210 W Lake St

Laketon, IN 46943

$82,500A-

4 bd · 1.0 ba · 1,678 sqft · Built 1953 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,239/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $493/mo
• Annual: $5,914/yr
• Cap rate: 13.46%
• Cash-on-cash: 25.60%
• DSCR: 2.14
• 1% rule: 1.50%
• Cash to close: $23,100

Investor read

• This is a 4-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($570 loan paydown + $437 appreciation (0.5% local appreciation)).
• Location reads 69/100 on livability (#203 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, commute D, amenities F.
• Manchester Community Schools (town): math 44% / reading 46% proficiency, ranked #99 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Manchester Elementary School (math 67% / reading 62%, grade B, #78 of 994 statewide, top 9%, 454 students, 54% FRL); Manchester Jr-Sr High School (math 38% / reading 45%, grade F, #211 of 369 statewide, top 58%, 672 students, 50% FRL) — zoned schools average 52% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).
• Wabash County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $69k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1953 — 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.