1609 Rheinhardt Ave · Evansville, IN 47714

$65,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 272 Days on market

Built 1952 6,904 sqft lot Est $118k · 45% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling all Investors, Income package. Package Deal consists of 1609 Reinhardt, 1335 E Franklin, 921 W Missouri, 909 N 5th, 1625 Reinhardt. Price for package includes 5 properties. $325,000.00.

Key facts

• 6,904 sq ft lot
• Garage
• Built 1952

Property features AI

Finance

• Other: Property type: Residential; Above-grade finished area provided (measurement withheld in this output per instructions)
• Financial info: Tax information not included as requested
• HOA & community: No subdivision

Exterior

• Parking: Detached off-street garage with space for 1 vehicle
• Security: Security features not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Wood siding exterior
• Exterior features: Level lot; Lot dimensions approximately 62 x 110

Interior

• Kitchen: Appliances not specified
• Bedrooms: Information not provided
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space basement; 4 total rooms
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($938 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: Lodge Community School (math 11% / reading 19%, grade F, #859 of 994 statewide, top 87%, 382 students, 85% FRL) — zoned schools average 85% FRL vs 50% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 40% district-wide (-24 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 (+7.9%/yr); 188 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $325k (83%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 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 1952 — 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: 1.44% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.87%
• DSCR: 1.84
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $118,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1817 Culverson Ave	0.25mi	2/1.0	720 (0%)	4mo	$129,900	$180	85
3004 S Weinbach Ave	0.34mi	2/1.0	720 (0%)	9mo	$119,900	$167	77
2020 Shelby Ave	0.38mi	2/1.0	720 (0%)	18mo	$96,775	$134	67
1254 Maple Ct	0.71mi	2/1.0	725 (+1%)	6mo	$115,000	$159	61
2911 S Weinbach Ave	0.30mi	2/1.0	672 (-7%)	21mo	$122,500	$182	58
2004 E Riverside Dr	0.42mi	2/1.0	800 (+11%)	7mo	$142,500	$178	56
2160 Shelby Ave	0.53mi	2/1.0	682 (-5%)	14mo	$129,900	$190	55
2116 E Riverside Dr	0.55mi	2/1.0	825 (+15%)	2mo	$118,500	$144	48
2121 Kathleen Ave	0.61mi	2/1.0	784 (+9%)	15mo	$128,500	$164	45
2304 Herbert Ave	0.48mi	3/1.0 (+1)	825 (+15%)	4mo	$130,500	$158	44
2232 E Riverside Dr	0.70mi	2/1.0	810 (+12%)	3mo	$81,888	$101	44
2218 E Riverside Dr	0.67mi	2/1.0	810 (+12%)	10mo	$116,500	$144	40

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 1.69×
• Total profit: $12,523
• Equity at exit: $9,692

10-year hold

• IRR: 28.1%
• Equity multiple: 4.09×
• Total profit: $56,288
• Equity at exit: $5,620

Cash invested: $18,200 (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 47714

• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $938 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$87 /mo · $1,047/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $286

Break-even live

Break-even rent $576

Max offer price $65,000

Occupancy floor 65%

Sensitivity live

Price	-10% $323	-5% $305	+0% $286	+5% $268	+10% $249
Rent	-10% $212	-5% $249	+0% $286	+5% $323	+10% $360
Rate	-1.0pp $319	-0.5pp $303	base $286	+0.5pp $269	+1.0pp $252

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	21d	1	0.20mi
2501 Pollack Ave Evansville, IN	2.0	1.0	648	$1,080	$1.67	21d	1	1.07mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	1.16mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	1.18mi

Listing history 15 events

1. 2026-06-07
   statusdays on market $65,000 Pending 272 DOM
2. 2026-06-02
   days on market $65,000 Active 268 DOM
3. 2026-06-01
   days on market $65,000 Active 267 DOM
4. 2026-05-31
   days on market $65,000 Active 266 DOM
5. 2026-05-30
   days on market $65,000 Active 265 DOM
6. 2026-05-07
   status Active
7. 2026-05-07
   historical
8. 2025-12-04
   status Active
9. 2025-09-18
   status Active
10. 2025-08-22
    status Pending
11. 2025-07-23
    price $65,000
12. 2025-05-29
    status Active
13. 2025-05-15
    status Pending
14. 2025-05-09
    listed $390,000 Active
15. 2016-05-09
    listed $57,500

ⓘ 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: $1,047 · $87/mo
• Projected year-2 tax: $1,047 · $87/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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,260
• − Mortgage interest: −$3,641
• − Property taxes: −$1,047
• − Insurance: −$325
• − Repairs & maintenance: −$901
• − Management: −$901
• − Depreciation: −$1,891
• Taxable income: $2,555
• Est. tax owed @ 24.0%: −$613
• After-tax cash flow: $2,820/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): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

+13.0% since first listed

10 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2025-12-04 Relisted — IRMLS
• 2025-09-18 Relisted — IRMLS
• 2025-08-22 Pending — IRMLS
• 2025-07-23 Price Changed $65,000 IRMLS
• 2025-05-29 Relisted — IRMLS
• 2025-05-15 Pending — IRMLS
• 2025-05-09 Listed $390,000 IRMLS
• 2016-05-09 Listed $57,500 IRMLS

Property tax history

+9.7%/yr

Latest (2024): $1,047 · +86.1% YoY. Source: county tax records.