332 S Main St

Montpelier, IN 47359

$145,000B+

4 bd · 3.0 ba · 2,691 sqft · Built 1900 · MultiFamily · Active · 193 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,345/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$361
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $1,521/mo
• Annual: $18,255/yr
• Cap rate: 18.88%
• Cash-on-cash: 44.96%
• DSCR: 3.00
• 1% rule: 2.31%
• Cash to close: $40,600

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $145k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $507/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• It's been on market 193 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.7% local appreciation)).
• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools D-, amenities F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 11 sale attempts since 11y ago; this cycle's ask has dropped $24k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $145k implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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.