15427 W 160 N

Medaryville, IN 47957

$194,000D-

2 bd · 1.5 ba · 2,552 sqft · Built 1923 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,072/mo
• Mortgage (P&I): −$1,017
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $-305/mo
• Annual: $-3,661/yr
• Cap rate: 4.41%
• Cash-on-cash: -6.74%
• DSCR: 0.70
• 1% rule: 0.55%
• Cash to close: $54,320

Investor read

• This is a 2-bed/1.5-bath single-family listed at $194k.
• At list price, monthly cash flow is $-305 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (27.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (44.7% below list).
• It's been on market 29 days — a 2% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (44.7% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (9.3% local appreciation)).
• Location reads 55/100 on livability (#632 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools F, crime D-, amenities F.
• West Central School Corporation (rural): math 31% / reading 34% proficiency, ranked #211 of 301 in IN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 16y 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 $160k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$31k 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?
• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.