154 E Washington St

Mooresville, IN 46158

$208,000F

2 bd · 1.0 ba · 912 sqft · Built 1939 · SingleFamily · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,027/mo
• Mortgage (P&I): −$1,091
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $-408/mo
• Annual: $-4,897/yr
• Cap rate: 3.94%
• Cash-on-cash: -8.41%
• DSCR: 0.63
• 1% rule: 0.49%
• Cash to close: $58,240

Investor read

• This is a 2-bed/1.0-bath single-family listed at $208k.
• At list price, monthly cash flow is $-408 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (34.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (50.6% below list).
• It's been on market 85 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (50.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#201 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mooresville High School (math 43% / reading 74%, grade C, #60 of 369 statewide, top 16%, 1,404 students, 39% FRL).
• Zoned-school proficiency averages 58% at this address vs 42% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Mooresville Consolidated School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 20y 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

• 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 85 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
• Built in 1939 — 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 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.