1248 W County Road 350 N

Van Bibber Lake, IN 46135

$135,000C-

2 bd · 1.0 ba · 888 sqft · Built 1982 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,236/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $186/mo
• Annual: $2,226/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• 1% rule: 0.92%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $186 ($2k/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 $124k (8.4% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $124k (8.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 43/100 on livability (#670 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: employment D, schools F, amenities F.
• North Putnam Community Schools (rural): math 47% / reading 48% proficiency, ranked #73 of 301 in IN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 2y 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.

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?
• 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.