512 E Riverside Dr · Evansville, IN 47713

$199,000

4 bd · 4.0 ba · 2,844 sqft · MultiFamily public records · 94 Days on market

Built 1894 10,454 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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

Multi-family units

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

Listing remarks

Outstanding investment opportunity featuring a 5-unit portfolio across three properties on E. Riverside Dr. The front property, 512 E. Riverside Dr. , offers mixed-use potential with a main-level commercial space previously utilized as an insurance office, recently rented for $800/month. The upper level includes a 2-bedroom residential unit that was previously leased for $500/month. This property also includes a detached garage, adding additional value and utility. Situated just down the driveway, 514–516 E. Riverside Dr. consists of a duplex with two 1-bedroom units, providing steady rental potential. This parcel also features a detached garage. Rounding out the portfolio is 663 E. R

Key facts

• Mixed-use potential
• Detached garage
• 0.24 acre lot

Tags

• MIXED-USE POTENTIAL
• MAIN-LEVEL COMMERCIAL SPACE
• DETACHED GARAGE
• STEADY RENTAL POTENTIAL
• IMMEDIATE RENTAL INCOME

Property features AI

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); 2 stories total; Zoned R-2 (Two-Family Residence)
• Construction: Vinyl siding
• Exterior features: Level lot; Pets allowed

Interior

• Flooring: Carpet
• Bathrooms: 2 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Window unit(s)
• Interior features: Carpet flooring; Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $2,515/mo this rent would consume 74% of the median local household income ($41k/yr) (locally 735% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1894 — 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 $181,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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 1894 — 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: 1.26% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.34%
• DSCR: 1.64
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $79,632
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1105 S Linwood Ave	0.51mi	5/2.0 (+1)	2,755 (-3%)	8mo	$75,000	$27	52
1116 SE First St	0.66mi	3/4.0 (-1)	2,940 (+3%)	11mo	$180,000	$61	49
205-207 Blackford Ave	0.75mi	4/2.0	2,717 (-4%)	3mo	$322,000	$119	47
1015 S Linwood Ave	0.54mi	4/1.5	2,639 (-7%)	13mo	$51,666	$20	42
913 Washington St	0.70mi	4/2.0	2,630 (-8%)	7mo	$60,000	$23	41
423 Jefferson Ave	0.43mi	5/2.0 (+1)	2,437 (-14%)	6mo	$160,000	$66	38
524 Madison Ave	0.40mi	3/1.0 (-1)	2,520 (-11%)	22mo	$70,000	$28	27

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: 10.1%
• Equity multiple: 1.42×
• Total profit: $23,465
• Equity at exit: $29,672

10-year hold

• IRR: 22.9%
• Equity multiple: 3.43×
• Total profit: $135,562
• Equity at exit: $17,206

Cash invested: $55,720 (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: 13.2×

Monthly cashflow live

• Estimated rent: $2,515 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$194 /mo · $2,333/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $666

Break-even live

Break-even rent $1,672

Max offer price $199,000

Occupancy floor 69%

Sensitivity live

Price	-10% $779	-5% $722	+0% $666	+5% $610	+10% $553
Rent	-10% $467	-5% $567	+0% $666	+5% $765	+10% $865
Rate	-1.0pp $766	-0.5pp $717	base $666	+0.5pp $614	+1.0pp $562

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,516
Total (2 units)			$2,515

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	22d	1	1.01mi

Listing history 16 events

1. 2026-06-22
   days on market $199,000 Active 94 DOM
2. 2026-06-18
   days on market $199,000 Active 91 DOM
3. 2026-06-17
   days on market $199,000 Active 90 DOM
4. 2026-06-16
   days on market $199,000 Active 89 DOM
5. 2026-06-15
   days on market $199,000 Active 88 DOM
6. 2026-06-14
   days on market $199,000 Active 86 DOM
7. 2026-06-13
   days on market $199,000 Active 85 DOM
8. 2026-06-10
   days on market $199,000 Active 83 DOM
9. 2026-06-09
   days on market $199,000 Active 82 DOM
10. 2026-06-08
    days on market $199,000 Active 81 DOM
11. 2026-06-07
    days on market $199,000 Active 80 DOM
12. 2026-06-02
    days on market $199,000 Active 75 DOM
13. 2026-06-01
    days on market $199,000 Active 74 DOM
14. 2026-05-31
    days on market $199,000 Active 73 DOM
15. 2026-05-30
    days on market $199,000 Active 72 DOM
16. 2026-03-19
    listed $199,000 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: $2,333 · $194/mo
• Projected year-2 tax: $2,333 · $194/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 · 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: $30,180
• − Mortgage interest: −$11,147
• − Property taxes: −$2,333
• − Insurance: −$995
• − Repairs & maintenance: −$2,414
• − Management: −$2,414
• − Depreciation: −$5,789
• Taxable income: $5,087
• Est. tax owed @ 24.0%: −$1,221
• After-tax cash flow: $6,771/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

1 event — show timeline

• 2026-03-19 Listed $199,000 IRMLS

Property tax history

+2.7%/yr

Latest (2024): $2,333 · +2.3% YoY. Source: county tax records.