800 Line St · Evansville, IN 47713

$325,000

3 bd · 4.0 ba · 2,948 sqft · MultiFamily public records · 108 Days on market

Built 1924 3,485 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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: 4 units. confirmed

Listing remarks

Attention Investors! Are you looking for a performing and remodeled 4 unit apartment building in downtown Evansville? This is it! This building has been remodeled in the past 2 years. Roof - 1 Year old | All HVAC's - 2 Years old | All Water heaters - 2 years old | Windows, doors, flooring (LVP), kitchens, bathrooms, lights, paint, trims, and more, all within the past 2 years! Tenant pays for electric and gas The landlord pays for water/sewer/trash. Each unit is individually plumbed in the basement, so you can take over and install sub-meters to bill water directly to the tenant if you want to. Total Current Rent $3,040/m | Unit A - $765/m - Market rent is $775-800 | Unit B - $725/m - Mar

Key facts

• New hvacs
• New doors
• New flooring

Tags

• NEW ROOF
• NEW HVACS
• NEW WATER HEATERS
• NEW WINDOWS
• NEW DOORS
• NEW FLOORING

Property features AI

Finance

• Other: Green energy-efficiency upgrades to doors, HVAC, water heater and windows

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex / fourplex); 2 stories
• Construction: Brick construction; Brick/mortar foundation; Rolled/Hot Mop and rubber roof
• Exterior features: Level lot; Pets allowed

Interior

• Kitchen: Includes dishwasher, microwave, range, refrigerator
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: 4 full bathrooms (all on the main level)
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Dishwasher, Microwave, Range, Refrigerator; Tile and vinyl flooring; Has a basement (partial, crawl space)

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $296k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: West Terrace Elementary School (math 71% / reading 60%, grade B+, #75 of 994 statewide, top 8%, 560 students, 26% FRL); Perry Heights Middle School (math 43% / reading 56%, grade C, #50 of 330 statewide, top 16%, 470 students, 39% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL).
• Zoned-school proficiency averages 57% at this address vs 40% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Evansville Vanderburgh School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; 2 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 $4,813/mo this rent would consume 141% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $91k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $295,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 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 1924 — 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: 1.48% ✓
• Cap rate: 13.08%
• Cash-on-cash: 24.24%
• DSCR: 2.08
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $165,088
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1116 SE First St	0.50mi	3/4.0	2,940 (-0%)	11mo	$180,000	$61	67
817 SE Riverside Dr	0.60mi	4/4.0 (+1)	2,768 (-6%)	6mo	$199,700	$72	52
205-207 Blackford Ave	0.42mi	4/2.0 (+1)	2,717 (-8%)	3mo	$322,000	$119	52
1015 S Linwood Ave	0.41mi	4/1.5 (+1)	2,639 (-10%)	13mo	$51,666	$20	38
913 Washington St	0.62mi	4/2.0 (+1)	2,630 (-11%)	7mo	$60,000	$23	34
862 S Kentucky Ave	0.69mi	4/3.0 (+1)	3,120 (+6%)	20mo	$176,000	$56	32
516 S Bedford Ave	0.65mi	4/2.0 (+1)	2,578 (-13%)	7mo	$71,000	$28	30
524 Madison Ave	0.39mi	3/1.0	2,520 (-14%)	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: 22.7%
• Equity multiple: 1.99×
• Total profit: $89,728
• Equity at exit: $48,459

10-year hold

• IRR: 33.6%
• Equity multiple: 4.78×
• Total profit: $344,222
• Equity at exit: $28,100

Cash invested: $91,000 (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: 22.5×

Monthly cashflow live

• Estimated rent: $4,813 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$125 /mo · $1,495/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,011
• Net cashflow: $1,838

Break-even live

Break-even rent $2,487

Max offer price $325,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,812
Total (4 units)			$4,813

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	21d	1	0.99mi
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	21d	1	1.02mi

Listing history 21 events

1. 2026-06-18
   days on market $325,000 Active 108 DOM
2. 2026-06-17
   days on market $325,000 Active 107 DOM
3. 2026-06-16
   days on market $325,000 Active 106 DOM
4. 2026-06-15
   days on market $325,000 Active 105 DOM
5. 2026-06-14
   days on market $325,000 Active 103 DOM
6. 2026-06-13
   days on market $325,000 Active 102 DOM
7. 2026-06-10
   days on market $325,000 Active 100 DOM
8. 2026-06-09
   days on market $325,000 Active 99 DOM
9. 2026-06-08
   days on market $325,000 Active 98 DOM
10. 2026-06-07
    days on market $325,000 Active 97 DOM
11. 2026-06-02
    days on market $325,000 Active 92 DOM
12. 2026-06-01
    days on market $325,000 Active 91 DOM
13. 2026-05-31
    days on market $325,000 Active 90 DOM
14. 2026-05-30
    days on market $325,000 Active 89 DOM
15. 2026-03-02
    listed $325,000 Active
16. 2024-03-28
    historical $725
17. 2024-03-24
    listed $725
18. 2024-03-24
    historical $725
19. 2024-03-19
    historical $725
20. 2024-03-15
    listed $725
21. 2024-03-13
    listed $750

ⓘ 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: $1,495 · $125/mo
• Projected year-2 tax: $2,129 · $177/mo
• Expected delta: +$634/yr (+$53/mo · 42.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $57,756
• − Mortgage interest: −$18,205
• − Property taxes: −$1,495
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,620
• − Management: −$4,620
• − Depreciation: −$9,455
• Taxable income: $17,735
• Est. tax owed @ 24.0%: −$4,256
• After-tax cash flow: $17,798/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

7 events — show timeline

• 2026-03-02 Listed $325,000 IRMLS
• 2024-03-28 Rental Removed $725 APPFOLIO
• 2024-03-24 Listed for Rent $725 APPFOLIO
• 2024-03-24 Rental Removed $725 APPFOLIO
• 2024-03-19 Rental Removed $725 APPFOLIO
• 2024-03-15 Listed for Rent $725 APPFOLIO
• 2024-03-13 Listed for Rent $750 APPFOLIO

Property tax history

+5.4%/yr

Latest (2024): $1,495 · +25.4% YoY. Source: county tax records.