528 S Evans Ave · Evansville, IN 47713

$45,000

2 bd · 1.0 ba · 1,210 sqft · SingleFamily public records · 126 Days on market

Built 1909 3,243 sqft lot ↓ 31% since listing

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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 +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

This 2 bed, 1 bath one-and-a-half story home located near downtown Evansville is a solid fixer-upper opportunity with great potential!

Key facts

• 3,243 sq ft lot
• Built 1909
• Listed 126 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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: Hebron Elementary School (math 37% / reading 35%, grade F, #577 of 994 statewide, top 59%, 758 students, 56% FRL); Plaza Park International Prep Acad (math 27% / reading 37%, grade F, #190 of 330 statewide, top 59%, 650 students, 65% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL).
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 31% of the median local income ($41k/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 $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — 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 $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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 1909 — 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: 2.38% ✓
• Cap rate: 21.11%
• Cash-on-cash: 52.92%
• DSCR: 3.35
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $131,890
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
868 Bellemeade Ave	0.20mi	2/1.0	1,232 (+2%)	5mo	$150,000	$122	84
211 S Bedford Ave	0.30mi	3/1.0 (+1)	1,246 (+3%)	1mo	$136,500	$110	75
515 E Cherry St	0.29mi	3/2.0 (+1)	1,210 (0%)	8mo	$150,000	$124	70
1108 E Blackford Ave	0.62mi	2/1.0	1,176 (-3%)	3mo	$48,500	$41	63
712 E Blackford Ave	0.48mi	2/1.0	1,327 (+10%)	1mo	$22,000	$17	61
1107 S Evans Ave	0.63mi	2/1.0	1,096 (-9%)	0mo	$100,000	$91	54
717 E Blackford Ave	0.50mi	3/1.0 (+1)	1,303 (+8%)	5mo	$29,250	$22	54
603 E Gum St	0.33mi	3/1.0 (+1)	1,366 (+13%)	8mo	$118,000	$86	52
628 S Harlan Ave	0.60mi	2/1.0	1,092 (-10%)	6mo	$141,000	$129	51
620 Madison Ave	0.73mi	2/1.0	1,140 (-6%)	8mo	$95,000	$83	50
1400 E Walnut St	0.75mi	2/2.0	1,259 (+4%)	8mo	$149,900	$119	48
708 Line St	0.46mi	3/1.0 (+1)	1,050 (-13%)	7mo	$114,000	$109	46

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: 56.4%
• Equity multiple: 3.68×
• Total profit: $33,762
• Equity at exit: $6,710

10-year hold

• IRR: 63.2%
• Equity multiple: 9.00×
• Total profit: $100,744
• Equity at exit: $3,891

Cash invested: $12,600 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,071 high
• Mortgage (P&I): −$236
• Tax from tax record: −$36 /mo · $427/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $556

Break-even live

Break-even rent $368

Max offer price $45,000

Occupancy floor 43%

Sensitivity live

Price	-10% $581	-5% $568	+0% $556	+5% $543	+10% $530
Rent	-10% $471	-5% $513	+0% $556	+5% $598	+10% $640
Rate	-1.0pp $578	-0.5pp $567	base $556	+0.5pp $544	+1.0pp $532

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	0.06mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	0.29mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	0.30mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	0.55mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	14d	1	0.68mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	14d	1	0.75mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	21d	1	0.78mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	14d	1	0.79mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	21d	1	0.80mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	14d	1	0.82mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	21d	1	0.88mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	21d	1	0.88mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	14d	1	0.91mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	21d	1	0.92mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	14d	7	0.93mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	21d	1	0.95mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	21d	1	0.99mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	21d	1	1.03mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	14d	1	1.04mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	21d	1	1.05mi
610 N Main St Evansville, IN	2.0	1.0	751	$675	$0.90	21d	1	1.07mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	21d	1	1.10mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	1.10mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	21d	6	1.10mi
1421 SE 2nd St Unit A Evansville, IN	1.0	1.0	800	$695	$0.87	14d	1	1.11mi
315 SE 1st St Evansville, IN	1.0	1.0	1331	$1,695	$1.27	21d	1	1.13mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	21d	4	1.14mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	14d	17	1.17mi
400 NW 5th St Unit 4 Evansville, IN	2.0	1.0	792	$725	$0.92	21d	1	1.18mi
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	21d	1	1.20mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	21d	1	1.22mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	21d	1	1.28mi
1018 Baker Ave Unit B Evansville, IN	1.0	1.0	800	$625	$0.78	21d	1	1.36mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	1.48mi

Listing history 10 events

1. 2026-06-18
   days on market $45,000 Active 126 DOM
2. 2026-06-17
   days on market $45,000 Active 125 DOM
3. 2026-06-16
   days on market $45,000 Active 124 DOM
4. 2026-06-15
   days on market $45,000 Active 123 DOM
5. 2026-06-14
   days on market $45,000 Active 121 DOM
6. 2026-06-13
   days on market $45,000 Active 120 DOM
7. 2026-06-10
   statusdays on market $45,000 Active 118 DOM
8. 2026-04-08
   status Pending
9. 2026-01-09
   price $45,000
10. 2025-12-12
    listed $65,000 Active

ⓘ 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: $427 · $36/mo
• Projected year-2 tax: $427 · $36/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: $12,851
• − Mortgage interest: −$2,521
• − Property taxes: −$427
• − Insurance: −$225
• − Repairs & maintenance: −$1,028
• − Management: −$1,028
• − Depreciation: −$1,309
• Taxable income: $6,313
• Est. tax owed @ 24.0%: −$1,515
• After-tax cash flow: $5,153/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

-30.8% since first listed

3 events — show timeline

• 2026-04-08 Pending — IRMLS
• 2026-01-09 Price Changed $45,000 IRMLS
• 2025-12-12 Listed $65,000 IRMLS

Property tax history

+6.9%/yr

Latest (2024): $427 · -1.1% YoY. Source: county tax records.