50985 Sturdy Oak Ln

Granger, IN 46530

$359,000D-

3 bd · 3.5 ba · 1,974 sqft · Built 1981 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,185/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$459
• Net cashflow: $-523/mo
• Annual: $-6,278/yr
• Cap rate: 4.54%
• Cash-on-cash: -6.25%
• DSCR: 0.72
• 1% rule: 0.61%
• Cash to close: $100,520

Investor read

• This is a 3-bed/3.5-bath single-family listed at $359k.
• At list price, monthly cash flow is $-523 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (25.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (39.1% below list).
• It's been on market 45 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (39.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#33 in IN, #2,584 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northpoint Elementary School (math 86% / reading 80%, grade A+, #3 of 994 statewide, top 0%, 614 students, 12% FRL); Discovery Middle School (math 57% / reading 75%, grade A-, #6 of 330 statewide, top 2%, 848 students, 17% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools at 19% FRL track the district average.
• Zoned-school proficiency averages 72% at this address vs 59% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Penn-Harris-Madison School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 214 active listings in the ZIP; high-income renter base; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• 3 sale attempts since 4y 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.
• Cap rate 4.5% vs local median 3.2% in Granger — 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

• 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 45 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.