135 LN 285a Crooked Lake Lk

Jimmerson Lake, IN 46703

$95,000C+

2 bd · 1.0 ba · 952 sqft · Built 1981 · Land · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,105/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $216/mo
• Annual: $2,598/yr
• Cap rate: 9.03%
• Cash-on-cash: 9.77%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath land listed at $95k.
• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 10 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 9.0% vs local median 0.5% in Jimmerson Lake — 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.
• This rent is only 18% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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.