1152 Covert Ave · Evansville, IN 47714

$89,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 17 Days on market

Built 1925 4,356 sqft lot Est $103k · 14% under

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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 +25.4/30.0
• ARV discount +13.7/15.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• 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

Home features New Roof, HVAC, freshly Painted, 2 bedrooms, 1 bathroom. Move in Ready or ready for new tenants. Cute backyard and covered front porch and full basement for storage. Carpet and vinyl floor just installed. Sold "As Is"

Key facts

• 4,356 sq ft lot
• Garage
• Built 1925

Property features AI

Exterior

• Parking: Detached off-street garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Aluminum and vinyl siding
• Exterior features: Covered porch; Covered patio

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total of 4 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Full unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($990 rent vs $89k).
• Recommended offer: $88k (1.5% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL) — zoned schools average 88% FRL vs 50% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 40% district-wide (-28 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; 25 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 $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $20k; list at $89k implies a 347% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.11% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $103,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 Waggoner Ave	0.31mi	2/1.0	775 (-7%)	2mo	$94,500	$122	73
1159 Sweetser Ave	0.30mi	2/1.0	888 (+7%)	2mo	$82,500	$93	73
1615 Ravenswood Dr	0.49mi	2/1.0	805 (-3%)	1mo	$99,900	$124	71
2011 S New York Ave	0.51mi	1/1.0 (-1)	829 (-0%)	2mo	$35,000	$42	68
1505 Jackson Ave	0.42mi	2/1.0	780 (-6%)	4mo	$38,750	$50	67
1203 Lodge Ave	0.40mi	3/1.0 (+1)	864 (+4%)	4mo	$60,000	$69	66
637 Jackson Ave	0.65mi	2/1.5	800 (-4%)	1mo	$119,900	$150	61
1410 Sweetser Ave	0.42mi	2/1.0	928 (+12%)	1mo	$165,000	$178	60
1605 Ravenswood Dr	0.46mi	2/1.0	752 (-10%)	4mo	$70,000	$93	59
1152 E Chandler Ave	0.69mi	3/1.0 (+1)	825 (-1%)	4mo	$127,000	$154	58
1119 Brookside Dr	0.49mi	2/1.0	724 (-13%)	0mo	$107,000	$148	55
1913 Monroe Ave	0.74mi	2/1.0	936 (+12%)	4mo	$155,900	$167	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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.15×
• Total profit: $3,672
• Equity at exit: $13,270

10-year hold

• IRR: 17.2%
• Equity multiple: 2.72×
• Total profit: $42,971
• Equity at exit: $7,695

Cash invested: $24,920 (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: 7.5×

Monthly cashflow live

• Estimated rent: $990 high
• Mortgage (P&I): −$467
• Tax from tax record: −$73 /mo · $880/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $205

Break-even live

Break-even rent $731

Max offer price $89,000

Occupancy floor 74%

Sensitivity live

Price	-10% $255	-5% $230	+0% $205	+5% $179	+10% $154
Rent	-10% $126	-5% $165	+0% $205	+5% $244	+10% $283
Rate	-1.0pp $249	-0.5pp $227	base $205	+0.5pp $181	+1.0pp $158

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	0.15mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	14d	1	0.37mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	21d	1	0.42mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	21d	1	0.57mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	0.70mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	0.73mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	21d	1	0.75mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	21d	2	0.85mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	21d	8	0.89mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	0.90mi
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	21d	1	0.95mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	21d	1	0.95mi
2340 Sunburst Blvd Unit 2270-318 Evansville, IN	2.0	1.0	815	$900	$1.10	21d	1	0.95mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	21d	1	0.97mi
1231 Culver Dr Unit C Evansville, IN	1.0	1.0	575	$625	$1.09	21d	1	1.04mi
1421 SE 2nd St Unit A Evansville, IN	1.0	1.0	800	$695	$0.87	14d	1	1.05mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	14d	1	1.15mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.17mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	21d	1	1.20mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	21d	1	1.25mi
1604 Marbo Ave Evansville, IN	2.0	1.0	900	$1,095	$1.22	21d	1	1.28mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	1.29mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	21d	1	1.30mi
2232 E Riverside Dr Evansville, IN	2.0	1.0	810	$1,200	$1.48	14d	1	1.36mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	21d	1	1.46mi

Listing history 12 events

1. 2026-06-18
   days on market $89,000 Active 17 DOM
2. 2026-06-17
   days on market $89,000 Active 16 DOM
3. 2026-06-16
   days on market $89,000 Active 15 DOM
4. 2026-06-15
   days on market $89,000 Active 14 DOM
5. 2026-06-14
   days on market $89,000 Active 12 DOM
6. 2026-06-13
   days on market $89,000 Active 11 DOM
7. 2026-06-10
   days on market $89,000 Active 9 DOM
8. 2026-06-09
   days on market $89,000 Active 8 DOM
9. 2026-06-08
   days on market $89,000 Active 7 DOM
10. 2026-06-07
    days on market $89,000 Active 6 DOM
11. 2026-06-02
    remarks 511-char remark
12. 2026-06-02
    listed $89,000 Active 1 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: $880 · $73/mo
• Projected year-2 tax: $880 · $73/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 (shaded) · 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 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: $11,874
• − Mortgage interest: −$4,985
• − Property taxes: −$880
• − Insurance: −$445
• − Repairs & maintenance: −$950
• − Management: −$950
• − Depreciation: −$2,589
• Taxable income: $1,074
• Est. tax owed @ 24.0%: −$258
• After-tax cash flow: $2,196/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

+257.4% since first listed

4 events — show timeline

• 2026-06-01 Listed $89,000 IRMLS
• 2025-10-27 Listed $99,900 IRMLS
• 2017-07-19 Sold (MLS) $19,900 IRMLS
• 2017-06-16 Listed $24,900 IRMLS

Property tax history

-4.8%/yr

Latest (2024): $880 · +2.1% YoY. Source: county tax records.