206 E 1st St

Burnettsville, IN 47926

$135,000D-

3 bd · 1.0 ba · 840 sqft · Built 2023 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $962/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $-173/mo
• Annual: $-2,077/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.49%
• DSCR: 0.76
• 1% rule: 0.71%
• Cash to close: $37,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $-173 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (18.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (28.7% below list).
• It's been on market 59 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (28.7% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($933 loan paydown + $7k appreciation (5.1% local appreciation)).
• Location reads 61/100 on livability (#498 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D, amenities F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meadowlawn Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 567 students, 56% FRL); Roosevelt Middle School (math 38% / reading 47%, grade D-, #98 of 330 statewide, top 30%, 523 students, 67% FRL); Twin Lakes Senior High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 674 students, 59% FRL) — zoned schools average 60% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 6 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $24k; list at $135k implies a 474% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• 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?
• 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.