401 E Michigan St · Evansville, IN 47711

$95,000

3 bd · 1.0 ba · 2,086 sqft · SingleFamily public records · 112 Days on market

Built 1901 3,049 sqft lot Est $90k · 6% over

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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 +20.2/30.0
• DSCR +6.4/10.0
• ARV discount +4.8/15.0
• 1% rule +4.3/10.0
• 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

3 bedroom 2 bath single family home. Sold as part of a package deal (#2) totaling 7 investment properties. Currently rented for $975/month. Package includes 1015 Henning Ave. , 401 E Michigan St. , 1117 Lodge Ave. , 1118 N Garvin St. , 1414 E Sycamore St. , 1800 Boeke Rd. , and 1303 E Illinois St. for a total package purchase price of $665,000.00.

Key facts

• 3,049 sq ft lot
• Garage
• Built 1901

Property features AI

Finance

• Other: Lot dimensions approximately 25 x 127
• Financial info: No additional financial or investor details provided
• HOA & community: No HOA details provided

Exterior

• Parking: Detached garage (1.5 car)
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Vinyl siding; Asphalt roof; Built with standard site-built construction
• Exterior features: Covered, enclosed porch; Corner lot; Level lot

Interior

• Kitchen: No appliance details provided
• Bedrooms: Main-level bedrooms
• Flooring: No flooring details provided
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space basement; 6 total rooms
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/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 $89k (6.6% below list).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: Lincoln School (math 12% / reading 17%, grade F, #862 of 994 statewide, top 88%, 236 students, 88% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools average 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 229 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 16% 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 $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1901 — 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 $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1901 — 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: 0.93% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.41%
• DSCR: 1.24
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $89,698
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
751 E Virginia St	0.33mi	4/2.0 (+1)	2,084 (-0%)	4mo	$147,000	$71	72
116 E Virginia St	0.18mi	3/1.0	1,949 (-7%)	12mo	$60,000	$31	70
216 E Delaware St	0.24mi	3/2.0	2,184 (+5%)	12mo	$215,000	$98	67
41 W Maryland St	0.51mi	3/2.0	1,960 (-6%)	3mo	$85,000	$43	60
656 E Oregon St	0.49mi	4/1.0 (+1)	1,954 (-6%)	4mo	$65,000	$33	58
401 E Iowa St	0.13mi	2/1.0 (-1)	1,868 (-10%)	17mo	$98,500	$53	58
116 E Missouri St	0.50mi	3/1.0	1,944 (-7%)	15mo	$45,000	$23	53
109 W Indiana St	0.44mi	4/1.5 (+1)	1,939 (-7%)	12mo	$92,000	$47	50
209 W Columbia St	0.55mi	4/2.0 (+1)	2,034 (-2%)	18mo	$45,000	$22	47
1115 N Elliott St	0.51mi	3/1.0	1,816 (-13%)	13mo	$99,000	$55	44
27 W Missouri St	0.59mi	3/2.0	2,288 (+10%)	15mo	$35,000	$15	40
655 E Tennessee St	0.69mi	3/1.0	1,780 (-15%)	6mo	$32,000	$18	38

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: -4.2%
• Equity multiple: 0.84×
• Total profit: $-4,345
• Equity at exit: $14,165

10-year hold

• IRR: 9.0%
• Equity multiple: 1.80×
• Total profit: $21,177
• Equity at exit: $8,214

Cash invested: $26,600 (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 47711

• Home prices YoY: -32.3%
• Rents YoY: 6.7%
• Active inventory: 229
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $887 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$43 /mo · $518/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $120

Break-even live

Break-even rent $735

Max offer price $95,000

Occupancy floor 81%

Sensitivity live

Price	-10% $174	-5% $147	+0% $120	+5% $93	+10% $66
Rent	-10% $50	-5% $85	+0% $120	+5% $155	+10% $190
Rate	-1.0pp $168	-0.5pp $144	base $120	+0.5pp $95	+1.0pp $70

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 W Franklin St Evansville, IN	4.0	2.5	2500	$1,100	$0.44	21d	1	0.33mi
121 E Florida St Evansville, IN	4.0	2.0	1702	$100	$0.06	21d	1	0.58mi
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	14d	1	0.85mi

Listing history 10 events

1. 2026-06-07
   statusdays on market $95,000 Pending 112 DOM
2. 2026-06-02
   days on market $95,000 Active 109 DOM
3. 2026-06-01
   days on market $95,000 Active 108 DOM
4. 2026-05-31
   days on market $95,000 Active 107 DOM
5. 2026-05-30
   days on market $95,000 Active 106 DOM
6. 2026-02-12
   listed $95,000 Active
7. 2025-08-28
   historical $975
8. 2025-08-01
   listed $975
9. 2018-12-19
   listed $39,900
10. 2016-05-09
    listed $26,900

ⓘ 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: $518 · $43/mo
• Projected year-2 tax: $663 · $55/mo
• Expected delta: +$145/yr (+$12/mo · 28.0%)

ⓘ 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 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: $10,646
• − Mortgage interest: −$5,321
• − Property taxes: −$518
• − Insurance: −$475
• − Repairs & maintenance: −$852
• − Management: −$852
• − Depreciation: −$2,764
• Taxable loss: −$136
• Est. tax savings @ 24.0%: +$33
• After-tax cash flow: $1,472/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

+253.2% since first listed

5 events — show timeline

• 2026-02-12 Listed $95,000 IRMLS
• 2025-08-28 Rental Removed $975 APPFOLIO
• 2025-08-01 Listed for Rent $975 APPFOLIO
• 2018-12-19 Listed $39,900 IRMLS
• 2016-05-09 Listed $26,900 IRMLS

Property tax history

-3.7%/yr

Latest (2024): $518 · +1.0% YoY. Source: county tax records.