323 Roosevelt Rd

Walkerton, IN 46574

$105,000B

4 bd · 1.5 ba · 1,880 sqft · Built 1905 · SingleFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,364/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$264
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $263/mo
• Annual: $3,150/yr
• Cap rate: 9.29%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• 1% rule: 1.30%
• Cash to close: $29,400

Investor read

• This is a 4-bed/1.5-bath single-family listed at $105k.
• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 50 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#382 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• John Glenn School Corporation (town): math 44% / reading 51% proficiency, ranked #75 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.5% of price; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 64 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.