262 Hoover Dr

Prince's Lakes, IN 46164

$99,000D

1 bd · 1.0 ba · 660 sqft · Built 1961 · SingleFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $811/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $61/mo
• Annual: $735/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.65%
• DSCR: 1.12
• 1% rule: 0.82%
• Cash to close: $27,720

Investor read

• This is a 1-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $61 ($735/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (18.1% below list).
• It's been on market 282 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Nineveh-Hensley-Jackson United (rural): math 41% / reading 48% proficiency, ranked #93 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Indian Creek Elementary School (520 students, 39% FRL); Indian Creek Middle School (math 32% / reading 46%, grade F, #128 of 330 statewide, top 40%, 486 students, 35% FRL); Indian Creek Sr High School (math 37% / reading 67%, grade D+, #106 of 369 statewide, top 31%, 624 students, 30% FRL).
• Market conditions: 77 active listings in the ZIP; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $51k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 282 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1961 — 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.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?