3426 Igleheart Ave · Evansville, IN 47712

$226,000

4 bd · 4.0 ba · 3,125 sqft · MultiFamily public records · 23 Days on market

Built 1910 6,970 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 (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Four unit apartment complex, fully rented. All kitchen appliances included. Off street parking and street parking available. Close to shopping and schools. City bus stop located right on the corner.

Key facts

• Close to schools
• Off street parking
• Close to shopping

Tags

• KITCHEN APPLIANCES INCLUDED
• OFF STREET PARKING
• STREET PARKING AVAILABLE
• CLOSE TO SHOPPING
• CLOSE TO SCHOOLS
• CITY BUS STOP LOCATED

Property features AI

Finance

• Other: Pets allowed with breed restrictions

Exterior

• Parking: 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (fourplex); 2 stories
• Construction: Vinyl siding
• Exterior features: Corner lot; Lot dimensions approximately 53 x 130

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 4 full bathrooms; 5 main-level bathrooms
• Heating & cooling: Natural gas heating; Central air; Wall unit(s)
• Interior features: Range, Refrigerator; Carpet, Laminate, Vinyl flooring; Basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $226k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $226k).
• Recommended offer: $223k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.1% 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: 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: 134 active listings in the ZIP; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• At $5,292/mo this rent would consume 93% of the median local household income ($68k/yr) (locally 797% 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($223k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,610 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.34% ✓
• Cap rate: 21.12%
• Cash-on-cash: 52.95%
• DSCR: 3.36
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.6%
• Equity multiple: 3.16×
• Total profit: $136,996
• Equity at exit: $33,697

10-year hold

• IRR: 55.1%
• Equity multiple: 6.42×
• Total profit: $342,893
• Equity at exit: $19,540

Cash invested: $63,280 (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 47712

• Home prices YoY: -32.1%
• Active inventory: 134
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $5,292 medium
• Mortgage (P&I): −$1,185
• Tax from tax record: −$109 /mo · $1,310/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,111
• Net cashflow: $2,726

Break-even live

Break-even rent $1,842

Max offer price $226,000

Occupancy floor 43%

Sensitivity live

Price	-10% $2,854	-5% $2,790	+0% $2,726	+5% $2,662	+10% $2,598
Rent	-10% $2,308	-5% $2,517	+0% $2,726	+5% $2,935	+10% $3,144
Rate	-1.0pp $2,840	-0.5pp $2,783	base $2,726	+0.5pp $2,667	+1.0pp $2,608

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$5,292
Total (4 units)			$5,292

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $226,000 Active 23 DOM
2. 2026-06-17
   days on market $226,000 Active 22 DOM
3. 2026-06-16
   days on market $226,000 Active 21 DOM
4. 2026-06-15
   days on market $226,000 Active 20 DOM
5. 2026-06-14
   days on market $226,000 Active 18 DOM
6. 2026-06-13
   days on market $226,000 Active 17 DOM
7. 2026-06-10
   days on market $226,000 Active 15 DOM
8. 2026-06-09
   days on market $226,000 Active 14 DOM
9. 2026-06-08
   days on market $226,000 Active 13 DOM
10. 2026-06-07
    days on market $226,000 Active 12 DOM
11. 2026-06-02
    days on market $226,000 Active 7 DOM
12. 2026-06-01
    days on market $226,000 Active 6 DOM
13. 2026-05-31
    days on market $226,000 Active 5 DOM
14. 2026-05-30
    days on market $226,000 Active 4 DOM
15. 2026-05-26
    listed $226,000 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: $1,310 · $109/mo
• Projected year-2 tax: $1,615 · $135/mo
• Expected delta: +$306/yr (+$25/mo · 23.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 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: $63,504
• − Mortgage interest: −$12,660
• − Property taxes: −$1,310
• − Insurance: −$1,928
• − Repairs & maintenance: −$5,080
• − Management: −$5,080
• − Depreciation: −$6,575
• Taxable income: $30,872
• Est. tax owed @ 24.0%: −$7,409
• After-tax cash flow: $25,300/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): 25,444
• Household income: $68,494
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 797.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -101.86%
• Current HPI: 215.5153
• 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

1 event — show timeline

• 2026-05-26 Listed $226,000 IRMLS

Property tax history

-0.4%/yr

Latest (2024): $1,310 · -1.8% YoY. Source: county tax records.