1301 N Garvin St · Evansville, IN 47711

$114,900

2 bd · 1.0 ba · 720 sqft · MultiFamily public records · 87 Days on market

Built 1904 3,510 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex- Unit A is currently rented for $695. Owner pays water, sewer and trash. Tenant pays other utility's. Updated with newer paint, and flooring.

Key facts

• 3,510 sq ft lot
• 2 parking spots
• Built 1904

Property features AI

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Single-story
• Construction: Vinyl siding
• Exterior features: Irregular lot; Lot dimensions approximately 27 x 130; Pets allowed

Interior

• Kitchen: Range; Refrigerator
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Range; Refrigerator; Vinyl flooring; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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: Evans School (math 9% / reading 7%, grade F, #945 of 994 statewide, top 95%, 499 students, 85% 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) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 14 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).
• This rent runs 32% of the median local income ($66k/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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($108k) 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 $95k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 1.52% ✓
• Cap rate: 12.99%
• Cash-on-cash: 23.92%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $23,760
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 E Tennessee St	0.18mi	2/1.0	720 (0%)	6mo	$23,500	$33	87

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: 21.1%
• Equity multiple: 1.90×
• Total profit: $29,015
• Equity at exit: $17,132

10-year hold

• IRR: 31.6%
• Equity multiple: 4.35×
• Total profit: $107,925
• Equity at exit: $9,934

Cash invested: $32,172 (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: 11.0×

Monthly cashflow live

• Estimated rent: $1,749 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$90 /mo · $1,079/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $641

Break-even live

Break-even rent $937

Max offer price $114,900

Occupancy floor 58%

Sensitivity live

Price	-10% $706	-5% $674	+0% $641	+5% $609	+10% $576
Rent	-10% $503	-5% $572	+0% $641	+5% $710	+10% $780
Rate	-1.0pp $699	-0.5pp $671	base $641	+0.5pp $612	+1.0pp $581

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,748
Total (2 units)			$1,749

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	21d	1	0.31mi
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	21d	1	0.61mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	0.84mi
820 Negley Ave Unit B Evansville, IN	1.0	1.0	575	$695	$1.21	21d	1	0.84mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	21d	1	0.95mi
41 W Division St Unit 101 Evansville, IN	1.0	1.0	634	$1,100	$1.74	21d	1	1.00mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	14d	1	1.00mi
406 Edgar St Unit 1 Evansville, IN	1.0	1.0	530	$1,500	$2.83	21d	1	1.05mi
605 W Michigan St Unit 1 Evansville, IN	1.0	1.0	484	$795	$1.64	21d	1	1.07mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	21d	1	1.09mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.29mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	14d	1	1.34mi
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	21d	7	1.34mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	21d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $114,900 Active 87 DOM
2. 2026-06-17
   remarks 270-char remark
3. 2026-06-17
   price $114,900 Active 86 DOM
4. 2026-06-17
   days on market $119,000 Active 86 DOM
5. 2026-06-16
   days on market $119,000 Active 85 DOM
6. 2026-06-15
   days on market $119,000 Active 84 DOM
7. 2026-06-14
   days on market $119,000 Active 82 DOM
8. 2026-06-13
   days on market $119,000 Active 81 DOM
9. 2026-06-10
   days on market $119,000 Active 79 DOM
10. 2026-06-09
    days on market $119,000 Active 78 DOM
11. 2026-06-08
    days on market $119,000 Active 77 DOM
12. 2026-06-07
    days on market $119,000 Active 76 DOM
13. 2026-06-02
    days on market $119,000 Active 71 DOM
14. 2026-06-01
    days on market $119,000 Active 70 DOM
15. 2026-05-31
    days on market $119,000 Active 69 DOM
16. 2026-05-30
    days on market $119,000 Active 68 DOM
17. 2026-03-24
    listed $119,000 Active
18. 2022-02-25
    soldstatus $95,000 148-char remark

    Show marketing remark (148 chars)

    Duplex- Unit A is currently rented for $695. Owner pays water, sewer and trash. Tenant pays other utility's. Updated with newer paint, and flooring.

19. 2022-01-19
    listed $110,000 148-char remark

    Show marketing remark (148 chars)

    Duplex- Unit A is currently rented for $695. Owner pays water, sewer and trash. Tenant pays other utility's. Updated with newer paint, and flooring.

ⓘ 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: $1,079 · $90/mo
• Projected year-2 tax: $1,079 · $90/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 6/10 Major FEMA zone X (unshaded) · 71% 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: $20,988
• − Mortgage interest: −$6,436
• − Property taxes: −$1,079
• − Insurance: −$574
• − Repairs & maintenance: −$1,679
• − Management: −$1,679
• − Depreciation: −$3,343
• Taxable income: $6,198
• Est. tax owed @ 24.0%: −$1,487
• After-tax cash flow: $6,209/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

+8.2% since first listed

3 events — show timeline

• 2026-03-24 Listed $119,000 IRMLS
• 2022-02-25 Sold (MLS) $95,000 IRMLS
• 2022-01-19 Listed $110,000 IRMLS

Property tax history

+1.5%/yr

Latest (2024): $1,079 · +1.5% YoY. Source: county tax records.