103 Richardt Ave · Evansville, IN 47711

$24,900

1 bd · 1.0 ba · 672 sqft · SingleFamily public records · 1 Days on market

Built 1923 5,227 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 +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This Single Family home in Evansville, Indiana offers 672 square feet of living space on a 0.120-acre lot. Built in 1923, this one story property features 1 bedroom and 1 bathroom. The home includes a partial basement, city water and sewer, electric service, and window air conditioning.

Key facts

• 5,227 sq ft lot
• Built 1923

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Asphalt and vinyl siding exterior
• Exterior features: Level lot; Lot dimensions approximately 38 x 138

Interior

• Kitchen:
• Bedrooms: Bedrooms included (see room count)
• Flooring:
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Window unit air conditioning
• Interior features: Basement present (crawl space, full, unfinished); Total of 4 rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($775 rent vs $25k).
• Cap rate 26.0% 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: Delaware Elementary School (math 22% / reading 16%, grade F, #829 of 994 statewide, top 84%, 338 students, 90% FRL); North Junior High School (math 44% / reading 57%, grade C, #43 of 330 statewide, top 14%, 929 students, 42% FRL); North High School (math 57% / reading 74%, grade B, #29 of 369 statewide, top 8%, 1,674 students, 35% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 12 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).
• This rent is only 14% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1923 — 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 $24,900

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.11% ✓
• Cap rate: 26.04%
• Cash-on-cash: 70.51%
• DSCR: 4.14
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $83,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2517 N Heidelbach Ave	0.24mi	2/1.0 (+1)	684 (+2%)	9mo	$125,000	$183	74
710 Reis Ave	0.54mi	1/1.0	720 (+7%)	2mo	$70,000	$97	62
2532 N Elsas Ave	0.26mi	2/1.0 (+1)	750 (+12%)	8mo	$67,000	$89	57
2804 N Sherman St	0.62mi	2/1.0 (+1)	720 (+7%)	1mo	$89,900	$125	53
732 Negley Ave	0.56mi	2/1.0 (+1)	720 (+7%)	14mo	$72,000	$100	45
2705 Edgar St	0.66mi	2/1.0 (+1)	720 (+7%)	11mo	$112,900	$157	43
321 E Tennessee St	0.59mi	2/2.0 (+1)	720 (+7%)	12mo	$56,000	$78	42
1309 N Garvin St	0.66mi	2/1.0 (+1)	736 (+10%)	8mo	$50,000	$68	41
15 E Tennessee St	0.57mi	2/1.0 (+1)	752 (+12%)	10mo	$93,500	$124	40
217 E Eichel Ave	0.52mi	2/1.0 (+1)	760 (+13%)	11mo	$102,000	$134	40
215 E Florida St	0.64mi	2/1.0 (+1)	742 (+10%)	12mo	$56,000	$75	38
318 W Florida St	0.75mi	2/1.0 (+1)	756 (+12%)	6mo	$101,000	$134	34

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 74.5%
• Equity multiple: 4.60×
• Total profit: $25,096
• Equity at exit: $3,713

10-year hold

• IRR: 79.4%
• Equity multiple: 10.88×
• Total profit: $68,900
• Equity at exit: $2,153

Cash invested: $6,972 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 229
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $775 high
• Mortgage (P&I): −$131
• Tax from tax record: −$61 /mo · $736/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$163
• Net cashflow: $410

Break-even live

Break-even rent $256

Max offer price $24,900

Occupancy floor 42%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Richardt Ave Evansville, IN	1.0	1.0	550	$700	$1.27	20d	1	0.30mi
109 E Eichel Ave Unit A Evansville, IN	1.0	1.0	675	$745	$1.10	20d	1	0.48mi
820 Negley Ave Unit B Evansville, IN	1.0	1.0	575	$695	$1.21	20d	1	0.66mi
2511 N Kentucky Ave Unit 23 Evansville, IN	1.0	1.0	584	$650	$1.11	20d	1	0.87mi
702 Fairway Dr Evansville, IN	1.0–2.0	1.0	800	$640	$0.80	20d	2	1.00mi
1111 Stanley Ave Evansville, IN	2.0	1.0	670	$1,000	$1.49	20d	1	1.03mi
1219 Joan Ave Unit 1219 Evansville, IN	2.0	1.0	725	$845	$1.17	13d	1	1.06mi
1151 Diamond Pl Evansville, IN	1.0	1.0	700	$780	$1.11	20d	1	1.10mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,287	$1.50	13d	7	1.26mi
406 Edgar St Unit 1 Evansville, IN	1.0	1.0	530	$1,500	$2.83	20d	1	1.26mi
605 W Michigan St Unit 1 Evansville, IN	1.0	1.0	484	$795	$1.64	20d	1	1.27mi
41 W Division St Unit 101 Evansville, IN	1.0	1.0	634	$1,100	$1.74	20d	1	1.41mi

Listing history 2 events

1. 2026-05-07
   status Pending
2. 2026-05-06
   listed $24,900 Active

ⓘ 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: $736 · $61/mo
• Projected year-2 tax: $736 · $61/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 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: $9,296
• − Mortgage interest: −$1,395
• − Property taxes: −$736
• − Insurance: −$124
• − Repairs & maintenance: −$744
• − Management: −$744
• − Depreciation: −$724
• Taxable income: $4,829
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $3,757/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): 30,944
• Household income: $66,320
• Rent vs Own: 24.4% rent · 75.6% own
• Severe rent burden: 659.0

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 (85%)
• Race & ethnicity: White 85% Black 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -97.98%
• Current HPI: 205.62
• Rent YoY: ▲ 6.72%
• 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

2 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-05-06 Listed $24,900 IRMLS

Property tax history

+14.4%/yr

Latest (2024): $736 · +2.4% YoY. Source: county tax records.