2321 Doral · Evansville, IN 47715

$74,995

3 bd · 2.0 ba · 1,193 sqft · Manufactured · 111 Days on market

Built 2026 Good condition $475/mo HOA · 32% of rent

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Why this score? — see what drove the C+ 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 +25.1/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The Belmont offers a smart, spacious layout designed for comfortable everyday living. This thoughtfully designed home features 3 bedrooms and 2 full baths, providing plenty of room for family and guests. At the heart of the home, you'll find a beautiful, well-appointed kitchen that flows seamlessly into an expansive living area with extended length-perfect for entertaining, relaxing, or creating flexible spaces to fit your lifestyle. With its open design and generous proportions, the Belmont delivers both functionality and style in a home that truly feels inviting.

Key facts

• Built 2026
• Listed 111 days

Property features AI

Finance

• Other: Listed as Active; List price $74,995; Address: 2321 Doral, Evansville, IN 47715
• HOA & community: Association fee: $475

Exterior

• Home design: Single-family property; Belmont (Waterford) plan
• Exterior features: Living area approximately 1,193

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms (full)
• Interior features: Spec home (Belmont plan)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $75k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: 181 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• 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 $68,245 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.96% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 4.3

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-1,295
• Equity at exit: $11,182

10-year hold

• IRR: 8.4%
• Equity multiple: 1.65×
• Total profit: $13,725
• Equity at exit: $6,484

Cash invested: $20,999 (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 47715

• Active inventory: 181
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,467 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$475
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $166

Break-even live

Break-even rent $1,257

Max offer price $74,995

Occupancy floor 84%

Sensitivity live

Price	-10% $217	-5% $191	+0% $166	+5% $140	+10% $114
Rent	-10% $50	-5% $108	+0% $166	+5% $223	+10% $281
Rate	-1.0pp $203	-0.5pp $185	base $166	+0.5pp $146	+1.0pp $126

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: $18,749
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1900 Pueblo Pass Evansville, IN	2.0–3.0	1.5	1081	$1,379	$1.28	15d	5	0.82mi
5301 Stonehedge Dr Evansville, IN	1.0–2.0	1.0–2.0	914	$1,170	$1.28	15d	19	1.15mi
7501 E Powell Ave Evansville, IN	3.0	1.0	1100	$1,650	$1.50	22d	1	1.34mi
4689 Covert Ave Unit 4629 Evansville, IN	2.0	1.0	725	$775	$1.07	15d	1	1.36mi
1100 Erie Ave Evansville, IN	1.0–3.0	1.0–2.0	962	$1,500	$1.56	22d	2	1.39mi

HOA detail

• Monthly dues: $475 · $5,700/yr

Listing history 15 events

1. 2026-06-22
   days on market $74,995 Active 111 DOM
2. 2026-06-18
   days on market $74,995 Active 108 DOM
3. 2026-06-17
   days on market $74,995 Active 107 DOM
4. 2026-06-16
   days on market $74,995 Active 106 DOM
5. 2026-06-15
   days on market $74,995 Active 105 DOM
6. 2026-06-14
   days on market $74,995 Active 103 DOM
7. 2026-06-13
   days on market $74,995 Active 102 DOM
8. 2026-06-10
   days on market $74,995 Active 100 DOM
9. 2026-06-09
   days on market $74,995 Active 99 DOM
10. 2026-06-08
    days on market $74,995 Active 98 DOM
11. 2026-06-07
    days on market $74,995 Active 97 DOM
12. 2026-06-02
    days on market $74,995 Active 92 DOM
13. 2026-06-01
    days on market $74,995 Active 91 DOM
14. 2026-05-31
    days on market $74,995 Active 90 DOM
15. 2026-05-30
    days on market $74,995 Active 89 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 1/10 Low FEMA zone X (shaded) · 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 3% 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: $17,602
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − HOA: −$5,700
• − Depreciation: −$2,182
• Taxable income: $1,203
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $1,698/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.

Condition & rehab AI · 3 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a smart, spacious layout. It offers a well-maintained interior and exterior, making it a solid investment with potential for value enhancement through minor updates.

Value-add opportunities

• Both Painting exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Landscaping improvements — Well-maintained landscaping can increase both resale and rental value.
• Both HVAC maintenance — A clean and efficient HVAC system can improve comfort and energy efficiency, boosting both resale and rental value.
• Both Interior touch-ups — Fresh paint and minor updates can make the interior more inviting and appealing to potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — Well-maintained landscaping can increase both resale and rental value. ↑
• Both HVAC maintenance — A clean and efficient HVAC system can improve comfort and energy efficiency, boosting both resale and rental value. ↑
• Both Interior touch-ups — Fresh paint and minor updates can make the interior more inviting and appealing to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• County: Vanderburgh County · 146,793 people
• City population: 146,793
• Metro: Evansville, IN-KY
• Population (ZIP): 29,280
• Household income: $60,897
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1652.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 6% Two or more races 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 4% Chinese 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: ▼ -113.01%
• Current HPI: 195.7299
• Rent YoY: —
• 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