101 Hamlet St

Hamlet, IN 46532

$64,000B

3 bd · 1.0 ba · 1,560 sqft · Built 1960 · SingleFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,224/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$56
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $575/mo
• Annual: $6,896/yr
• Cap rate: 17.07%
• Cash-on-cash: 38.48%
• DSCR: 2.71
• 1% rule: 1.91%
• Cash to close: $17,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $64k.
• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• It's been on market 121 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.9%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#572 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, schools F.
• Oregon-Davis School Corporation (rural): math 19% / reading 34% proficiency, ranked #257 of 301 in IN (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 11 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-2.9% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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 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.