1913 Harmony Circle (lot 11)

Charlestown, IN 47111

$209,900D+

3 bd · 2.0 ba · 1,000 sqft · Built 2026 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,806/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$50
• Vac / Maint / Mgmt: −$379
• Net cashflow: $-74/mo
• Annual: $-883/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• 1% rule: 0.86%
• Cash to close: $58,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $210k. Condition is rated excellent.
• At list price, monthly cash flow is $-74 ($-883/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (13.9% below list).
• It's been on market 41 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (13.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasant Ridge Elementary School (531 students, 54% FRL); Charlestown Middle School (math 23% / reading 40%, grade F, #197 of 330 statewide, top 60%, 612 students, 44% FRL); Charlestown Senior High School (math 17% / reading 57%, grade F, #247 of 369 statewide, top 70%, 788 students, 40% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 346 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.9% vs local median 3.2% in Charlestown — 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

• 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 41 days. Have you received any prior offers? Is the seller open to a 14% 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?
• 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?
• 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.