1106 Madison Ave Unit A & B · Evansville, IN 47714

$129,900

2 bd · 2.0 ba · 1,376 sqft · Condo · 44 Days on market

Built 1953 Average condition

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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 +13.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1106 Madison Ave. 47714. Charming duplex skipping distance from Akin Park. Great investment opportunity to add to the portfolio. Both units are currently occupied by tenants. Small shed outback is included. Tenants pay for gas/elec. along with water/sewer fees. 24 hr. notice prior to all showings.

Key facts

• Small shed
• Duplex
• 5,227 sq ft lot

Tags

• DUPLEX
• SMALL SHED

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Two open parking spaces; On-street parking available
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Single-story
• Construction: Brick construction; Asphalt shingle roof; Built area above grade: 1,376
• Exterior features: Covered porch; Level lot

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Dryer, Range, Refrigerator, Washer; Crawl space basement
• Laundry & utility: Washer hookup; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $3 ($31/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 $114k (12.3% below list).
• Recommended offer: $114k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Harper Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 337 students, 74% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL); New Tech Institute (math 34% / reading 74%, grade C-, #79 of 369 statewide, top 26%, 275 students, 40% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 191 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $113,964 (12.3% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 0.88% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.09%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.86% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.59×
• Total profit: $-15,020
• Equity at exit: $19,369

10-year hold

• IRR: 4.3%
• Equity multiple: 1.38×
• Total profit: $13,733
• Equity at exit: $11,231

Cash invested: $36,372 (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 47714

• Rents YoY: 7.9%
• Active inventory: 191
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,140 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $3

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 95%

Sensitivity live

Price	-10% $92	-5% $47	+0% $3	+5% $-42	+10% $-87
Rent	-10% $-87	-5% $-42	+0% $3	+5% $48	+10% $93
Rate	-1.0pp $68	-0.5pp $36	base $3	+0.5pp $-31	+1.0pp $-65

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	23d	1	0.36mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	23d	1	0.61mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	23d	1	0.64mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	23d	1	0.94mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	15d	1	0.95mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	23d	1	1.12mi
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,035	$0.90	23d	8	1.16mi
1762 Spring Ct Evansville, IN	2.0	1.0	975	$1,450	$1.49	23d	1	1.17mi
1303 E Indiana St Evansville, IN	2.0	1.0	975	$1,195	$1.23	15d	1	1.20mi
1321 E Indiana St Evansville, IN	2.0	1.0	964	$1,050	$1.09	15d	1	1.20mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	23d	1	1.29mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	23d	1	1.29mi
210 S Weinbach Ave Evansville, IN	3.0	1.0	1080	$1,450	$1.34	23d	1	1.30mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-08
   status $129,900 Pending 44 DOM
2. 2026-06-07
   days on market $129,900 Active 44 DOM
3. 2026-06-02
   days on market $129,900 Active 39 DOM
4. 2026-06-01
   days on market $129,900 Active 38 DOM
5. 2026-05-31
   days on market $129,900 Active 37 DOM
6. 2026-05-30
   days on market $129,900 Active 36 DOM
7. 2026-04-24
   listed $139,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 20% 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: $13,676
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − Depreciation: −$3,779
• Taxable loss: −$2,166
• Est. tax savings @ 24.0%: +$520
• After-tax cash flow: $551/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.

Condition & rehab AI · 1 photo

Average 55/100 Moderate rehab

A moderate rehab project is needed to improve the curb appeal and structural integrity of this average condition duplex.

Repairs flagged

• Minor exterior paint — Paint appears worn in some areas
• Moderate roof inspection — Roof may need inspection

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both roof inspection — Ensures structural integrity and prevents costly repairs

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Paint appears worn in some areas	Minor	$500–3,000
roof inspection · Roof may need inspection	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both roof inspection — Ensures structural integrity and prevents costly repairs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 32,132
• Household income: $55,910
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1394.0

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -124.80%
• Current HPI: 211.1755
• Rent YoY: ▲ 7.86%
• 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

• 2026-04-24 Listed $139,900 IRMLS