21 E Chandler Ave · Evansville, IN 47713

$360,000

3 bd · 6.0 ba · 3,827 sqft · MultiFamily public records · 50 Days on market

Built 1939 9,148 sqft lot

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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 +9.8/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• DSCR +2.8/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Professionally managed 6-unit property located in a highly desired area of downtown Evansville. Property management has recently remodeled unit B.

Key facts

• 9,148 sq ft lot
• 8 parking spots
• Built 1939

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Eight open parking spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income (multi-family / apartment building); Two stories; Above-grade finished area: 3,827
• Construction: Vinyl siding; Wood siding
• Exterior features: Covered patio/porch; Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: Seven full bathrooms (all on the main level)
• Heating & cooling: Natural gas heating; Window air conditioning units (multiple)
• Interior features: Range, Refrigerator; Carpet, Tile, Vinyl flooring; Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-233 ($-3k/yr) — negative. Per door: $-116/mo.
• To cash-flow at today's rent, offer at most $319k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (25.2% below list).
• Recommended offer: $269k (25.2% below list) — sets the bar for 1% rule.

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: West Terrace Elementary School (math 71% / reading 60%, grade B+, #75 of 994 statewide, top 8%, 560 students, 26% 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-school proficiency averages 57% at this address vs 40% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Evansville Vanderburgh School Corporation average implies; a family-tenant draw the district grade alone would hide.
• 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).
• At $2,692/mo this rent would consume 79% of the median local household income ($41k/yr) (locally 735% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $215k; list at $360k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — 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 $269,200 (25.2% 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. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 5.52%
• Cash-on-cash: -2.77%
• DSCR: 0.88
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $199,004
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Washington Ave	0.25mi	4/4.0 (+1)	3,796 (-1%)	14mo	$199,000	$52	63

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: -15.8%
• Equity multiple: 0.42×
• Total profit: $-58,958
• Equity at exit: $53,677

10-year hold

• IRR: -0.7%
• Equity multiple: 0.94×
• Total profit: $-5,816
• Equity at exit: $31,126

Cash invested: $100,800 (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: 22.3×

Monthly cashflow live

• Estimated rent: $2,692 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$321 /mo · $3,856/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $-233

Break-even live

Break-even rent $2,986

Max offer price $318,920

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,692
Total (2 units)			$2,692

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $360,000 Active 50 DOM
2. 2026-06-17
   days on market $360,000 Active 49 DOM
3. 2026-06-16
   days on market $360,000 Active 48 DOM
4. 2026-06-15
   days on market $360,000 Active 47 DOM
5. 2026-06-14
   days on market $360,000 Active 45 DOM
6. 2026-06-13
   days on market $360,000 Active 44 DOM
7. 2026-06-10
   days on market $360,000 Active 42 DOM
8. 2026-06-09
   days on market $360,000 Active 41 DOM
9. 2026-06-08
   days on market $360,000 Active 40 DOM
10. 2026-06-07
    days on market $360,000 Active 39 DOM
11. 2026-06-02
    days on market $360,000 Active 34 DOM
12. 2026-06-01
    days on market $360,000 Active 33 DOM
13. 2026-05-31
    days on market $360,000 Active 32 DOM
14. 2026-05-30
    days on market $360,000 Active 31 DOM
15. 2026-04-29
    listed $360,000 Active
16. 2022-11-22
    soldstatus $215,000 Closed 146-char remark

    Show marketing remark (146 chars)

    Professionally managed 6-unit property located in a highly desired area of downtown Evansville. Property management has recently remodeled unit B.

17. 2022-11-03
    status Pending 146-char remark

    Show marketing remark (146 chars)

    Professionally managed 6-unit property located in a highly desired area of downtown Evansville. Property management has recently remodeled unit B.

18. 2022-11-01
    listed $285,000 Active 146-char remark

    Show marketing remark (146 chars)

    Professionally managed 6-unit property located in a highly desired area of downtown Evansville. Property management has recently remodeled unit B.

ⓘ 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: $3,856 · $321/mo
• Projected year-2 tax: $3,856 · $321/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 (unshaded) · 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,304
• − Mortgage interest: −$20,166
• − Property taxes: −$3,856
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,584
• − Management: −$2,584
• − Depreciation: −$10,473
• Taxable loss: −$9,159
• Est. tax savings @ 24.0%: +$2,198
• After-tax cash flow: $-592/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

+26.3% since first listed

4 events — show timeline

• 2026-04-29 Listed $360,000 IRMLS
• 2022-11-22 Sold (MLS) $215,000 IRMLS
• 2022-11-03 Pending — IRMLS
• 2022-11-01 Listed $285,000 IRMLS

Property tax history

+1.1%/yr

Latest (2024): $3,856 · +37.1% YoY. Source: county tax records.