278 Broadmoor Bnd

Pittsboro, IN 46167

$256,000D+

4 bd · 2.5 ba · 1,704 sqft · Built 2002 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,049/mo
• Mortgage (P&I): −$1,342
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-6/mo
• Annual: $-72/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.10%
• DSCR: 1.00
• 1% rule: 0.80%
• Cash to close: $71,680

Investor read

• This is a 4-bed/2.5-bath single-family listed at $256k.
• At list price, monthly cash flow is $-6 ($-72/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (20.0% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $205k (20.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#123 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• North West Hendricks Schools (rural): math 61% / reading 69% proficiency, ranked #7 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Pittsboro Primary School (373 students, 27% FRL); Tri-West Middle School (math 56% / reading 66%, grade B+, #12 of 330 statewide, top 3%, 444 students, 28% FRL); Tri-West Senior High School (math 37% / reading 77%, grade C, #64 of 369 statewide, top 18%, 615 students, 24% FRL).
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,294 units permitted in Hendricks County in 2024 (18 in 5+ unit buildings).
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.3% vs local median 3.0% in Pittsboro — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.