913 Sheffield Dr

Evansville, IN 47710

$119,000C

3 bd · 1.0 ba · 1,570 sqft · Built 1954 · SingleFamily · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,252/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $167/mo
• Annual: $2,002/yr
• Cap rate: 7.98%
• Cash-on-cash: 6.01%
• DSCR: 1.27
• 1% rule: 1.05%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 58 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Highland Elementary School (math 55% / reading 54%, grade C, #197 of 994 statewide, top 22%, 839 students, 49% FRL); Thompkins Middle School (math 39% / reading 46%, grade D-, #98 of 330 statewide, top 30%, 618 students, 53% FRL); Central High School (math 38% / reading 74%, grade C, #73 of 369 statewide, top 20%, 1,090 students, 52% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 88 active listings in the ZIP; 5 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).
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• Cap rate 8.0% 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.
• This rent runs 32% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.