403 S Main Street St

South Whitley, IN 46787

$110,000C-

3 bd · 1.0 ba · 1,784 sqft · Built 1870 · SingleFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,053/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $86/mo
• Annual: $1,028/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• 1% rule: 0.96%
• Cash to close: $30,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (4.3% below list).
• It's been on market 57 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (4.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#454 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Whitko Community School Corporation (rural): math 27% / reading 39% proficiency, ranked #204 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Whitley Elementary School (math 42% / reading 52%, grade D-, #325 of 994 statewide, top 36%, 289 students, 47% FRL); Whitko Jr/Sr High School (math 18% / reading 40%, grade F, #312 of 369 statewide, top 85%, 541 students, 43% FRL).
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $110k implies a 58% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.