166 E Washington St

Bunker Hill, IN 46914

$145,000C-

3 bd · 1.5 ba · 1,550 sqft · Built 1960 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,138/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $-17/mo
• Annual: $-199/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• 1% rule: 0.78%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $145k.
• At list price, monthly cash flow is $-17 ($-199/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (21.5% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (21.5% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.5% local appreciation)).
• Location reads 62/100 on livability (#462 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, schools D-, amenities F.
• Maconaquah School Corporation (rural): math 25% / reading 40% proficiency, ranked #213 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y 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 $16k; list at $145k implies a 779% gain — meaningful room to come down on a strong offer.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.