Investor · IN · Member since 2018 · 31 posts · 16 votes
Attention Evansville Indiana investors!
I am closing on my first deal next month on the West side of town, which I will be house hacking with 3 other roommates. I wanted to reach out and see if any flippers/landlords in Evansville are here on BP. I am ready to purchase my next deal and am looking to do a small flip on a single family unit and rent it, I am not too sure what part of town to look into. I know there are a lot of investors in Jim town, but I would prefer to stay out of there for my first few deals. Any help would be greatly appreciated!
@Paul Schu Evansville has some good opportunity. @Mike Helm hit the nail on the head. It's all about what area, and street the house is on. It's crazy when you are looking at ARV for houses. One block you might have an ARV on a 3/2 at 165k. Where as that same house one block over would only go for 135k.
I like to stick around U of E area. This is very much the case. Just like investing anywhere, have to do your homework. Look at the assessors site for good info of recently sold properties.
This situation has caused many excited conversations with appraisers when doing Refi. For instance I just did a Refi on a house a block east of the university. Which is north of Washington Ave.(another dividing line) in the area. It was a 2/1 we turned into a 5/2. He pulled comps from two recent sells on 3/2 south of Washington Ave. at around 125k. Where as 3/2 on my specific block were going for 167k. Let alone a 5/2 that was totally remodeled. After a lot of emailing with my lender we got it straightened out.
Downtown is doing great also, the area is flourishing with new life thanks to the city and a lot of private investors. We’ve recently purchased a duplex down there and converted it into a triplex. Still have to watch the dividing lines down there.
Congrats on your first deal. I'm not familiar with Evansville area, but i believe there are lots of PMs in Indianapolis area. I invest in Fort Wayne Area. Btw, i'm curious what are the markets like in Evansville?
Thanks Michinori! I am originally from the Indianapolis area, a small town about 30 minutes west. Evansville is a large college town, several of the houses are rented by students. I am not too experienced with the market trends as I am just now stepping into it, but there are several investors in this town! I'm sure a experience investor can chime in on this.
I’m in New Albany, but have been checking out Evansville and am also interested in your firsthand experience in that market. Any way I can help, let me know!
Just a guess but are you from the Crawfordsville area? I'm from that area as well.
I'm a broker with Keller Williams, flip houses, and have 100+ rental units in Evansville. West Side has always show strong rental amounts if the house can be purchased at the right price. If renting to college aged kids don't forget to factor in turnover. South of UE is also a good area and deals are always coming up. When you are ready to buy let me know!
Hey @Account Closed, I have a property on the north side of Evansville that is managed by ERS. Mike Stier is my point of contact. They have been great to work with and were very helpful when I was looking at properties. They know what areas and types of properties rent well and what do not. I believe they manage somewhere around 700-800 so they have a really good pulse on the market.
Actually Brownsburg, but my mom grew up in Cville, i visit there all the time. I will reach out to you as soon as I get settled into my new place and officially close on it. I am working on finding finance for below 50k deals.
I’m a local realtor and investor. I currently use ERS for property management. There are big things going on in the city and would love to sit down and talk with you about it. Let’s connect over coffee!
@Ray Van welcome to the area . Lots of houses in that price range . Just becareful of which side of the street you buy on in some neighborhoods . Big difference between area north of Washington Ave. and south of Washington Ave. Good Luck
Im from Evansville and just starting. Im looking to purchase a rental house for around $30,000. I'd like to pay cash. Im not to keen on going into debt and taking on that risk just yet. Im finding a lot of 2 bedrooms that need some work. Doing a little work doesnt bother me, especially if I paid cash for the property.
Just curious if anyone has ever bought a house from auction.com?
Alot of 2 bedroom houses can be easily converted to 3 bedrooms with the right creativity. Don't necessarily rule them out.
I did a job where the house was originally 1.5 story, 2br/1bath. We put in a stairwell, and finished out the 2nd floor attic for a master suite. Afterwards, it was a 3br/2bath. The 2nd floor we insulated and installed a ductless mini split for hvac. Rent went way up afterwards.
Hello! I am looking for a local window contractor. I’m in Louisville but I have a rental in Evansville that needs rehabbing. Any referrals would be greatly appreciated. Thank you!
American Wholesale, Inc is a great place. Purchased a duplex that had all new windows installed from there and when one was was recently broken, called in and it was super easy to just replace the glass. I did this all from out of town a well.
I have seen several properties listed for sale that look to provide a decent return as a rental but I am not able to visit the area yet and was hoping some of you might be able to help out.
@Paul Schu Evansville is tricky but plenty of good areas to invest in. I have bought rentals in a couple of different areas and had success some areas I try to avoid are south governor to south Kentucky but then again just depend if it's a good deal. To answer your question about management companies I use ERS they are awesome and timely when it comes to issue tenants have and questions I have if you need a contact I'll be more than happy to share. I have not personally used any other management companies but I have friends that have had good, and bad dealing with other pm's just depends on your expectations on what a pm should be/do. If you need any help and that's for anybody feel free to use me as a resource rather as someone to drive by the area or for some insight on Evansville!
@Mike Helm thanks! I appreciate the info. I have been working on two other deals and have not looked at Evansville in the past week. There have been a couple people who have reached out to me and have been helpful as I try to learn more and more about this city.
When you say you avoid certain areas unless it is a good deal. Can you elaborate a little more? Like good deal as in the particular home? or the price point?
@Paul Schu Glad to hear you got some some good info. When it comes to Evansville, we have seen a lot more people moving back downtown as the city is doing a great job bringing life back.
As stated previously, it depends on what side of the street the house is on. When doing research, you will see a crime map and those areas I listed before unfortunately are a little higher than my risk threshold, but then again when I buy a rental I always ask myself if all else fails would I be comfortable living here myself. If your lucky and find one closer to the downtown area at a reasonable price and makes sense that would be more of what I am looking for.
@Mike Helm solid advice on the rental being something you would be willing to live in. I have a couple that I would not live in but not because of the area or condition they are just not in a place I personally would like to live.
@Paul Schu Evansville has some good opportunity. @Mike Helm hit the nail on the head. It's all about what area, and street the house is on. It's crazy when you are looking at ARV for houses. One block you might have an ARV on a 3/2 at 165k. Where as that same house one block over would only go for 135k.
I like to stick around U of E area. This is very much the case. Just like investing anywhere, have to do your homework. Look at the assessors site for good info of recently sold properties.
This situation has caused many excited conversations with appraisers when doing Refi. For instance I just did a Refi on a house a block east of the university. Which is north of Washington Ave.(another dividing line) in the area. It was a 2/1 we turned into a 5/2. He pulled comps from two recent sells on 3/2 south of Washington Ave. at around 125k. Where as 3/2 on my specific block were going for 167k. Let alone a 5/2 that was totally remodeled. After a lot of emailing with my lender we got it straightened out.
Downtown is doing great also, the area is flourishing with new life thanks to the city and a lot of private investors. We’ve recently purchased a duplex down there and converted it into a triplex. Still have to watch the dividing lines down there.