1329 Honecker Ln

Brookville, IN 47012

$75,000B-

2 bd · 1.0 ba · 828 sqft · Built 1969 · SingleFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $861/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $162/mo
• Annual: $1,941/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $75k).
• It's been on market 31 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#92 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• Zoned schools: Franklin County Middle School (math 29% / reading 37%, grade F, #180 of 330 statewide, top 56%, 358 students, 53% FRL); Franklin County High (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 713 students, 44% FRL).
• Market conditions: 4 active listings in the ZIP; 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Worn and outdated, likely in need of replacement
• Major: Bathroom fixtures — Outdated and possibly in need of replacement
• Major: Flooring — Linoleum in poor condition, likely in need of replacement
• Major: Paint — Interior walls and exterior siding could benefit from repainting