1414 SE First St · Evansville, IN 47713

$134,000

4 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 87 Days on market

Built 1894 1,742 sqft lot Est $164k · 18% under

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Located in the heart of downtown Evansville, this fully rented duplex offers an excellent investment opportunity just steps from the historic district and minutes from Haynie’s Corner. Each unit is thoughtfully laid out, with the upper level featuring 2 bedrooms and 1 full bath, while the main level offers 2 bedrooms and 2 full baths. Both units include separate laundry spaces for added convenience, and tenants are responsible for all utilities and lawn maintenance, making this a low-maintenance addition to your portfolio. Per seller, major updates include a new roof in 2021, updated HVAC systems in 2022 and 2023, along with newer flooring and paint throughout in recent years. This income-producing property is fully occupied with year leases in place. Please do not disturb tenants.

Key facts

• 1,742 sq ft lot
• Built 1894
• Listed 87 days

Property features AI

Finance

• Other: Listed by Catanese Real Estate

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; 2 stories
• Construction: Built with other construction materials
• Exterior features: Lot dimensions approximately 28 x 61 (0.04 acres); Subdivision: Boulevard Place; Directions: Riverside to SE First St.

Interior

• Kitchen: Includes refrigerator and electric range
• Bedrooms: Total rooms: 6
• Bathrooms: 3 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Refrigerator; Electric range; Unfinished basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $134k.

Deal economics

• At list price, monthly cash flow is $888 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $126k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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: 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: Rents rising fast (+9.9%/yr); 119 active listings in the ZIP; 1 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 $2,238/mo this rent would consume 66% 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 $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.
• Current owner paid $34k; list at $134k implies a 290% 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 $125,960 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% 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 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: 1.67% ✓
• Cap rate: 14.25%
• Cash-on-cash: 28.41%
• DSCR: 2.26
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $163,856
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Jefferson Ave	0.42mi	3/2.0 (-1)	2,196 (+3%)	6mo	$170,000	$77	65
423 Jefferson Ave	0.50mi	5/2.0 (+1)	2,437 (+14%)	6mo	$160,000	$66	42
401 403 Adams Ave	0.49mi	5/3.0 (+1)	2,372 (+12%)	14mo	$225,000	$95	37

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: 28.1%
• Equity multiple: 2.24×
• Total profit: $46,699
• Equity at exit: $19,980

10-year hold

• IRR: 38.3%
• Equity multiple: 5.46×
• Total profit: $167,373
• Equity at exit: $11,586

Cash invested: $37,520 (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: 119
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,238 high
• Mortgage (P&I): −$703
• Tax from tax record: −$121 /mo · $1,453/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $888

Break-even live

Break-even rent $1,113

Max offer price $134,000

Occupancy floor 55%

Sensitivity live

Price	-10% $964	-5% $926	+0% $888	+5% $850	+10% $813
Rent	-10% $712	-5% $800	+0% $888	+5% $977	+10% $1,065
Rate	-1.0pp $956	-0.5pp $922	base $888	+0.5pp $854	+1.0pp $818

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,238
Total (2 units)			$2,238

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 Washington Ave Evansville, IN	4.0	1.0	1984	$1,595	$0.80	22d	1	1.39mi

Listing history 21 events

1. 2026-06-22
   days on market $134,000 Active 87 DOM
2. 2026-06-18
   days on market $134,000 Active 84 DOM
3. 2026-06-17
   days on market $134,000 Active 83 DOM
4. 2026-06-16
   days on market $134,000 Active 82 DOM
5. 2026-06-15
   days on market $134,000 Active 81 DOM
6. 2026-06-14
   days on market $134,000 Active 79 DOM
7. 2026-06-13
   days on market $134,000 Active 78 DOM
8. 2026-06-10
   days on market $134,000 Active 76 DOM
9. 2026-06-09
   days on market $134,000 Active 75 DOM
10. 2026-06-08
    days on market $134,000 Active 74 DOM
11. 2026-06-07
    days on market $134,000 Active 73 DOM
12. 2026-06-02
    days on market $134,000 Active 68 DOM
13. 2026-06-01
    days on market $134,000 Active 67 DOM
14. 2026-05-31
    days on market $134,000 Active 66 DOM
15. 2026-05-30
    days on market $134,000 Active 65 DOM
16. 2026-05-13
    price $134,000

    Show marketing remark (798 chars)

    Located in the heart of downtown Evansville, this fully rented duplex offers an excellent investment opportunity just steps from the historic district and minutes from Haynie’s Corner. Each unit is thoughtfully laid out, with the upper level featuring 2 bedrooms and 1 full bath, while the main level offers 2 bedrooms and 2 full baths. Both units include separate laundry spaces for added convenience, and tenants are responsible for all utilities and lawn maintenance, making this a low-maintenance addition to your portfolio. Per seller, major updates include a new roof in 2021, updated HVAC systems in 2022 and 2023, along with newer flooring and paint throughout in recent years. This income-producing property is fully occupied with year leases in place. Please do not disturb tenants.

