609 Covert Ave · Evansville, IN 47713

$74,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 17 Days on market

Built 1929 4,617 sqft lot Est $78k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.7/15.0
• 1% rule +8.8/10.0
• Rent growth +5.0/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 2 bedroom, 1 bath home with a front porch, dining room, and a good amount of cabinets in the kitchen. There is a full basement for extra storage.

Key facts

• 4,617 sq ft lot
• Built 1929
• Listed 17 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One-story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Covered porch

Interior

• Kitchen: Includes refrigerator and electric range
• Bedrooms: Total of 5 rooms (bedrooms included)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Refrigerator; Electric Range; Full unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $73k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: Glenwood Leadership Academy (math 10% / reading 12%, grade F, #909 of 994 statewide, top 92%, 416 students, 88% FRL) — zoned schools average 88% FRL vs 50% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 11% at this address vs 40% district-wide (-28 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 (+9.9%/yr); 118 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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 $512 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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.
• Current owner paid $8k; list at $74k implies a 814% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $72,890 (1.5% below list)

Questions for the listing agent

1. Built in 1929 — 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: 1.38% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $77,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 Taylor Ave	0.13mi	2/1.0	840 (-3%)	6mo	$25,000	$30	85
637 Jackson Ave	0.20mi	2/1.5	800 (-7%)	1mo	$119,900	$150	76
1300 S Bedford Ave	0.45mi	2/1.0	861 (-0%)	5mo	$72,475	$84	74
1663 S Elliott St	0.13mi	2/1.0	783 (-9%)	6mo	$90,000	$115	73
830 Madison Ave	0.47mi	2/1.0	896 (+4%)	4mo	$27,000	$30	68
327 Ridgeway Ave	0.27mi	2/1.0	767 (-11%)	3mo	$82,500	$108	66
711 Waggoner Ave	0.18mi	2/1.0	991 (+15%)	1mo	$45,000	$45	66
642 Jackson Ave	0.24mi	2/2.0	945 (+9%)	6mo	$145,000	$153	64
1317 S Linwood Ave	0.24mi	2/1.5	975 (+13%)	4mo	$135,000	$138	61
321 Adams Ave	0.48mi	3/1.0 (+1)	800 (-7%)	3mo	$18,000	$23	58
1012 Jefferson Ave	0.66mi	2/1.0	810 (-6%)	6mo	$72,500	$90	54
2011 S New York Ave	0.69mi	1/1.0 (-1)	829 (-4%)	2mo	$35,000	$42	54

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.68×
• Total profit: $14,129
• Equity at exit: $11,034

10-year hold

• IRR: 28.0%
• Equity multiple: 4.07×
• Total profit: $63,604
• Equity at exit: $6,398

Cash invested: $20,720 (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 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 118
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,024 high
• Mortgage (P&I): −$388
• Tax from tax record: −$65 /mo · $783/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $325

Break-even live

Break-even rent $613

Max offer price $74,000

Occupancy floor 63%

Sensitivity live

Price	-10% $367	-5% $346	+0% $325	+5% $304	+10% $283
Rent	-10% $244	-5% $285	+0% $325	+5% $366	+10% $406
Rate	-1.0pp $362	-0.5pp $344	base $325	+0.5pp $306	+1.0pp $286

