
• Heating & cooling: Natural gas heating; Forced air heating; Central air; Ceiling fan(s)
• Interior features: Walk-in closet(s); Entrance foyer; Breakfast bar; Ceiling fan(s); Eat-in kitchen; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-30 ($-365/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (26.5% below list).
• Recommended offer: $184k (26.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Caze Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 393 students, 79% FRL); Mcgary Middle School (math 8% / reading 15%, grade F, #311 of 330 statewide, top 94%, 351 students, 81% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL) — zoned schools average 73% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-16 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: 177 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 36% of the median local income ($61k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $183,664 (26.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.73% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $252,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6927 Kolb Dr	0.03mi	3/2.0	1,755 (-5%)	3mo	$195,000	$111	83
1511 Oriole Dr	0.36mi	3/2.5	1,897 (+2%)	1mo	$235,000	$124	73
1908 Chickasaw Dr	0.26mi	3/2.0	1,998 (+8%)	1mo	$245,000	$123	70
1551 Greenfield Rd	0.25mi	3/2.5	1,986 (+7%)	0mo	$295,000	$149	70
6607 Kolb Rd	0.23mi	4/2.0 (+1)	1,912 (+3%)	7mo	$270,500	$141	69
6921 Monroe Ave	0.40mi	3/1.5	1,955 (+5%)	3mo	$242,000	$124	68
7418 Julius Ct	0.42mi	3/2.0	1,779 (-4%)	7mo	$295,000	$166	64
1452 Bonnie View Dr	0.38mi	2/1.0 (-1)	1,700 (-8%)	1mo	$204,799	$120	62
1719 Seasons Ridge Blvd	0.51mi	3/2.0	1,756 (-5%)	3mo	$238,000	$136	61
7508 Julius Ct	0.45mi	3/2.5	1,990 (+7%)	5mo	$314,900	$158	57
1200 S Burkhardt Rd	0.55mi	3/1.5	1,607 (-13%)	3mo	$265,000	$165	47
1020 Martin Ln	0.70mi	4/2.0 (+1)	2,107 (+14%)	1mo	$209,900	$100	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.39×
• Total profit: $-42,572
• Equity at exit: $37,276

10-year hold

• IRR: -9.3%
• Equity multiple: 0.43×
• Total profit: $-40,069
• Equity at exit: $21,615

Cash invested: $70,000 (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 47715

• Active inventory: 177
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,837 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$66 /mo · $794/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $-30

Break-even live

Break-even rent $1,875

Max offer price $244,625

Occupancy floor 97%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1701 Southfield Rd Evansville, IN	3.0	2.5	1696	$1,900	$1.12	21d	1	0.12mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,500	$1.56	21d	2	1.21mi
4920 Penrose Dr Newburgh, IN	3.0	2.0	1250	$1,900	$1.52	43d	1	1.40mi
815 Erie Ave Evansville, IN	1.0–2.0	1.0–2.5	1038	$1,349	$1.30	13d	17	1.42mi
4799 Imperial Dr Newburgh, IN	3.0	2.0	1370	$1,975	$1.44	43d	1	1.48mi

Listing history 7 events

1. 2026-06-18
   days on market $250,000 Active 8 DOM
2. 2026-06-17
   days on market $250,000 Active 7 DOM
3. 2026-06-16
   days on market $250,000 Active 6 DOM
4. 2026-06-15
   days on market $250,000 Active 5 DOM
5. 2026-06-14
   days on market $250,000 Active 3 DOM
6. 2026-06-13
   remarks 569-char remark
7. 2026-06-13
   listed $250,000 Active 2 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: $794 · $66/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: +$665/yr (+$55/mo · 83.8%)

ⓘ 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 6/10 Major 7 d/yr ≥106°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: $22,040
• − Mortgage interest: −$14,004
• − Property taxes: −$794
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,763
• − Management: −$1,763
• − Depreciation: −$7,273
• Taxable loss: −$4,807
• Est. tax savings @ 24.0%: +$1,154
• After-tax cash flow: $789/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

• County: Vanderburgh County · 146,793 people
• City population: 146,793
• Metro: Evansville, IN-KY
• Population (ZIP): 29,280
• Household income: $60,897
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1652.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 6% Two or more races 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 4% Chinese 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: ▼ -113.01%
• Current HPI: 195.7299
• 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

1 event — show timeline

• 2026-06-10 Listed $250,000 IRMLS

Property tax history

-2.2%/yr

Latest (2024): $794 · +2.0% YoY. Source: county tax records.