7117 High St

Galena, IN 47119

$144,900B-

3 bd · 1.0 ba · 2,004 sqft · Built 1971 · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,779/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $560/mo
• Annual: $6,716/yr
• Cap rate: 10.93%
• Cash-on-cash: 16.55%
• DSCR: 1.74
• 1% rule: 1.23%
• Cash to close: $40,572

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#229 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D, amenities F, commute F.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 74 active listings in the ZIP; 297 units permitted in Floyd County in 2024 (84 in 5+ unit buildings).
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 15y 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 $45k; list at $145k implies a 222% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1971 — 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 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?
• 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.