1624 E Illinois St · Evansville, IN 47711

$124,900

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 2 Days on market

Built 1937 9,984 sqft lot Est $130k · at est.

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Why this score? — see what drove the D 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 +14.0/30.0
• ARV discount +9.4/15.0
• DSCR +4.2/10.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Have you been looking for that move-in ready, classic bungalow with modern updates, that won't break the bank? If so, you really need to see this one soon! Situated between Evansville's North and East sides on a large privacy fenced double lot, this enchanting home offers comfortable living and peace of mind. Barely 8 years ago, nearly everything was replaced; including the roof, electrical, HVAC, water heater, doors, windows, flooring, and even the insulation! From the sprawling 8 ft deep front porch, your guests will be greeted by a great room with gorgeous flooring bathed in natural sunlight. A large peninsula with butcher block style countertop separates the kitchen from the living room

Key facts

• Garage roof replaced
• Expansive back yard
• 9,984 sq ft lot

Tags

• PRIVACY FENCED DOUBLE LOT
• SPRAWLING FRONT PORCH
• BUTCHER BLOCK STYLE COUNTERTOP
• EXPANSIVE BACK YARD
• REMODELED EN SUITE BATH
• GARAGE ROOF REPLACED

Property features AI

Finance

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

Exterior

• Parking: Detached garage (about 1.5 car capacity)
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; Single-story
• Construction: Aluminum siding
• Exterior features: Privacy wood fence; Level lot; Lot dimensions approximately 78 x 128; Asphalt roof

Interior

• Kitchen: Microwave; Refrigerator; Freezer; Electric Range
• Bedrooms:
• Flooring:
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Microwave; Refrigerator; Freezer; Electric Range; Washer; Dryer; Full basement; Five total rooms
• Laundry & utility: Washer and dryer in basement; Basement laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $15 ($183/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (21.7% below list).
• Recommended offer: $98k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: Evans School (math 9% / reading 7%, grade F, #945 of 994 statewide, top 95%, 499 students, 85% 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) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 15 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 18% 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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 $96k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1937 — 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 $97,773 (21.7% below list)

Questions for the listing agent

1. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.78% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $130,260
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1624 E Illinois St	0.00mi	2/1.0	780 (0%)	0mo	$129,900	$167	100
1625 E Indiana St	0.09mi	2/1.0	792 (+2%)	6mo	$30,000	$38	88
1642 E Indiana St	0.07mi	2/1.0	748 (-4%)	8mo	$127,000	$170	83
1728 E Franklin St	0.16mi	2/1.0	812 (+4%)	6mo	$64,900	$80	81
1713 E Illinois St	0.09mi	2/1.0	874 (+12%)	6mo	$144,100	$165	71
2037 E Virginia St	0.44mi	2/1.0	822 (+5%)	1mo	$139,900	$170	69
1746 E Columbia St	0.43mi	2/1.0	761 (-2%)	9mo	$50,000	$66	69
803 Hercules Ave	0.46mi	2/1.5	758 (-3%)	6mo	$128,500	$170	66
2217 E Virginia St	0.63mi	2/1.0	772 (-1%)	8mo	$125,000	$162	62
904 N Lincoln Park Dr	0.57mi	3/1.0 (+1)	864 (+11%)	1mo	$186,500	$216	50
1311 E Missouri St	0.64mi	2/1.0	869 (+11%)	3mo	$144,900	$167	49
1313 E Maryland St	0.53mi	2/1.0	674 (-14%)	9mo	$70,000	$104	45

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: -11.9%
• Equity multiple: 0.56×
• Total profit: $-15,521
• Equity at exit: $18,623

10-year hold

• IRR: 1.5%
• Equity multiple: 1.12×
• Total profit: $4,351
• Equity at exit: $10,799

Cash invested: $34,972 (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: 10.6×

Monthly cashflow live

• Estimated rent: $978 high
• Mortgage (P&I): −$655
• Tax from tax record: −$50 /mo · $601/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $15

Break-even live

Break-even rent $958

Max offer price $124,900

Occupancy floor 93%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1680 E Franklin St #1682 Evansville, IN	2.0	1.0	675	$855	$1.27	21d	7	0.13mi
1415 E Indiana St Evansville, IN	2.0	1.0	814	$795	$0.98	13d	1	0.17mi
1440 E Division St Evansville, IN	2.0	1.0	689	$1,250	$1.81	13d	1	0.18mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	13d	1	0.27mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	13d	1	0.31mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	21d	1	0.42mi
2151 E Columbia St #2193 Evansville, IN	1.0	1.0	600	$695	$1.16	13d	1	0.64mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	21d	1	0.82mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	21d	1	1.01mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	21d	1	1.10mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	21d	1	1.31mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	13d	1	1.40mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	21d	1	1.41mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	21d	1	1.45mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	13d	1	1.50mi

Listing history 9 events

1. 2026-05-13
   status Pending
2. 2026-05-11
   listed $124,900 Active
3. 2021-07-26
   soldstatus $96,000
4. 2021-06-16
   listed $89,900
5. 2021-06-16
   listed $89,900
6. 2018-06-18
   soldstatus $15,900
7. 2018-04-15
   listed $24,900
8. 2018-02-12
   soldstatus $5,157
9. 2014-06-13
   listed $39,900

ⓘ 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: $601 · $50/mo
• Projected year-2 tax: $831 · $69/mo
• Expected delta: +$230/yr (+$19/mo · 38.3%)

ⓘ 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 3% 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: $11,733
• − Mortgage interest: −$6,996
• − Property taxes: −$601
• − Insurance: −$624
• − Repairs & maintenance: −$939
• − Management: −$939
• − Depreciation: −$3,633
• Taxable loss: −$2,000
• Est. tax savings @ 24.0%: +$480
• After-tax cash flow: $663/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

+213.0% since first listed

9 events — show timeline

• 2026-05-13 Pending — IRMLS
• 2026-05-11 Listed $124,900 IRMLS
• 2021-07-26 Sold (MLS) $96,000 IRMLS
• 2021-06-16 Listed $89,900 IRMLS
• 2021-06-16 Listed $89,900 IRMLS
• 2018-06-18 Sold (MLS) $15,900 IRMLS
• 2018-04-15 Listed $24,900 IRMLS
• 2018-02-12 Sold (Public Records) $5,157 Public Records
• 2014-06-13 Listed $39,900 IRMLS

Property tax history

-10.6%/yr

Latest (2024): $601 · +2.1% YoY. Source: county tax records.