301-307 Negley Avenue

About this home

Ready to put your money to work? This fully occupied, cash-flowing ranch-style brick fourplex on the Northside of Evansville is the investment opportunity you've been looking for — priced at just $179,900! All four units are currently rented, generating $1,990/month ($23,880/year) in gross income, and with tenants covering their own electric and gas (4 separate CenterPoint meters), your only utility obligation is one shared water/trash/sewer bill averaging just $200/month. The numbers shine with a cap rate ranging from 8.02% to 9.35% depending on management structure — well above the typical Midwest average of 6–8% — and at only $44,975 per unit, the value is undeniable. The property practically runs itself — brick exterior, minimal landscaping, a charming covered porch, ample parking on this corner lot, and quality finishes throughout including LVP flooring in units 303 and 305, newer carpeting, updated vanities and toilets in three units, replacement windows, a 2025 furnace, and a roof replaced in 2012. Whether you're a seasoned investor or a first-timer ready to stop sitting on the sidelines, this turnkey fourplex is your entry point — cash or conventional buyers only, so come ready to move!

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