1839 Badger Dr · Evansville, IN 47720

$165,000

4 bd · 2.0 ba · 2,800 sqft · Manufactured · 358 Days on market

Built 2020 ↓ 11% since listing

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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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 4-Bedroom, 2-Bathroom Home & ndash; Built in 2020, Over 2,800 Sq Ft Located in the community of Mill Creek Estates, residents have access to all amenities: basketball court, clubhouse, pickleball, playground, shuffleboard, storm shelter, walking/nature trails, and new sidewalks! This spacious and thoughtfully designed home offers over 2,800 sq ft of comfortable living space with modern features throughout. The open-concept layout connects the main living area and kitchen, making it ideal for entertaining. The heart of the home is the eat-in kitchen, which includes a large island with ample seating, a walk-in pantry, updated cabinetry, a stylish tile backsplash, and a modern e

Key facts

• Gated community
• Clubhouse
• Pickleball

Tags

• GATED COMMUNITY
• BASKETBALL COURT
• CLUBHOUSE
• LAKE POND
• PICKLEBALL
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/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 $165k (0.1% below list).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: 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; 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 358 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 358 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• GRM: 8.3

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-16,422
• Equity at exit: $24,602

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-948
• Equity at exit: $14,266

Cash invested: $46,200 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,648 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $162

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 85%

Sensitivity live

Price	-10% $276	-5% $219	+0% $162	+5% $105	+10% $48
Rent	-10% $31	-5% $96	+0% $162	+5% $227	+10% $292
Rate	-1.0pp $245	-0.5pp $204	base $162	+0.5pp $119	+1.0pp $75

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $165,000 Active 358 DOM
2. 2026-06-17
   days on market $165,000 Active 357 DOM
3. 2026-06-16
   days on market $165,000 Active 356 DOM
4. 2026-06-15
   days on market $165,000 Active 355 DOM
5. 2026-06-14
   days on market $165,000 Active 353 DOM
6. 2026-06-13
   days on market $165,000 Active 352 DOM
7. 2026-06-10
   days on market $165,000 Active 350 DOM
8. 2026-06-09
   days on market $165,000 Active 349 DOM
9. 2026-06-08
   days on market $165,000 Active 348 DOM
10. 2026-06-07
    days on market $165,000 Active 347 DOM
11. 2026-06-02
    days on market $165,000 Active 342 DOM
12. 2026-06-01
    days on market $165,000 Active 341 DOM
13. 2026-05-31
    days on market $165,000 Active 340 DOM
14. 2026-05-30
    days on market $165,000 Active 339 DOM
15. 2025-08-12
    price $165,000
16. 2025-07-30
    price $175,000
17. 2025-06-21
    listed $185,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,775
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,582
• − Management: −$1,582
• − Depreciation: −$4,800
• Taxable loss: −$732
• Est. tax savings @ 24.0%: +$176
• After-tax cash flow: $2,114/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

Price history

-10.8% since first listed

3 events — show timeline

• 2025-08-12 Price Changed $165,000 Fizber.com
• 2025-07-30 Price Changed $175,000 Fizber.com
• 2025-06-21 Listed $185,000 Fizber.com