2403 N Fares Ave · Evansville, IN 47711

$129,995

4 bd · 2.0 ba · 696 sqft · MultiFamily · 29 Days on market

Built 1944 Fair condition

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• 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

Explore a fantastic investment opportunity at 2403 N. Fares Avenue, Evansville, IN 47711. This charming duplex features two spacious bedrooms and one full bath in each unit, making it perfect for new real estate investors. With owner financing available at just 10% down, it& apos; s an accessible option for those looking to start or expand their portfolio. Don& apos; t miss out on this unique chance to invest!

Key facts

• Built 1944
• Listed 29 days

Property features AI

Exterior

• Home design: Built in 1944
• Construction: 1944 construction
• Exterior features: Located in the Business 41 subdivision

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $464 ($6k/yr) — positive. Per door: $232/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: schools D+, crime F, commute F.
• 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.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 31% 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 $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $29k; list at $130k implies a 348% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,045 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.33% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $48,024
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1118 & 1120 E Negley Ave	0.14mi	4/2.0	725 (+4%)	3mo	$50,000	$69	84

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: 10.1%
• Equity multiple: 1.42×
• Total profit: $15,181
• Equity at exit: $19,383

10-year hold

• IRR: 22.1%
• Equity multiple: 3.23×
• Total profit: $81,002
• Equity at exit: $11,240

Cash invested: $36,399 (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: 12.6×

Monthly cashflow live

• Estimated rent: $1,724 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $464

Break-even live

Break-even rent $1,137

Max offer price $129,995

Occupancy floor 68%

Sensitivity live

Price	-10% $553	-5% $509	+0% $464	+5% $419	+10% $374
Rent	-10% $327	-5% $395	+0% $464	+5% $532	+10% $600
Rate	-1.0pp $529	-0.5pp $497	base $464	+0.5pp $430	+1.0pp $396

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,724
Total (2 units)			$1,724

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: $32,499
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $129,995 Active 29 DOM
2. 2026-06-17
   days on market $129,995 Active 28 DOM
3. 2026-06-16
   days on market $129,995 Active 27 DOM
4. 2026-06-15
   days on market $129,995 Active 26 DOM
5. 2026-06-14
   days on market $129,995 Active 24 DOM
6. 2026-06-13
   days on market $129,995 Active 23 DOM
7. 2026-06-10
   days on market $129,995 Active 21 DOM
8. 2026-06-09
   days on market $129,995 Active 20 DOM
9. 2026-06-08
   days on market $129,995 Active 19 DOM
10. 2026-06-07
    days on market $129,995 Active 18 DOM
11. 2026-06-02
    days on market $129,995 Active 13 DOM
12. 2026-06-01
    days on market $129,995 Active 12 DOM
13. 2026-05-31
    days on market $129,995 Active 11 DOM
14. 2026-05-30
    days on market $129,995 Active 10 DOM
15. 2026-05-21
    listed $129,995 Active
16. 2022-08-27
    status Pending
17. 2022-08-25
    price $86,000
18. 2022-08-03
    price $89,000
19. 2022-07-21
    listed $94,000 Active
20. 2018-10-25
    soldstatus $29,000
21. 2018-09-05
    listed $30,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 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: $20,688
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,655
• − Management: −$1,655
• − Depreciation: −$3,782
• Taxable income: $3,715
• Est. tax owed @ 24.0%: −$892
• After-tax cash flow: $4,672/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to bring it up to modern standards, significantly improving its resale and rental value.

Repairs flagged

• Major Appliances — Old and outdated
• Major Cabinetry — Worn and outdated
• Major Fixtures — Old and outdated
• Major Flooring — Worn and outdated
• Major Paint — Worn and outdated

Value-add opportunities

• Both New appliances — Modernizes the kitchen and improves functionality
• Both New cabinetry — Enhances the kitchen's appearance and functionality
• Both New fixtures — Modernizes the bathrooms and improves functionality
• Both New flooring — Enhances the overall appearance and functionality
• Both New paint — Enhances the overall appearance and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Old and outdated	Major	$15,000–50,000
Cabinetry · Worn and outdated	Major	$15,000–50,000
Fixtures · Old and outdated	Major	$15,000–50,000
Flooring · Worn and outdated	Major	$15,000–50,000
Paint · Worn and outdated	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New appliances — Modernizes the kitchen and improves functionality ↑
• Both New cabinetry — Enhances the kitchen's appearance and functionality ↑
• Both New fixtures — Modernizes the bathrooms and improves functionality ↑
• Both New flooring — Enhances the overall appearance and functionality ↑
• Both New paint — Enhances the overall appearance and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+333.3% since first listed

7 events — show timeline

• 2026-05-21 Listed $129,995 FSBO.com
• 2022-08-27 Pending — IRMLS
• 2022-08-25 Price Changed $86,000 IRMLS
• 2022-08-03 Price Changed $89,000 IRMLS
• 2022-07-21 Listed $94,000 IRMLS
• 2018-10-25 Sold (MLS) $29,000 IRMLS
• 2018-09-05 Listed $30,000 IRMLS