1209 W Walnut St St

Brownstown, IN 47220

$99,999C

3 bd · 2.0 ba · 1,008 sqft · Built 1988 · Manufactured · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $156/mo
• Annual: $1,868/yr
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• 1% rule: 0.96%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (4.2% below list).
• It's been on market 150 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($691 loan paydown + $2k appreciation (2.2% local appreciation)).
• Location reads 62/100 on livability (#478 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: health & safety D, amenities F, commute F.
• Brownstown Central Community School Corporation (town): math 35% / reading 46% proficiency, ranked #135 of 301 in IN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brownstown Elementary School (math 37% / reading 38%, grade F, #543 of 994 statewide, top 55%, 635 students, 55% FRL); Brownstown Central Middle School (math 32% / reading 47%, grade F, #125 of 330 statewide, top 38%, 323 students, 46% FRL); Brownstown Central High School (math 42% / reading 62%, grade D+, #106 of 369 statewide, top 31%, 475 students, 36% FRL).
• Market conditions: 24 active listings in the ZIP; 101 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.