8921 S Main St

Ora, IN 46968

$64,000B

3 bd · 1.0 ba · 1,668 sqft · Built 1990 · SingleFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,213/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $459/mo
• Annual: $5,508/yr
• Cap rate: 16.15%
• Cash-on-cash: 35.19%
• DSCR: 2.57
• 1% rule: 1.90%
• Cash to close: $17,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $64k.
• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• It's been on market 121 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($442 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 3 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $64k implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.