508 Main St APT 2FEvansvilleIN47708
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThe 9.5% yield at 508 Main St APT 2F, Evansville, IN, 47708 in Evansville is solid, but the $987/mo payment compresses net cash flow to $16/mo at $219,500. This is a tight-spread property, income covers debt, with little cushion. For investors who can optimise occupancy, the upside is real: 5% annual appreciation adds $60,644 by year five, and $2,022/yr in loan paydown builds equity. Ziffy Mortgage qualifies this via DSCR (1.76) without U.S. income documentation. Total projected return: $85,878.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.5% | 7.2% |
| Monthly Cash Flow | $16 | $450 |
City averages based on Evansville market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,738 |
| Total Monthly Debt Service | $1,634 |
| DSCR Ratio | 1.06x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 2006
N/A lot
$N/A/sqft
$396 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 47708, Evansville, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 696 (100%) |
| Owner Occupied HU | 86 (12.4%) |
| Renter Occupied HU | 349 (50.1%) |
| Vacant Housing Units | 261 (37.5%) |
| Median Home Value | $263,889 |
| Average Home Value | $301,163 |
Housing Distribution
Address Breakdown
Residential
461
Single Family
263
Multi-Family
198
Businesses
508
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Condo
Built in 2006
N/A lot
$N/A/sqft
$396 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 47708, Evansville, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 696 (100%) |
| Owner Occupied HU | 86 (12.4%) |
| Renter Occupied HU | 349 (50.1%) |
| Vacant Housing Units | 261 (37.5%) |
| Median Home Value | $263,889 |
| Average Home Value | $301,163 |
Housing Distribution
Address Breakdown
Residential
461
Single Family
263
Multi-Family
198
Businesses
508
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Carolyn S McClintock • F.C. TUCKER EMGE
Mls Name: IRMLS
Mls Provider:
Mls ID: #202515399
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.