114 N Main St

Saltillo, IN 47108

$115,000C+

3 bd · 2.0 ba · 1,920 sqft · Built 2013 · Manufactured · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,221/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $205/mo
• Annual: $2,459/yr
• Cap rate: 8.43%
• Cash-on-cash: 7.64%
• DSCR: 1.34
• 1% rule: 1.06%
• Cash to close: $32,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 46 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#616 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, health & safety D, schools F.
• West Washington School Corporation (rural): math 41% / reading 43% proficiency, ranked #125 of 301 in IN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 active listings in the ZIP; 25 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 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?
• 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.