443 W Oil St

Montpelier, IN 47359

$59,000A-

2 bd · 1.0 ba · 926 sqft · Built 1991 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $883/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$152
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $236/mo
• Annual: $2,827/yr
• Cap rate: 11.08%
• Cash-on-cash: 17.11%
• DSCR: 1.76
• 1% rule: 1.50%
• Cash to close: $16,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $59k.
• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($883 rent vs $59k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($408 loan paydown + $4k appreciation (6.7% local appreciation)).
• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y 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 $15k; list at $59k implies a 293% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.