607 N Portland St

Ridgeville, IN 47380

$82,000A-

2 bd · 1.0 ba · 1,148 sqft · Built 1900 · SingleFamily · Pending · 190 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $986/mo
• Mortgage (P&I): −$430
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $255/mo
• Annual: $3,056/yr
• Cap rate: 10.02%
• Cash-on-cash: 13.31%
• DSCR: 1.59
• 1% rule: 1.20%
• Cash to close: $22,960

Investor read

• This is a 2-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($986 rent vs $82k).
• It's been on market 190 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($567 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#548 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D, health & safety D, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Deerfield Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 154 students, 65% FRL); Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $28k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, 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

• It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.