311 N Mill St

Veedersburg, IN 47987

$188,000D+

4 bd · 1.5 ba · 2,096 sqft · Built 1890 · SingleFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,460/mo
• Mortgage (P&I): −$986
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$307
• Net cashflow: $-2/mo
• Annual: $-28/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• 1% rule: 0.78%
• Cash to close: $52,640

Investor read

• This is a 4-bed/1.5-bath single-family listed at $188k.
• At list price, monthly cash flow is $-2 ($-28/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (22.4% below list).
• It's been on market 118 days — a 9% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (22.4% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#395 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-.
• Southeast Fountain School Corporation (rural): math 34% / reading 43% proficiency, ranked #163 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southeast Fountain Elementary (math 39% / reading 39%, grade F, #530 of 994 statewide, top 54%, 473 students, 56% FRL); Fountain Central High School (math 27% / reading 50%, grade F, #241 of 369 statewide, top 65%, 506 students, 51% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).
• Fountain County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $188k implies a 189% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.