1318 Brandywine Rd

Lakes of the Four Seasons, IN 46307

$309,900D

3 bd · 1.5 ba · 2,052 sqft · Built 1988 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,303/mo
• Mortgage (P&I): −$1,625
• Tax + insurance: −$288
• HOA: −$154
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-248/mo
• Annual: $-2,979/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.43%
• DSCR: 0.85
• 1% rule: 0.74%
• Cash to close: $86,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $310k.
• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (14.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (25.7% below list).
• It's been on market 46 days — a 3% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (25.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#190 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Porter Township School Corporation (rural): math 33% / reading 49% proficiency, ranked #103 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Porter Lakes Elementary School (math 62% / reading 62%, grade B, #101 of 994 statewide, top 12%, 527 students, 34% FRL); Boone Grove Middle School (math 21% / reading 45%, grade F, #180 of 330 statewide, top 56%, 323 students, 34% FRL); Boone Grove High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 486 students, 29% FRL) — zoned schools average 32% FRL vs 17% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 756 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 16y 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.
• Cap rate 5.3% vs local median 3.3% in Lakes of the Four Seasons — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.