209 S Indiana St

Hazleton, IN 47640

$78,000B+

3 bd · 2.0 ba · 1,152 sqft · Built 2019 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,054/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $298/mo
• Annual: $3,573/yr
• Cap rate: 10.87%
• Cash-on-cash: 16.36%
• DSCR: 1.73
• 1% rule: 1.35%
• Cash to close: $21,840

Investor read

• This is a 3-bed/2.0-bath single-family listed at $78k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($539 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#493 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Comm Primary School (414 students, 53% FRL); Princeton Community Middle (math 23% / reading 37%, grade F, #208 of 330 statewide, top 64%, 431 students, 53% FRL); Princeton Community High School (math 22% / reading 57%, grade F, #221 of 369 statewide, top 63%, 618 students, 41% FRL).
• Market conditions: 7 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 4y 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 $15k; list at $78k implies a 420% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.