303 W Elnora St

Odon, IN 47562

$54,499B+

2 bd · 1.0 ba · 966 sqft · Built 1900 · SingleFamily · Active · 288 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $988/mo
• Mortgage (P&I): −$286
• Tax + insurance: −$36
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $459/mo
• Annual: $5,502/yr
• Cap rate: 16.39%
• Cash-on-cash: 36.06%
• DSCR: 2.60
• 1% rule: 1.81%
• Cash to close: $15,260

Investor read

• This is a 2-bed/1.0-bath single-family listed at $54k.
• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $54k).
• It's been on market 288 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($377 loan paydown + $3k appreciation (6.0% local appreciation)).
• Location reads 64/100 on livability (#388 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• North Daviess Community Schools (rural): math 32% / reading 46% proficiency, ranked #157 of 301 in IN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Daviess Elementary School (math 37% / reading 44%, grade F, #491 of 994 statewide, top 50%, 637 students, 48% FRL); North Daviess Jr-Sr High School (math 26% / reading 48%, grade F, #247 of 369 statewide, top 70%, 471 students, 49% FRL) — zoned schools average 49% FRL vs 31% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $8k; list at $54k implies a 581% gain — meaningful room to come down on a strong offer.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, 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

• It's been on market 288 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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.