816 Ridgeway Ave · Evansville, IN 47713

$79,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 20 Days on market

Built 1944 5,489 sqft lot Est $83k · at est.

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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 +26.0/30.0
• ARV discount +9.6/15.0
• DSCR +8.7/10.0
• 1% rule +6.2/10.0
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 2 bedroom investment property on the south side of Evansville. Rents for $425/mo As Is

Key facts

• 5,489 sq ft lot
• Garage
• Built 1944

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: Level lot; Lot dimensions approximately 55 x 100

Interior

• Kitchen: Includes refrigerator and electric range
• Bedrooms: Total of 4 rooms (bedrooms included)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Refrigerator; Electric range
• Laundry & utility: Laundry located on the main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($882 rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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); New Tech Institute (math 34% / reading 74%, grade C-, #79 of 369 statewide, top 26%, 275 students, 40% FRL).
• Market conditions: Rents rising fast (+9.9%/yr); 119 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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 $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $12k; list at $79k implies a 558% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Built in 1944 — 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: 1.12% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.65%
• DSCR: 1.47
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $82,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 Ridgeway Ave	0.01mi	2/1.0	660 (-8%)	10mo	$90,000	$136	78
2013 S New York Ave	0.40mi	1/1.0 (-1)	700 (-3%)	2mo	$35,000	$50	70
1608 S Kerth Ave	0.37mi	2/1.0	700 (-3%)	11mo	$72,000	$103	69
1254 Maple Ct	0.58mi	2/1.0	725 (+1%)	6mo	$115,000	$159	67
327 Ridgeway Ave	0.44mi	2/1.0	767 (+6%)	3mo	$82,500	$108	66
1919 S Fares Ave	0.45mi	1/1.0 (-1)	729 (+1%)	7mo	$21,000	$29	66
1663 S Elliott St	0.38mi	2/1.0	783 (+9%)	7mo	$90,000	$115	62
637 Jackson Ave	0.40mi	2/1.5	800 (+11%)	1mo	$119,900	$150	60
1771 Judson St	0.51mi	2/1.0	800 (+11%)	8mo	$50,000	$63	51
1350 Taylor Ave	0.75mi	2/1.0	775 (+8%)	7mo	$106,000	$137	46
1012 Jefferson Ave	0.63mi	2/1.0	810 (+12%)	6mo	$72,500	$90	45
2304 Herbert Ave	0.75mi	3/1.0 (+1)	825 (+15%)	4mo	$130,500	$158	32

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: 4.8%
• Equity multiple: 1.20×
• Total profit: $4,345
• Equity at exit: $11,779

10-year hold

• IRR: 18.2%
• Equity multiple: 2.86×
• Total profit: $41,033
• Equity at exit: $6,830

Cash invested: $22,120 (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: 119
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $882 high
• Mortgage (P&I): −$414
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $196

Break-even live

Break-even rent $633

Max offer price $79,000

Occupancy floor 73%

Sensitivity live

Price	-10% $241	-5% $219	+0% $196	+5% $174	+10% $152
Rent	-10% $127	-5% $161	+0% $196	+5% $231	+10% $266
Rate	-1.0pp $236	-0.5pp $216	base $196	+0.5pp $176	+1.0pp $155

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	15d	1	0.63mi
1231 Culver Dr Unit C Evansville, IN	1.0	1.0	575	$625	$1.09	22d	1	0.73mi
1407 Howard St Evansville, IN	1.0	1.0	483	$725	$1.50	22d	1	0.76mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	22d	1	1.06mi
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	22d	1	1.09mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	15d	1	1.20mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	22d	1	1.28mi

Listing history 13 events

1. 2026-06-22
   days on market $79,000 Active 20 DOM
2. 2026-06-18
   days on market $79,000 Active 17 DOM
3. 2026-06-17
   days on market $79,000 Active 16 DOM
4. 2026-06-16
   days on market $79,000 Active 15 DOM
5. 2026-06-15
   days on market $79,000 Active 14 DOM
6. 2026-06-14
   days on market $79,000 Active 12 DOM
7. 2026-06-13
   days on market $79,000 Active 11 DOM
8. 2026-06-10
   days on market $79,000 Active 9 DOM
9. 2026-06-09
   days on market $79,000 Active 8 DOM
10. 2026-06-08
    days on market $79,000 Active 7 DOM
11. 2026-06-07
    days on market $79,000 Active 6 DOM
12. 2026-06-02
    remarks 511-char remark
13. 2026-06-02
    listed $79,000 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: $639 · $53/mo
• Projected year-2 tax: $655 · $55/mo
• Expected delta: +$16/yr (+$1/mo · 2.6%)

ⓘ 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 · 18 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: $10,583
• − Mortgage interest: −$4,425
• − Property taxes: −$639
• − Insurance: −$395
• − Repairs & maintenance: −$847
• − Management: −$847
• − Depreciation: −$2,298
• Taxable income: $1,132
• Est. tax owed @ 24.0%: −$272
• After-tax cash flow: $2,083/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

+430.2% since first listed

4 events — show timeline

• 2026-06-01 Listed $79,000 IRMLS
• 2025-10-27 Listed $89,000 IRMLS
• 2014-09-12 Sold (MLS) $12,000 IRMLS
• 2014-01-08 Listed $14,900 IRMLS

Property tax history

-2.8%/yr

Latest (2024): $639 · +1.4% YoY. Source: county tax records.