222 E Missouri St · Evansville, IN 47711

$177,999

2 bd · 2.0 ba · 1,972 sqft · MultiFamily public records · 69 Days on market

Built 1904 6,534 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.4/30.0
• Rent growth +4.2/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• 1% rule +0.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This newly updated home offers incredible flexibility to fit a variety of needs. It can comfortably function as a spacious single-family residence or be set up to accommodate separate living areas for added versatility. With a thoughtful layout and multiple entrances, the space adapts easily to different living arrangements. Recent renovations can be found throughout the home, combining modern improvements with classic character. The large basement provides ample storage or room for future possibilities. Whether you’re an investor, planning for multigenerational living, or simply looking for a home that can grow with you, this property offers options and opportunity.

Key facts

• 6,534 sq ft lot
• Built 1904
• Listed 69 days

Property features AI

Finance

• Other: Property listed by Key Associates Signature Realty

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding
• Exterior features: Level lot

Interior

• Kitchen: Appliances not listed
• Bedrooms: Bedrooms present (exact count not provided)
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Full, unfinished basement; 9 total rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $178k.

Deal economics

• At list price, monthly cash flow is $-308 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (30.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (45.7% below list).
• Recommended offer: $97k (45.7% below list) — sets the bar for 1% rule.

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: Delaware Elementary School (math 22% / reading 16%, grade F, #829 of 994 statewide, top 84%, 338 students, 90% FRL); North Junior High School (math 44% / reading 57%, grade C, #43 of 330 statewide, top 14%, 929 students, 42% FRL); North High School (math 57% / reading 74%, grade B, #29 of 369 statewide, top 8%, 1,674 students, 35% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 229 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).
• This rent is only 17% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 1904 — 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 $96,583 (45.7% 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 69 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.54% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.42%
• DSCR: 0.67
• GRM: 15.4

CMA / ARV

• ARV (on-the-fly): $70,992
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 N Elliott St	0.12mi	3/3.0 (+1)	2,110 (+7%)	7mo	$76,000	$36	68
420 E Michigan St	0.47mi	3/2.0 (+1)	1,947 (-1%)	4mo	$45,000	$23	67
910 Harriet St	0.55mi	3/2.0 (+1)	1,881 (-5%)	3mo	$165,000	$88	59
212 E Iowa St	0.32mi	3/2.0 (+1)	2,240 (+14%)	24mo	$70,000	$31	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: -26.0%
• Equity multiple: 0.10×
• Total profit: $-44,799
• Equity at exit: $26,540

10-year hold

• IRR: -15.0%
• Equity multiple: 0.04×
• Total profit: $-48,000
• Equity at exit: $15,390

Cash invested: $49,840 (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: 15.4×

Monthly cashflow live

• Estimated rent: $966 medium
• Mortgage (P&I): −$933
• Tax from tax record: −$63 /mo · $762/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $-308

Break-even live

Break-even rent $1,356

Max offer price $123,574

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: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1317 Harriet St Evansville, IN	3.0	2.0	2000	$995	$0.50	13d	1	0.53mi
1319 Uhlhorn St Evansville, IN	3.0	2.0	1424	$1,350	$0.95	13d	1	1.35mi

Listing history 20 events

1. 2026-06-18
   days on market $177,999 Active 69 DOM
2. 2026-06-17
   days on market $177,999 Active 68 DOM
3. 2026-06-16
   days on market $177,999 Active 67 DOM
4. 2026-06-15
   days on market $177,999 Active 66 DOM
5. 2026-06-14
   days on market $177,999 Active 64 DOM
6. 2026-06-13
   days on market $177,999 Active 63 DOM
7. 2026-06-10
   days on market $177,999 Active 61 DOM
8. 2026-06-09
   days on market $177,999 Active 60 DOM
9. 2026-06-08
   days on market $177,999 Active 59 DOM
10. 2026-06-07
    days on market $177,999 Active 58 DOM
11. 2026-06-02
    days on market $177,999 Active 53 DOM
12. 2026-06-01
    days on market $177,999 Active 52 DOM
13. 2026-05-31
    days on market $177,999 Active 51 DOM
14. 2026-05-30
    days on market $177,999 Active 50 DOM
15. 2026-04-10
    listed $177,999 Active
16. 2026-01-16
    listed $178,000 Active
17. 2025-09-25
    price $178,000
18. 2025-08-20
    listed $179,000 Active
19. 2024-12-02
    price $169,900
20. 2024-08-01
    listed $159,900 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: $762 · $63/mo
• Projected year-2 tax: $1,137 · $95/mo
• Expected delta: +$376/yr (+$31/mo · 49.3%)

ⓘ 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 ≥106°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: $11,590
• − Mortgage interest: −$9,971
• − Property taxes: −$762
• − Insurance: −$890
• − Repairs & maintenance: −$927
• − Management: −$927
• − Depreciation: −$5,178
• Taxable loss: −$7,065
• Est. tax savings @ 24.0%: +$1,696
• After-tax cash flow: $-2,001/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

+11.3% since first listed

6 events — show timeline

• 2026-04-10 Listed $177,999 IRMLS
• 2026-01-16 Listed $178,000 IRMLS
• 2025-09-25 Price Changed $178,000 IRMLS
• 2025-08-20 Listed $179,000 IRMLS
• 2024-12-02 Price Changed $169,900 IRMLS
• 2024-08-01 Listed $159,900 IRMLS

Property tax history

-5.6%/yr

Latest (2024): $762 · +2.3% YoY. Source: county tax records.