2604 Hillcrest Ter · Evansville, IN 47712

$193,000

4 bd · 2.0 ba · 2,117 sqft · SingleFamily public records · 57 Days on market

Built 1909 4,792 sqft lot Est $210k · 8% under

---

Why this score? — see what drove the C+ 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 +24.9/30.0
• ARV discount +11.1/15.0
• DSCR +8.1/10.0
• 1% rule +5.8/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Need a lot of space without a big price tag? This 5 bedroom 2 bath home may be your answer. This charming home offers lots of character with various built-ins and and an XL kitchen with new stainless refrigerator and dishwasher. There was a new roof installed on the house in 2020. Lots of updated vinyl and laminate flooring in many rooms. Second washer/dryer hookup in bedroom. Fenced backyard has a concrete block garage and a small patio with grilling gazebo. Includes: Refrigerator, range/oven, dishwasher, washer, dryer, all window treatments, 2 portable air conditioners, grilling gazebo, dehumidifier. Selling AS-IS.

Key facts

• Newer roof
• Unfinished basement
• Furnace and ductwork

Tags

• FULLY FENCED BACKYARD
• OVERSIZED 2-CAR GARAGE
• TWO SEPARATE LAUNDRY AREAS
• UNFINISHED BASEMENT
• NEWER ROOF
• FURNACE AND DUCTWORK

Property features AI

Exterior

• Parking: Detached off-street garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; Two-story
• Construction: Aluminum siding; Brick/mortar foundation; Built with traditional site-built construction
• Exterior features: Level lot; Lot dimensions approximately 40 x 119

Interior

• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning; Window AC units
• Interior features: Partial crawl space basement; Total of 11 rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $193k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $193k).
• Recommended offer: $187k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: Tekoppel Elementary School (math 42% / reading 33%, grade F, #543 of 994 statewide, top 55%, 445 students, 73% FRL); Helfrich Park Stem Academy (math 36% / reading 47%, grade F, #108 of 330 statewide, top 34%, 517 students, 52% FRL); Francis Joseph Reitz High School (math 45% / reading 68%, grade C, #70 of 369 statewide, top 19%, 1,280 students, 44% FRL).
• Market conditions: 137 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 36% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $22k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $193k implies a 54% gain — meaningful room to come down on a strong offer.

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 $187,210 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.16%
• DSCR: 1.41
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $209,583
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 W Indiana St	0.48mi	4/2.0	2,129 (+1%)	3mo	$250,000	$117	74
2717 Marion Ave	0.21mi	3/1.5 (-1)	2,197 (+4%)	9mo	$253,000	$115	70
2606 Pennsylvania St	0.12mi	4/1.0	2,326 (+10%)	9mo	$184,900	$79	67
2736 Marion Ave	0.26mi	3/2.0 (-1)	2,214 (+5%)	11mo	$254,000	$115	66
2117 W Indiana St	0.45mi	4/2.0	1,952 (-8%)	0mo	$155,000	$79	66
3008 Edgewood Dr	0.43mi	3/2.0 (-1)	2,018 (-5%)	4mo	$189,900	$94	64
2206 W Virginia St	0.55mi	4/2.0	2,006 (-5%)	4mo	$197,900	$99	62
2200 W Virginia St	0.55mi	3/2.5 (-1)	2,009 (-5%)	0mo	$166,400	$83	58
2817 Hillcrest Ter	0.31mi	3/2.0 (-1)	1,804 (-15%)	2mo	$212,000	$118	55
1912 1914 W Indiana St	0.63mi	5/3.0 (+1)	2,060 (-3%)	5mo	$153,000	$74	53
3001 W Michigan St	0.54mi	4/2.0	1,949 (-8%)	11mo	$196,000	$101	52
722 S Barker Ave	0.62mi	3/2.0 (-1)	2,398 (+13%)	7mo	$166,500	$69	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-5,026
• Equity at exit: $28,777

10-year hold

• IRR: 7.2%
• Equity multiple: 1.54×
• Total profit: $29,332
• Equity at exit: $16,687

Cash invested: $54,040 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 137
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,078 medium
• Mortgage (P&I): −$1,012
• Tax from tax record: −$136 /mo · $1,637/yr
• Insurance: −$80
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $413

Break-even live

Break-even rent $1,556

Max offer price $193,000

Occupancy floor 75%

Sensitivity live

Price	-10% $522	-5% $467	+0% $413	+5% $358	+10% $303
Rent	-10% $248	-5% $331	+0% $413	+5% $495	+10% $577
Rate	-1.0pp $510	-0.5pp $462	base $413	+0.5pp $363	+1.0pp $312

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: $48,250
• Closing costs: $5,790
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 W Illinois St Evansville, IN	5.0	2.0	1892	$3,500	$1.85	23d	1	1.33mi
4002 Petes Ct Evansville, IN	3.0	2.0	1776	$1,600	$0.90	23d	1	1.50mi

Listing history 24 events

1. 2026-06-22
   statusdays on market $193,000 Pending 57 DOM
2. 2026-06-18
   days on market $193,000 Active 56 DOM
3. 2026-06-17
   days on market $193,000 Active 55 DOM
4. 2026-06-16
   days on market $193,000 Active 54 DOM
5. 2026-06-15
   days on market $193,000 Active 53 DOM
6. 2026-06-14
   days on market $193,000 Active 51 DOM
7. 2026-06-13
   days on market $193,000 Active 50 DOM
8. 2026-06-10
   days on market $193,000 Active 48 DOM
9. 2026-06-09
   days on market $193,000 Active 47 DOM
10. 2026-06-08
    days on market $193,000 Active 46 DOM
11. 2026-06-07
    days on market $193,000 Active 45 DOM
12. 2026-06-02
    days on market $193,000 Active 40 DOM
13. 2026-06-01
    days on market $193,000 Active 39 DOM
14. 2026-05-31
    days on market $193,000 Active 38 DOM
15. 2026-05-30
    days on market $193,000 Active 37 DOM
16. 2026-05-07
    price $200,000
17. 2026-04-23
    listed $215,000 Active
18. 2023-05-03
    soldstatus $125,000 Closed 628-char remark