17. 2026-05-13
    price $134,000 798-char remark

    Show marketing remark (798 chars)

    Located in the heart of downtown Evansville, this fully rented duplex offers an excellent investment opportunity just steps from the historic district and minutes from Haynie’s Corner. Each unit is thoughtfully laid out, with the upper level featuring 2 bedrooms and 1 full bath, while the main level offers 2 bedrooms and 2 full baths. Both units include separate laundry spaces for added convenience, and tenants are responsible for all utilities and lawn maintenance, making this a low-maintenance addition to your portfolio. Per seller, major updates include a new roof in 2021, updated HVAC systems in 2022 and 2023, along with newer flooring and paint throughout in recent years. This income-producing property is fully occupied with year leases in place. Please do not disturb tenants.

18. 2026-03-26
    listed $139,000 Active

    Show marketing remark (798 chars)

    Located in the heart of downtown Evansville, this fully rented duplex offers an excellent investment opportunity just steps from the historic district and minutes from Haynie’s Corner. Each unit is thoughtfully laid out, with the upper level featuring 2 bedrooms and 1 full bath, while the main level offers 2 bedrooms and 2 full baths. Both units include separate laundry spaces for added convenience, and tenants are responsible for all utilities and lawn maintenance, making this a low-maintenance addition to your portfolio. Per seller, major updates include a new roof in 2021, updated HVAC systems in 2022 and 2023, along with newer flooring and paint throughout in recent years. This income-producing property is fully occupied with year leases in place. Please do not disturb tenants.

19. 2026-03-26
    listed $139,000 Active 798-char remark

    Show marketing remark (798 chars)

    Located in the heart of downtown Evansville, this fully rented duplex offers an excellent investment opportunity just steps from the historic district and minutes from Haynie’s Corner. Each unit is thoughtfully laid out, with the upper level featuring 2 bedrooms and 1 full bath, while the main level offers 2 bedrooms and 2 full baths. Both units include separate laundry spaces for added convenience, and tenants are responsible for all utilities and lawn maintenance, making this a low-maintenance addition to your portfolio. Per seller, major updates include a new roof in 2021, updated HVAC systems in 2022 and 2023, along with newer flooring and paint throughout in recent years. This income-producing property is fully occupied with year leases in place. Please do not disturb tenants.

20. 2020-12-11
    soldstatus $34,400 369-char remark

    Show marketing remark (369 chars)

    Duplex with Commercial Possibilities near Evansville's down town historic district. Main Floor features 1-2 bedroom, 1 full and 1 half bath, kitchen and has access to the unfinished basement. Upstairs unit contains 2 bedrooms, 1 bath eat-in kitchen, living room and laundry area. Property needs some work but offers outstanding potential. Could be turned back into SFR.

21. 2020-10-28
    listed $18,500 369-char remark

    Show marketing remark (369 chars)

    Duplex with Commercial Possibilities near Evansville's down town historic district. Main Floor features 1-2 bedroom, 1 full and 1 half bath, kitchen and has access to the unfinished basement. Upstairs unit contains 2 bedrooms, 1 bath eat-in kitchen, living room and laundry area. Property needs some work but offers outstanding potential. Could be turned back into SFR.

ⓘ 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: $1,453 · $121/mo
• Projected year-2 tax: $1,453 · $121/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 (shaded) · 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: $26,856
• − Mortgage interest: −$7,506
• − Property taxes: −$1,453
• − Insurance: −$670
• − Repairs & maintenance: −$2,148
• − Management: −$2,148
• − Depreciation: −$3,898
• Taxable income: $9,031
• Est. tax owed @ 24.0%: −$2,168
• After-tax cash flow: $8,493/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

+624.3% since first listed

6 events — show timeline

• 2026-05-13 Price Changed $134,000 IRMLS
• 2026-05-13 Price Changed $134,000 IRMLS
• 2026-03-26 Listed $139,000 IRMLS
• 2026-03-26 Listed $139,000 IRMLS
• 2020-12-11 Sold (MLS) $34,400 IRMLS
• 2020-10-28 Listed $18,500 IRMLS

Property tax history

+3.5%/yr

Latest (2024): $1,453 · -0.5% YoY. Source: county tax records.