4100 East Dr

Bass Lake, IN 46534

$298,900D+

3 bd · 2.0 ba · 1,220 sqft · Built 2006 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,200/mo
• Mortgage (P&I): −$1,567
• Tax + insurance: −$349
• HOA: −$13
• Vac / Maint / Mgmt: −$672
• Net cashflow: $599/mo
• Annual: $7,185/yr
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• 1% rule: 1.07%
• Cash to close: $83,692

Investor read

• This is a 3-bed/2.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• It's been on market 102 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $272k (9.0% 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 $9k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#494 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment C-, amenities F, commute F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $131k; list at $299k implies a 128% gain — meaningful room to come down on a strong offer.
• Cap rate 8.7% vs local median 4.5% in Bass Lake — 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

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.