105 N Sheridan St

Ridgeville, IN 47380

$7,900C-

3 bd · 1.0 ba · 938 sqft · Built 1890 · SingleFamily · Pending · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $964/mo
• Mortgage (P&I): −$41
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $693/mo
• Annual: $8,311/yr
• Cap rate: 111.50%
• Cash-on-cash: 375.74%
• DSCR: 17.72
• 1% rule: 12.21%
• Cash to close: $2,212

Investor read

• This is a 3-bed/1.0-bath single-family listed at $8k.
• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($964 rent vs $8k).
• It's been on market 260 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $7k (12.0% below list) — sets the bar for market timing.
• In year one you build about $845 of equity ($55 loan paydown + $790 appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#548 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D, health & safety D, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Deerfield Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 154 students, 65% FRL); Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Watch-outs: property tax is 3.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $22k (74%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.
• 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.