358 S Columbia St

Frankfort, IN 46041

$109,000C-

4 bd · 1.0 ba · 1,652 sqft · Built 1870 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $37/mo
• Annual: $441/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.44%
• DSCR: 1.06
• 1% rule: 0.92%
• Cash to close: $30,520

Investor read

• This is a 4-bed/1.0-bath single-family listed at $109k.
• At list price, monthly cash flow is $37 ($441/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 $100k (8.3% below list).
• It's been on market 16 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (8.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 6.7% vs local median 3.9% in Frankfort — 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

• Built in 1870 — 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 F-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.