1222 N Second Ave · Evansville, IN 47710

$225,000

4 bd · 5.0 ba · 2,110 sqft · MultiFamily public records · 163 Days on market

Built 1904 3,920 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
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fully occupied and generating steady income, this 4-unit property is a great opportunity for investors. The building features two 1-bedroom/1-bath units and two efficiency units, each with a full bathroom. Several units have been partially updated, and all units have brand-new water lines—providing peace of mind for future ownership. Two of the units offer private balconies, adding extra appeal for tenants. Off-street parking is available, making this property even more desirable. With solid improvements already completed, this is a turnkey investment with strong rental potential. Don’t miss your chance to add this money-making property to your portfolio!

Key facts

• Private balconies
• Partially updated
• Off-street parking

Tags

• GENERATING STEADY INCOME
• PARTIALLY UPDATED
• BRAND-NEW WATER LINES
• PRIVATE BALCONIES
• OFF-STREET PARKING
• STRONG RENTAL POTENTIAL

Property features AI

Exterior

• Parking: Off-street gravel parking for 4 vehicles
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex / fourplex); Two stories
• Construction: Block and vinyl siding construction; Shingle roof; Block and brick/mortar foundation; Built above-grade finished area of 2,110
• Exterior features: Corner lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: Four full bathrooms (all on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Balcony; Partial basement

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $505/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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: Cedar Hall Community School (math 13% / reading 19%, grade F, #854 of 994 statewide, top 86%, 509 students, 93% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 72% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 88 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $4,440/mo this rent would consume 113% of the median local household income ($47k/yr) (locally 722% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 1904 — 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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 1904 — 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: 1.97% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.46%
• DSCR: 2.71
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $124,490
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1100 N 3rd Ave	0.15mi	4/2.0	2,211 (+5%)	4mo	$100,000	$45	70
1001 Edgar St	0.30mi	4/2.0	2,220 (+5%)	12mo	$130,000	$59	55
910 Harriet St	0.42mi	3/2.0 (-1)	1,881 (-11%)	3mo	$165,000	$88	43

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: 34.6%
• Equity multiple: 2.46×
• Total profit: $92,160
• Equity at exit: $33,548

10-year hold

• IRR: 41.4%
• Equity multiple: 4.90×
• Total profit: $245,942
• Equity at exit: $19,454

Cash invested: $63,000 (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 47710

• Home prices YoY: -29.7%
• Active inventory: 88
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $4,440 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$215 /mo · $2,579/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$932
• Net cashflow: $2,019

Break-even live

Break-even rent $1,884

Max offer price $225,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,440
Total (4 units)			$4,440

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	13d	1	0.36mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	13d	1	0.54mi
1106 W Illinois St Evansville, IN	5.0	2.0	1892	$3,500	$1.85	21d	1	0.78mi
121 E Florida St Evansville, IN	4.0	2.0	1702	$100	$0.06	21d	1	0.81mi
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	21d	1	0.90mi

Listing history 21 events

1. 2026-06-18
   days on market $225,000 Active 163 DOM
2. 2026-06-17
   days on market $225,000 Active 162 DOM
3. 2026-06-16
   days on market $225,000 Active 161 DOM
4. 2026-06-15
   days on market $225,000 Active 160 DOM
5. 2026-06-14
   days on market $225,000 Active 158 DOM
6. 2026-06-13
   days on market $225,000 Active 157 DOM
7. 2026-06-10
   days on market $225,000 Active 155 DOM
8. 2026-06-09
   days on market $225,000 Active 154 DOM
9. 2026-06-08
   days on market $225,000 Active 153 DOM
10. 2026-06-07
    days on market $225,000 Active 152 DOM
11. 2026-06-02
    days on market $225,000 Active 147 DOM
12. 2026-06-01
    days on market $225,000 Active 146 DOM
13. 2026-05-31
    days on market $225,000 Active 145 DOM
14. 2026-05-30
    days on market $225,000 Active 144 DOM
15. 2026-01-06
    listed $225,000 Active
16. 2024-04-05
    historical $575
17. 2024-03-13
    listed $575
18. 2023-11-18
    historical $525
19. 2023-09-10
    listed $525
20. 2023-09-05
    historical $525
21. 2023-08-04
    listed $525

ⓘ 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: $2,579 · $215/mo
• Projected year-2 tax: $2,579 · $215/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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 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: $53,280
• − Mortgage interest: −$12,603
• − Property taxes: −$2,579
• − Insurance: −$1,125
• − Repairs & maintenance: −$4,262
• − Management: −$4,262
• − Depreciation: −$6,545
• Taxable income: $21,903
• Est. tax owed @ 24.0%: −$5,257
• After-tax cash flow: $18,972/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): 18,309
• Household income: $47,292
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 722.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 6% Hispanic / Latino 4%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -91.84%
• Current HPI: 217.586
• 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

7 events — show timeline

• 2026-01-06 Listed $225,000 IRMLS
• 2024-04-05 Rental Removed $575 APPFOLIO
• 2024-03-13 Listed for Rent $575 APPFOLIO
• 2023-11-18 Rental Removed $525 APPFOLIO
• 2023-09-10 Listed for Rent $525 APPFOLIO
• 2023-09-05 Rental Removed $525 APPFOLIO
• 2023-08-04 Listed for Rent $525 APPFOLIO

Property tax history

+4.6%/yr

Latest (2024): $2,579 · +148.9% YoY. Source: county tax records.