1831 Asbury · Evansville, IN 47720

$90,995

3 bd · 2.0 ba · 1,493 sqft · Manufactured · 141 Days on market

Built 2026 $475/mo HOA · 37% of rent

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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).

• 1% rule +9.2/10.0
• Cash flow +8.2/30.0
• 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
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

ust Listed! 1831 Asbury- Grandin Pointe 2026 Champion Prime Apex - 3 Bed, 2 Bath * Exterior home photo is representation, not actual home This brand new double width Apex model features a spacious 28×56' layout with an open living area, modern kitchen, and three comfortable bedrooms. The bright interior, clean finishes, and efficient floor plan make this home ideal for comfortable everyday living in a peaceful community setting. Grandin Pointe has amazing amenities including the Grandin Evolution school on-site.

Key facts

• Open living area
• Modern kitchen
• Built 2026

Tags

• DOUBLE WIDTH APEX MODEL
• OPEN LIVING AREA
• MODERN KITCHEN
• PEACEFUL COMMUNITY SETTING

Property features AI

Finance

• Other: Address: 1831 Asbury, Evansville IN 47720
• Financial info: List price $90,995
• HOA & community: Association fee $475

Exterior

• Home design: Single-family (spec) home, Apex (Grandin) plan
• Exterior features: Living area approximately 1,493

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Active listing (Spec home, Apex (Grandin) plan)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $91k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (13.5% below list).
• Meets the 1% rule at list price ($1k rent vs $91k).
• Recommended offer: $79k (13.5% below list) — sets the bar for cash-flow.

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: schools D+, crime F, commute F.
• 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.
• Market conditions: 104 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $629 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,753 (13.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
9. 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.
10. 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.
11. 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: 1.42% ✓
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• GRM: 5.9

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: -22.5%
• Equity multiple: 0.22×
• Total profit: $-19,822
• Equity at exit: $13,568

10-year hold

• IRR: -15.7%
• Equity multiple: 0.10×
• Total profit: $-22,934
• Equity at exit: $7,868

Cash invested: $25,479 (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 47720

• Home prices YoY: -33.7%
• Active inventory: 104
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,290 medium
• Mortgage (P&I): −$477
• Tax est. 1.5%: −$114 /mo · $1,365/yr
• Insurance: −$38
• HOA: −$475
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-85

Break-even live

Break-even rent $1,397

Max offer price $78,753

Occupancy floor —

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: $22,749
• Closing costs: $2,730
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 Kiwi Ct Evansville, IN	2.0	2.0	1200	$1,250	$1.04	21d	1	1.28mi
1125 Wellington Dr Evansville, IN	1.0–2.0	1.0–1.5	975	$1,340	$1.37	13d	15	1.29mi

HOA detail

• Monthly dues: $475 · $5,700/yr

Listing history 14 events

1. 2026-06-18
   days on market $90,995 Active 141 DOM
2. 2026-06-17
   days on market $90,995 Active 140 DOM
3. 2026-06-16
   days on market $90,995 Active 139 DOM
4. 2026-06-15
   days on market $90,995 Active 138 DOM
5. 2026-06-14
   days on market $90,995 Active 136 DOM
6. 2026-06-13
   days on market $90,995 Active 135 DOM
7. 2026-06-10
   days on market $90,995 Active 133 DOM
8. 2026-06-09
   days on market $90,995 Active 132 DOM
9. 2026-06-08
   days on market $90,995 Active 131 DOM
10. 2026-06-07
    days on market $90,995 Active 130 DOM
11. 2026-06-02
    days on market $90,995 Active 125 DOM
12. 2026-06-01
    days on market $90,995 Active 124 DOM
13. 2026-05-31
    days on market $90,995 Active 123 DOM
14. 2026-05-30
    days on market $90,995 Active 122 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 70% 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,482
• − Mortgage interest: −$5,097
• − Property taxes: −$1,365
• − Insurance: −$455
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − HOA: −$5,700
• − Depreciation: −$2,647
• Taxable loss: −$2,259
• Est. tax savings @ 24.0%: +$542
• After-tax cash flow: $-473/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

• City population: 146,793
• Population (ZIP): 17,103

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 (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Slovak 4% Lithuanian 3% Italian 2%
• Foreign-born: 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: ▼ -98.44%
• Current HPI: 193.409
• Rent YoY: —
• Metro: —
• 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