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 E Riverside Dr Evansville, IN	2.0	1.0	806	$895	$1.11	22d	1	0.19mi
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	22d	1	0.37mi
1421 SE 2nd St Unit A Evansville, IN	1.0	1.0	800	$695	$0.87	14d	1	0.37mi
1231 Culver Dr Unit C Evansville, IN	1.0	1.0	575	$625	$1.09	22d	1	0.43mi
1021 Jefferson Ave Evansville, IN	1.0	1.0	798	$795	$1.00	14d	1	0.70mi
17 Washington Ave Evansville, IN	2.0	1.0	882	$1,455	$1.65	22d	1	0.70mi
924 SE 6th St Unit A Evansville, IN	1.0	1.0	800	$875	$1.09	22d	1	0.71mi
827 Judson St Evansville, IN	3.0	1.0	1008	$1,295	$1.28	14d	1	0.73mi
8 E Blackford Ave Evansville, IN	1.0	1.0	750	$825	$1.10	22d	1	0.78mi
734 Bayard Park Dr Evansville, IN	3.0	2.0	1000	$1,425	$1.43	22d	1	0.84mi
1500 S Harlan Ave Evansville, IN	2.0	1.0	712	$900	$1.26	14d	1	0.84mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	22d	1	0.93mi
1133 Bayard Park Dr Unit B Evansville, IN	2.0	1.0	990	$800	$0.81	22d	1	1.05mi
1505 Jackson Ave Evansville, IN	2.0	1.0	780	$995	$1.28	22d	1	1.13mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	22d	6	1.14mi
507 S Evans Ave Evansville, IN	2.0	1.0	750	$795	$1.06	22d	1	1.16mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	22d	4	1.25mi
101 SE 2nd St Evansville, IN	1.0	1.0	530	$750	$1.42	14d	1	1.31mi
100 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	715	$1,725	$2.41	14d	17	1.32mi
329 Main St Evansville, IN	1.0–2.0	1.0–2.0	717	$1,505	$2.10	14d	1	1.36mi
300 Main St Unit 1 D3 Evansville, IN	1.0	1.0	800	$2,000	$2.50	22d	1	1.39mi
2340 Sunburst Blvd Unit 2270-318 Evansville, IN	2.0	1.0	815	$900	$1.10	22d	1	1.39mi
2340 Sunburst Blvd Unit 2210-104 Evansville, IN	1.0	1.0	631	$785	$1.24	22d	1	1.39mi
2340 Sunburst Blvd Unit 2200-202 Evansville, IN	3.0	1.0	973	$1,050	$1.08	22d	1	1.39mi
304 S Grand Ave Evansville, IN	2.0	1.0	967	$955	$0.99	22d	1	1.41mi
24 NW 6th St Apt 103 Evansville, IN	1.0	1.0	706	$1,300	$1.84	22d	1	1.44mi
1909 Taylor Ave Evansville, IN	2.0	1.0	700	$1,200	$1.71	14d	1	1.44mi
1909 Plantation Ct Evansville, IN	2.0	1.0	780	$700	$0.90	22d	2	1.48mi

Listing history 12 events

1. 2026-06-18
   days on market $74,000 Active 17 DOM
2. 2026-06-17
   days on market $74,000 Active 16 DOM
3. 2026-06-16
   days on market $74,000 Active 15 DOM
4. 2026-06-15
   days on market $74,000 Active 14 DOM
5. 2026-06-14
   days on market $74,000 Active 12 DOM
6. 2026-06-13
   days on market $74,000 Active 11 DOM
7. 2026-06-10
   days on market $74,000 Active 9 DOM
8. 2026-06-09
   days on market $74,000 Active 8 DOM
9. 2026-06-08
   days on market $74,000 Active 7 DOM
10. 2026-06-07
    days on market $74,000 Active 6 DOM
11. 2026-06-02
    remarks 511-char remark
12. 2026-06-02
    listed $74,000 Active 1 DOM

ⓘ 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: $783 · $65/mo
• Projected year-2 tax: $783 · $65/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 3/10 Moderate FEMA zone X · 20% 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 3% 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: $12,293
• − Mortgage interest: −$4,145
• − Property taxes: −$783
• − Insurance: −$370
• − Repairs & maintenance: −$983
• − Management: −$983
• − Depreciation: −$2,153
• Taxable income: $2,875
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $3,212/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): 9,988
• Household income: $40,873
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 735.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 39% Two or more races 7% Hispanic / Latino 3% Pacific Islander 1% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 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: ▼ -119.22%
• Current HPI: 229.9312
• Rent YoY: ▲ 9.87%
• 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

+647.5% since first listed

4 events — show timeline

• 2026-06-01 Listed $74,000 IRMLS
• 2025-10-27 Listed $74,000 IRMLS
• 2015-03-20 Sold (MLS) $8,100 IRMLS
• 2015-01-08 Listed $9,900 IRMLS

Property tax history

-2.1%/yr

Latest (2024): $783 · +2.2% YoY. Source: county tax records.