2218 W Iowa St · Evansville, IN 47712

$20,000

4 bd · 1.0 ba · 1,071 sqft · SingleFamily public records · 99 Days on market

Built 1909 2,614 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Listing remarks

Investor special! 2–3 bedroom home with flexible floor plan ready for a full renovation. Property will require extensive repairs. Opportunity to reposition as a 3-bedroom rental or value-add flip. Solid layout with potential to maximize after-repair value with the right improvements.

Key facts

• 2,614 sq ft lot
• Built 1909
• Listed 99 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Built as site-built home
• Exterior features: Level lot

Interior

• Kitchen: No specific appliances listed
• Bedrooms: Bedrooms located on main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; No cooling
• Interior features: Crawl space basement; 6 total rooms
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• Cap rate 51.7% 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: Cynthia Heights Elementary School (math 56% / reading 55%, grade C, #188 of 994 statewide, top 19%, 457 students, 43% 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) — zoned schools at 47% FRL track the district average.
• Market conditions: 134 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1909 — 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 $18,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1909 — 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. 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?
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 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: 5.66% ✓
• Cap rate: 51.71%
• Cash-on-cash: 162.20%
• DSCR: 8.22
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $125,307
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 N 10th Ave	0.17mi	3/1.0 (-1)	1,077 (+1%)	1mo	$123,000	$114	85
2115 W Delaware St	0.14mi	3/1.0 (-1)	1,020 (-5%)	4mo	$119,000	$117	78
720 N Bell Ave	0.29mi	3/1.5 (-1)	1,128 (+5%)	9mo	$150,000	$133	63
2622 Hillcrest Ter	0.61mi	3/1.0 (-1)	1,014 (-5%)	3mo	$179,900	$177	56
3008 W Michigan St	0.73mi	3/1.5 (-1)	1,144 (+7%)	2mo	$170,000	$149	46
1624 Fountain Ave	0.60mi	4/1.0	1,172 (+9%)	17mo	$37,000	$32	42
2707 W Virginia St	0.46mi	3/1.0 (-1)	1,216 (+14%)	20mo	$83,000	$68	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.03×
• Total profit: $44,985
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 19.09×
• Total profit: $101,317
• Equity at exit: $1,729

Cash invested: $5,600 (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: 1.5×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$105
• Tax from tax record: −$24 /mo · $293/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $757

Break-even live

Break-even rent $174

Max offer price $20,000

Occupancy floor 28%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2102 W Delaware St Evansville, IN	3.0	1.0	1083	$925	$0.85	13d	1	0.14mi
1900 W Indiana St Evansville, IN	3.0	1.0	960	$995	$1.04	21d	1	0.44mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	13d	1	1.21mi

Listing history 17 events

1. 2026-06-18
   days on market $20,000 Active 99 DOM
2. 2026-06-17
   days on market $20,000 Active 98 DOM
3. 2026-06-16
   days on market $20,000 Active 97 DOM
4. 2026-06-15
   days on market $20,000 Active 96 DOM
5. 2026-06-14
   days on market $20,000 Active 94 DOM
6. 2026-06-13
   days on market $20,000 Active 93 DOM
7. 2026-06-10
   days on market $20,000 Active 91 DOM
8. 2026-06-09
   days on market $20,000 Active 90 DOM
9. 2026-06-08
   days on market $20,000 Active 89 DOM
10. 2026-06-07
    days on market $20,000 Active 88 DOM
11. 2026-06-02
    days on market $20,000 Active 83 DOM
12. 2026-06-01
    days on market $20,000 Active 82 DOM
13. 2026-05-31
    days on market $20,000 Active 81 DOM
14. 2026-05-30
    days on market $20,000 Active 80 DOM
15. 2026-04-15
    status Active
16. 2026-03-19
    status Pending
17. 2026-02-12
    listed $20,000 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: $293 · $24/mo
• Projected year-2 tax: $293 · $24/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 ≥107°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: $13,588
• − Mortgage interest: −$1,120
• − Property taxes: −$293
• − Insurance: −$100
• − Repairs & maintenance: −$1,087
• − Management: −$1,087
• − Depreciation: −$582
• Taxable income: $9,319
• Est. tax owed @ 24.0%: −$2,237
• After-tax cash flow: $6,847/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

3 events — show timeline

• 2026-04-15 Relisted — IRMLS
• 2026-03-19 Pending — IRMLS
• 2026-02-12 Listed $20,000 IRMLS

Property tax history

-7.5%/yr

Latest (2024): $293 · +23.0% YoY. Source: county tax records.