908 Mechanic St

Jeffersonville, IN 47130

$164,500F

2 bd · 1.5 ba · 990 sqft · Built 2022 · SingleFamily · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,164/mo
• Mortgage (P&I): −$863
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $-272/mo
• Annual: $-3,267/yr
• Cap rate: 4.31%
• Cash-on-cash: -7.09%
• DSCR: 0.68
• 1% rule: 0.71%
• Cash to close: $46,060

Investor read

• This is a 2-bed/1.5-bath single-family listed at $164k. Condition is rated good.
• At list price, monthly cash flow is $-272 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (29.2% below list).
• It's been on market 157 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (29.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#8 in IN, #843 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parkview Middle School (math 22% / reading 34%, grade F, #226 of 330 statewide, top 69%, 713 students, 63% FRL); Jeffersonville High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 2,130 students, 58% FRL).
• Market conditions: Rents flat; 910 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $27k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 157 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.