105 W Wabash St

Converse, IN 46919

$99,000C+

4 bd · 3.0 ba · 1,567 sqft · Built 1920 · MultiFamily · Active · 201 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,077/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $181/mo
• Annual: $2,176/yr
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• 1% rule: 1.09%
• Cash to close: $27,720

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $99k.
• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 201 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.8%/yr); year-one equity from $684 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#289 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.