Real estate in Indiana is cheap for the most part, compared to New York, Connecticut and California. Cheap, however has a new meaning in the Midwest state. There is a mansion for sale in Evansville, a small city in the southern part of Indiana, tucked near Kentucky and Illinois on the banks of the Ohio River.
The house at 1300 S.E. Riverside Dr. is mansion-sized indeed. Its nearly 4,500 square feet include six bedrooms and five baths. It sits on a plot with hardly any land: 0.33 acres. Built in 1923, it is more than run down.
According to Realtor.com, which says the house was the most searched among all its listings last week:
It’s a chance to return a historic mansion to its former glory. Known as the Ingle estate and built in 1923, the six-bedroom home has fallen into disrepair. The three-level home’s potential is apparent on the bottom level, but upstairs, a buyer will have to see beyond a room currently covered in graffiti and a couple of bathrooms best described as busted. But for only $27 a square foot, the right renovator could shine up this old gem to its original luster.
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Evansville is the third largest city in Indiana, with a population of just over 117,000. Like many Midwestern cities, it has been shrinking since 1970, according to the U.S. Census Bureau. The city’s residents are not well off, with a median household income of $32,414, well below the national average.
To give a snapshot of the home, experts at the online real estate search firm wrote:
This week’s most popular home on realtor.com is a mansion in need of a white knight. Listed for a paltry $120,000, the home has its share of issues. Nearly 100 years old, this south Indiana estate is in a sad state after years of neglect.
In other words, $120,000 to buy and another $120,000 to repair. That would make it among the small number of homes in Evansville that are worth a quarter of a million dollars.
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