2013 S Spring St · Evansville, IN 47714

$67,500

4 bd · 2.0 ba · 1,262 sqft · SingleFamily public records · 6 Days on market

Built 1955 6,970 sqft lot Est $117k · 42% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 4 bedroom, 2 bathroom home with strong upside potential! This property offers a great layout and the opportunity to add even more value by finishing out the basement for additional living space. Home is in need of a full remodel and is ideal for investors or buyers looking for a spring project!

Key facts

• 6,970 sq ft lot
• Built 1955
• Listed 6 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Single-story
• Construction: Aluminum siding with stone accents; Block foundation
• Exterior features: Level lot; Lot dimensions approximately 60 x 115

Interior

• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: One fireplace located in the basement; Basement is partial, unfinished with crawl space
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Cap rate 16.9% 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: Fairlawn Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 422 students, 76% FRL); Mcgary Middle School (math 8% / reading 15%, grade F, #311 of 330 statewide, top 94%, 351 students, 81% FRL); William Henry Harrison High School (math 29% / reading 54%, grade F, #211 of 369 statewide, top 58%, 1,158 students, 61% FRL) — zoned schools average 72% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 40% district-wide (-14 pts) — the specific schools serving this property underperform the Evansville Vanderburgh School Corporation average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 8 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $67,500

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.00% ✓
• Cap rate: 16.89%
• Cash-on-cash: 37.86%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $117,366
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2013 S Spring St	0.00mi	4/2.0	1,262 (0%)	0mo	$67,500	$53	100
2101 Waggoner Ave	0.40mi	3/1.0 (-1)	1,268 (+0%)	1mo	$65,000	$51	71
2013 Margybeth Ave	0.12mi	3/1.0 (-1)	1,116 (-12%)	1mo	$160,000	$143	65
2118 Mahrendale Ave	0.61mi	3/1.5 (-1)	1,276 (+1%)	1mo	$115,000	$90	62
2416 Helmuth Ave	0.47mi	3/1.0 (-1)	1,336 (+6%)	0mo	$185,000	$138	59
2300 Margybeth Ave	0.30mi	3/2.0 (-1)	1,104 (-12%)	2mo	$103,000	$93	59
1924 Coker Ave	0.47mi	3/1.5 (-1)	1,140 (-10%)	0mo	$86,000	$75	55
2468 Culverson Ave	0.65mi	3/2.0 (-1)	1,189 (-6%)	1mo	$100,000	$84	54
2012 Shelby Ave	0.59mi	4/1.5	1,392 (+10%)	1mo	$204,900	$147	53
1425 Covert Ave	0.71mi	3/1.0 (-1)	1,183 (-6%)	1mo	$118,000	$100	47
1662 E Koch Ave	0.42mi	3/1.0 (-1)	1,440 (+14%)	2mo	$129,940	$90	47
3017 S Rotherwood Ave	0.73mi	3/2.0 (-1)	1,375 (+9%)	1mo	$188,000	$137	45

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: 39.3%
• Equity multiple: 2.80×
• Total profit: $33,979
• Equity at exit: $10,064

10-year hold

• IRR: 48.1%
• Equity multiple: 6.82×
• Total profit: $109,955
• Equity at exit: $5,836

Cash invested: $18,900 (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: 188
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,348 high
• Mortgage (P&I): −$354
• Tax from tax record: −$86 /mo · $1,034/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $596

Break-even live

Break-even rent $593

Max offer price $67,500

Occupancy floor 51%

Sensitivity live

Price	-10% $635	-5% $615	+0% $596	+5% $577	+10% $558
Rent	-10% $490	-5% $543	+0% $596	+5% $650	+10% $703
Rate	-1.0pp $630	-0.5pp $614	base $596	+0.5pp $579	+1.0pp $561

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1952 Colts Ln Evansville, IN	1.0–3.0	1.0	1146	$1,275	$1.11	21d	8	0.14mi
2001 S Taft Ave Evansville, IN	3.0	2.0	1472	$1,000	$0.68	21d	1	0.35mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	21d	1	0.51mi
1713 Hawthorne Ave Evansville, IN	3.0	2.0	1204	$1,395	$1.16	21d	1	0.78mi
2818 S Villa Dr Evansville, IN	3.0	1.0	1061	$1,295	$1.22	21d	1	0.82mi
900 S Saint James Blvd Evansville, IN	3.0	2.0	1118	$1,450	$1.30	21d	1	1.27mi
1320 Lee Ct Evansville, IN	1.0–4.0	1.0–1.5	1007	$1,499	$1.49	14d	36	1.40mi
1411 Jeanette Ave Unit 1411 Evansville, IN	3.0	1.5	1210	$1,195	$0.99	21d	1	1.49mi

Listing history 7 events

1. 2026-05-31
   status $67,500 Pending 6 DOM
2. 2026-05-30
   days on market $67,500 Active 6 DOM
3. 2026-05-16
   status Pending
4. 2026-05-13
   status Active
5. 2026-05-13
   price $67,500
6. 2026-03-23
   status Pending
7. 2026-03-22
   listed $63,000 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: $1,034 · $86/mo
• Projected year-2 tax: $1,034 · $86/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 · 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,171
• − Mortgage interest: −$3,781
• − Property taxes: −$1,034
• − Insurance: −$338
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$1,964
• Taxable income: $6,468
• Est. tax owed @ 24.0%: −$1,552
• After-tax cash flow: $5,604/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): 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

+7.1% since first listed

5 events — show timeline

• 2026-05-16 Pending — IRMLS
• 2026-05-13 Relisted — IRMLS
• 2026-05-13 Price Changed $67,500 IRMLS
• 2026-03-23 Pending — IRMLS
• 2026-03-22 Listed $63,000 IRMLS

Property tax history

+2.0%/yr

Latest (2024): $1,034 · +4.5% YoY. Source: county tax records.