    Show marketing remark (628 chars)

    Need a lot of space without a big price tag? This 5 bedroom 2 bath home may be your answer. This charming home offers lots of character with various built-ins and and an XL kitchen with new stainless refrigerator and dishwasher. There was a new roof installed on the house in 2020. Lots of updated vinyl and laminate flooring in many rooms. Second washer/dryer hookup in bedroom. Fenced backyard has a concrete block garage and a small patio with grilling gazebo. Includes: Refrigerator, range/oven, dishwasher, washer, dryer, all window treatments, 2 portable air conditioners, grilling gazebo, dehumidifier. Selling AS-IS.

19. 2023-04-04
    status Pending 628-char remark

    Show marketing remark (628 chars)

    Need a lot of space without a big price tag? This 5 bedroom 2 bath home may be your answer. This charming home offers lots of character with various built-ins and and an XL kitchen with new stainless refrigerator and dishwasher. There was a new roof installed on the house in 2020. Lots of updated vinyl and laminate flooring in many rooms. Second washer/dryer hookup in bedroom. Fenced backyard has a concrete block garage and a small patio with grilling gazebo. Includes: Refrigerator, range/oven, dishwasher, washer, dryer, all window treatments, 2 portable air conditioners, grilling gazebo, dehumidifier. Selling AS-IS.

20. 2023-04-02
    listed $114,900 Active 628-char remark

    Show marketing remark (628 chars)

    Need a lot of space without a big price tag? This 5 bedroom 2 bath home may be your answer. This charming home offers lots of character with various built-ins and and an XL kitchen with new stainless refrigerator and dishwasher. There was a new roof installed on the house in 2020. Lots of updated vinyl and laminate flooring in many rooms. Second washer/dryer hookup in bedroom. Fenced backyard has a concrete block garage and a small patio with grilling gazebo. Includes: Refrigerator, range/oven, dishwasher, washer, dryer, all window treatments, 2 portable air conditioners, grilling gazebo, dehumidifier. Selling AS-IS.

21. 2020-02-14
    soldstatus $76,000 866-char remark

    Show marketing remark (866 chars)

    Nice west side home near Reitz foot ball field. Lots of Evansville History in this 1909 bungalow main level living room, 3 bedrooms, full bath, Kitchen, Dining Room & laundry. Upper level 2 bedrooms & full bath. Total 5 bedrooms & 2 full baths. Large kitchen with breakfast bar and separate dining room with built-in shelving. Main level laundry. 2 car concrete block garage & fenced yard. Cellar type basement with gas forced air furnace, hot water tank and new breaker box. Lots of updates including new paint on walls & ceilings in 2018. Taxes currently have no exemptions. Buyers encouraged to check with assessors office for their qualifying exemptions. Sellers re-flashed chimney, installed new flooring in living room & master bedroom. Due to age of home Sellers are selling as is. Inspections are for the buyers benefit.

22. 2020-01-07
    listed $79,900 866-char remark

    Show marketing remark (866 chars)

    Nice west side home near Reitz foot ball field. Lots of Evansville History in this 1909 bungalow main level living room, 3 bedrooms, full bath, Kitchen, Dining Room & laundry. Upper level 2 bedrooms & full bath. Total 5 bedrooms & 2 full baths. Large kitchen with breakfast bar and separate dining room with built-in shelving. Main level laundry. 2 car concrete block garage & fenced yard. Cellar type basement with gas forced air furnace, hot water tank and new breaker box. Lots of updates including new paint on walls & ceilings in 2018. Taxes currently have no exemptions. Buyers encouraged to check with assessors office for their qualifying exemptions. Sellers re-flashed chimney, installed new flooring in living room & master bedroom. Due to age of home Sellers are selling as is. Inspections are for the buyers benefit.

23. 2018-04-06
    soldstatus $75,000
24. 2017-11-11
    listed $82,900

ⓘ 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: $1,637 · $136/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 4% 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: $24,936
• − Mortgage interest: −$10,811
• − Property taxes: −$1,637
• − Insurance: −$965
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − Depreciation: −$5,615
• Taxable income: $1,918
• Est. tax owed @ 24.0%: −$460
• After-tax cash flow: $4,491/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): 25,444
• Household income: $68,494
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 797.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -101.86%
• Current HPI: 215.5153
• Rent YoY: —
• 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

+141.3% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $200,000 IRMLS
• 2026-04-23 Listed $215,000 IRMLS
• 2023-05-03 Sold (MLS) $125,000 IRMLS
• 2023-04-04 Pending — IRMLS
• 2023-04-02 Listed $114,900 IRMLS
• 2020-02-14 Sold (MLS) $76,000 IRMLS
• 2020-01-07 Listed $79,900 IRMLS
• 2018-04-06 Sold (MLS) $75,000 IRMLS
• 2017-11-11 Listed $82,900 IRMLS

Property tax history

-1.1%/yr

Latest (2024): $1,637 · +15.8% YoY. Source: county tax records.