4865 W US 30 Hwy

Larwill, IN 46725

$349,000B-

66 bd · 36.0 ba · 2,527 sqft · Built 1958 · MultiFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,698/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$453
• HOA: −$0
• Vac / Maint / Mgmt: −$1,197
• Net cashflow: $2,218/mo
• Annual: $26,616/yr
• Cap rate: 13.92%
• Cash-on-cash: 27.24%
• DSCR: 2.21
• 1% rule: 1.63%
• Cash to close: $97,720

Investor read

• This is a 5×2bd/1ba + 1×1bd/1ba units multifamily listed at $349k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $349k).
• It's been on market 74 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $328k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#549 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, crime D.
• 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: Pierceton Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 386 students, 59% FRL); Whitko Jr/Sr High School (math 18% / reading 40%, grade F, #312 of 369 statewide, top 85%, 541 students, 43% FRL) — zoned schools average 51% FRL vs 35% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 113 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 6y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $210k; list at $349k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1958 — 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 F-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?