3029 14th St

Columbus, IN 47201

$172,000D-

2 bd · 1.0 ba · 800 sqft · Built 1952 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,343/mo
• Mortgage (P&I): −$902
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-10/mo
• Annual: $-115/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 0.78%
• Cash to close: $48,160

Investor read

• This is a 2-bed/1.0-bath single-family listed at $172k.
• At list price, monthly cash flow is $-10 ($-115/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (21.9% below list).
• It's been on market 43 days — a 3% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (21.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#24 in IN, #1,978 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Bartholomew Consolidated School Corporation (urban): math 38% / reading 45% proficiency, ranked #119 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: L F Smith Elementary (math 34% / reading 36%, grade F, #590 of 994 statewide, top 60%, 471 students, 62% FRL); Columbus East High School (math 34% / reading 65%, grade D, #123 of 369 statewide, top 36%, 1,535 students, 39% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.1%/yr); 340 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 195 units permitted in Bartholomew County in 2024 (0 in 5+ unit buildings).
• Bartholomew County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 24y 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 $137k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.2% vs local median 3.5% in Columbus — 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 43 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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 B-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.