308 W Dunn St

Fulton, IN 46931

$79,000B+

3 bd · 1.0 ba · 1,416 sqft · Built 1900 · SingleFamily · Active · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,109/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $390/mo
• Annual: $4,677/yr
• Cap rate: 12.21%
• Cash-on-cash: 21.14%
• DSCR: 1.94
• 1% rule: 1.40%
• Cash to close: $22,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 186 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($546 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#501 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime D, employment D.
• Caston School Corporation (rural): math 27% / reading 33% proficiency, ranked #238 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.