523 Jefferson Ave · Evansville, IN 47713

$39,900

3 bd · 2.0 ba · 1,950 sqft · SingleFamily public records · 265 Days on market

Built 1894 4,400 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 +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 MLS

Great investment opportunity! This property is available for purchase in a package with 47 other single family homes and 2 duplexes.

Key facts

• 4,400 sq ft lot
• Built 1894
• Listed 265 days

Property features AI

Finance

• Other: Property in the Washington Park subdivision

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Level lot

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom; 2 bathrooms on the main level
• Heating & cooling: Natural gas heating; Gravity heating; No cooling
• Interior features: 5 total rooms; Basement: crawl space, partial, unfinished
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.2% 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) — zoned schools average 88% FRL vs 50% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 40% district-wide (-28 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+9.9%/yr); 118 active listings in the ZIP; 3 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $40k implies a 73% gain — meaningful room to come down on a strong offer.

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 $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 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 1894 — 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: 3.60% ✓
• Cap rate: 31.18%
• Cash-on-cash: 88.87%
• DSCR: 4.95
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $165,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
637 Adams Ave	0.12mi	3/2.0	1,769 (-9%)	0mo	$260,000	$147	79
929 S Garvin St	0.18mi	4/2.0 (+1)	2,007 (+3%)	7mo	$110,000	$55	76
606 E Gum St	0.46mi	3/2.0	1,920 (-2%)	3mo	$165,000	$86	73
1012 S Linwood Ave	0.20mi	4/2.0 (+1)	1,818 (-7%)	5mo	$51,000	$28	70
758-760 S Evans Ave	0.50mi	3/2.0	1,992 (+2%)	6mo	$115,000	$58	68
308 Madison Ave	0.20mi	4/1.0 (+1)	2,045 (+5%)	7mo	$77,000	$38	68
820 Taylor Ave	0.39mi	3/1.5	1,820 (-7%)	6mo	$128,750	$71	63
615 E Gum St	0.44mi	2/1.0 (-1)	1,819 (-7%)	1mo	$92,000	$51	58
810 E Gum St	0.54mi	3/1.0	1,820 (-7%)	4mo	$155,000	$85	56
401 Chandler Ave	0.58mi	3/1.5	1,780 (-9%)	3mo	$160,000	$90	54
1024 Ravenswood Dr	0.64mi	3/1.5	1,780 (-9%)	1mo	$191,900	$108	53
1211 Culver Dr	0.31mi	4/2.0 (+1)	1,664 (-15%)	4mo	$260,000	$156	53

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: 95.3%
• Equity multiple: 5.82×
• Total profit: $53,871
• Equity at exit: $5,949

10-year hold

• IRR: 99.1%
• Equity multiple: 14.38×
• Total profit: $149,518
• Equity at exit: $3,450

Cash invested: $11,172 (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 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 118
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,438 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$83 /mo · $990/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $827

Break-even live

Break-even rent $390

Max offer price $39,900

Occupancy floor 37%

Sensitivity live

Price	-10% $850	-5% $839	+0% $827	+5% $816	+10% $805
Rent	-10% $714	-5% $771	+0% $827	+5% $884	+10% $941
Rate	-1.0pp $847	-0.5pp $838	base $827	+0.5pp $817	+1.0pp $807

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.81mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	21d	6	0.89mi
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	21d	1	1.40mi

Listing history 19 events

1. 2026-06-18
   days on market $39,900 Active 265 DOM
2. 2026-06-17
   days on market $39,900 Active 264 DOM
3. 2026-06-16
   days on market $39,900 Active 263 DOM
4. 2026-06-15
   days on market $39,900 Active 262 DOM
5. 2026-06-14
   days on market $39,900 Active 260 DOM
6. 2026-06-13
   days on market $39,900 Active 259 DOM
7. 2026-06-10
   days on market $39,900 Active 257 DOM
8. 2026-06-09
   days on market $39,900 Active 256 DOM
9. 2026-06-08
   days on market $39,900 Active 255 DOM
10. 2026-06-07
    days on market $39,900 Active 254 DOM
11. 2026-06-02
    days on market $39,900 Active 249 DOM
12. 2026-06-01
    days on market $39,900 Active 248 DOM
13. 2026-05-31
    days on market $39,900 Active 247 DOM
14. 2026-05-30
    days on market $39,900 Active 246 DOM
15. 2025-10-31
    price $39,900
16. 2025-09-26
    listed $49,900 Active
17. 2018-08-24
    soldstatus $23,044 132-char remark

    Show marketing remark (132 chars)

    Great investment opportunity! This property is available for purchase in a package with 47 other single family homes and 2 duplexes.

18. 2018-04-26
    listed $32,457 132-char remark

    Show marketing remark (132 chars)

    Great investment opportunity! This property is available for purchase in a package with 47 other single family homes and 2 duplexes.

19. 2015-07-22
    listed $32,457

ⓘ 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: $990 · $83/mo
• Projected year-2 tax: $990 · $83/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: $17,253
• − Mortgage interest: −$2,235
• − Property taxes: −$990
• − Insurance: −$200
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − Depreciation: −$1,161
• Taxable income: $9,906
• Est. tax owed @ 24.0%: −$2,378
• After-tax cash flow: $7,551/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

+22.9% since first listed

5 events — show timeline

• 2025-10-31 Price Changed $39,900 IRMLS
• 2025-09-26 Listed $49,900 IRMLS
• 2018-08-24 Sold (MLS) $23,044 IRMLS
• 2018-04-26 Listed $32,457 IRMLS
• 2015-07-22 Listed $32,457 IRMLS

Property tax history

-2.9%/yr

Latest (2024): $990 · +2.3% YoY. Source: county tax records.