1413 N Elliott St · Evansville, IN 47711

$36,500

3 bd · 1.0 ba · 983 sqft · SingleFamily public records · 138 Days on market

Built 1929 2,996 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 3-bedroom, 1-bathroom home is the perfect addition to your rental portfolio. Located in the heart of Evansville, this property is currently tenant-occupied with month-to-month rent at $575, offering immediate cash flow. With solid rental history and room for future value-add improvements, it’s a smart opportunity for investors looking to expand in a growing market.

Key facts

• 2,996 sq ft lot
• 2 garage spots
• Built 1929

Property features AI

Finance

• Other: Property listed by Euphoric Development Partners

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Two stories
• Construction: Vinyl siding; 1,867 above-grade finished area
• Exterior features: Level, irregular-shaped lot; Lot dimensions approximately 28 x 107

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Space heater for heating; Window air conditioning units
• Interior features: Basement present; 7 total rooms
• Laundry & utility: Main level laundry

🏷️ Possibly a rental listed for sale. The $36,500 price doesn't fit this home's estimated sale value (~$121,892) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $32k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.7% 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: Delaware Elementary School (math 22% / reading 16%, grade F, #829 of 994 statewide, top 84%, 338 students, 90% FRL); North Junior High School (math 44% / reading 57%, grade C, #43 of 330 statewide, top 14%, 929 students, 42% FRL); North High School (math 57% / reading 74%, grade B, #29 of 369 statewide, top 8%, 1,674 students, 35% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $252 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $7k; list at $36k implies a 421% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $32,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.79% ✓
• Cap rate: 23.71%
• Cash-on-cash: 62.21%
• DSCR: 3.77
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $121,892
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1311 N Garvin St	0.09mi	2/1.0 (-1)	1,016 (+3%)	6mo	$126,000	$124	81
812 N Garvin St	0.39mi	2/1.0 (-1)	978 (-0%)	6mo	$64,900	$66	71
311 E Oregon St	0.33mi	2/1.0 (-1)	950 (-3%)	5mo	$17,000	$18	70
719 Wedeking Ave	0.51mi	3/1.0	1,026 (+4%)	4mo	$184,900	$180	66
638 E Missouri St	0.27mi	3/1.0	840 (-14%)	3mo	$25,500	$30	60
404 Wedeking Ave	0.48mi	2/1.0 (-1)	931 (-5%)	5mo	$170,000	$183	60
619 Keck Ave	0.36mi	2/1.0 (-1)	848 (-14%)	0mo	$152,000	$179	55
516 Wedeking Ave	0.48mi	2/1.5 (-1)	896 (-9%)	7mo	$120,000	$134	50
416 E Michigan St	0.68mi	2/1.0 (-1)	1,090 (+11%)	0mo	$50,000	$46	45
2501 N Lafayette Ave	0.72mi	2/1.0 (-1)	888 (-10%)	3mo	$115,000	$130	43
1215 Harriet St	0.67mi	3/1.0	1,116 (+14%)	7mo	$19,900	$18	40
313 E Iowa St	0.58mi	2/1.0 (-1)	1,116 (+14%)	7mo	$69,900	$63	39

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 65.4%
• Equity multiple: 4.11×
• Total profit: $31,806
• Equity at exit: $5,442

10-year hold

• IRR: 71.0%
• Equity multiple: 9.69×
• Total profit: $88,761
• Equity at exit: $3,156

Cash invested: $10,220 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 229
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,017 high
• Mortgage (P&I): −$191
• Tax from tax record: −$67 /mo · $807/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $530

Break-even live

Break-even rent $347

Max offer price $36,500

Occupancy floor 43%

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 W Tennessee St Evansville, IN	2.0	1.0	864	$925	$1.07	13d	1	0.46mi
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	21d	1	0.65mi
2501 N Evans Ave Unit A Evansville, IN	2.0	1.0	856	$900	$1.05	21d	1	0.79mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	13d	7	0.87mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	13d	1	1.00mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	21d	1	1.03mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	21d	1	1.07mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	1.23mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	21d	1	1.24mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	1.27mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	1.30mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.36mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	21d	1	1.37mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	1.39mi
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	21d	7	1.42mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	13d	1	1.42mi
1306 W Missouri St Evansville, IN	2.0	1.0	800	$950	$1.19	13d	1	1.45mi

Listing history 18 events

1. 2026-06-18
   days on market $36,500 Active 138 DOM
2. 2026-06-17
   days on market $36,500 Active 137 DOM
3. 2026-06-16
   days on market $36,500 Active 136 DOM
4. 2026-06-15
   days on market $36,500 Active 135 DOM
5. 2026-06-14
   days on market $36,500 Active 133 DOM
6. 2026-06-13
   days on market $36,500 Active 132 DOM
7. 2026-06-10
   days on market $36,500 Active 130 DOM
8. 2026-06-09
   days on market $36,500 Active 129 DOM
9. 2026-06-08
   days on market $36,500 Active 128 DOM
10. 2026-06-07
    days on market $36,500 Active 127 DOM
11. 2026-06-02
    days on market $36,500 Active 122 DOM
12. 2026-06-01
    days on market $36,500 Active 121 DOM
13. 2026-05-31
    days on market $36,500 Active 120 DOM
14. 2026-05-30
    days on market $36,500 Active 119 DOM
15. 2026-02-01
    listed $36,500 Active
16. 2025-09-13
    status Pending
17. 2025-05-04
    listed $40,000 Active
18. 2018-07-30
    soldstatus $7,000

ⓘ 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: $807 · $67/mo
• Projected year-2 tax: $807 · $67/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 ≥106°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: $12,207
• − Mortgage interest: −$2,045
• − Property taxes: −$807
• − Insurance: −$182
• − Repairs & maintenance: −$977
• − Management: −$977
• − Depreciation: −$1,062
• Taxable income: $6,158
• Est. tax owed @ 24.0%: −$1,478
• After-tax cash flow: $4,879/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): 30,944
• Household income: $66,320
• Rent vs Own: 24.4% rent · 75.6% own
• Severe rent burden: 659.0

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 (85%)
• Race & ethnicity: White 85% Black 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -97.98%
• Current HPI: 205.62
• Rent YoY: ▲ 6.72%
• 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

+421.4% since first listed

4 events — show timeline

• 2026-02-01 Listed $36,500 IRMLS
• 2025-09-13 Pending — IRMLS
• 2025-05-04 Listed $40,000 IRMLS
• 2018-07-30 Sold (Public Records) $7,000 Public Records

Property tax history

-3.1%/yr

Latest (2024): $807 · +1.8% YoY. Source: county tax records.