1820 Huckleberry Ln

Charlestown, IN 40059

$379,950D+

3 bd · 3.0 ba · 2,380 sqft · Built 2005 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,910/mo
• Mortgage (P&I): −$1,992
• Tax + insurance: −$782
• HOA: −$0
• Vac / Maint / Mgmt: −$611
• Net cashflow: $-475/mo
• Annual: $-5,703/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• 1% rule: 0.77%
• Cash to close: $106,386

Investor read

• This is a 3-bed/3.0-bath single-family listed at $380k.
• At list price, monthly cash flow is $-475 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (23.4% below list).
• It's been on market 51 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $291k (23.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Oldham County (suburban): math 48% / reading 55% proficiency, ranked #6 of 165 in KY (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Harmony Elementary School (math 56% / reading 59%, grade C+, #45 of 676 statewide, top 7%, 632 students, 12% FRL); North Oldham Middle School (math 51% / reading 66%, grade B, #4 of 217 statewide, top 2%, 787 students, 11% FRL); North Oldham High School (math 67% / reading 63%, grade B, #2 of 254 statewide, top 0%, 995 students, 12% FRL) — zoned schools at 12% FRL track the district average.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: Rents rising fast (+4.8%/yr); 1 comparable units currently listed for rent nearby; high-income renter base; 402 units permitted in Oldham County in 2024 (56 in 5+ unit buildings).
• Oldham County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 9y 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 $129k; list at $380k implies a 195% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.2% in Charlestown — 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 51 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.