815 E Washington St

Greensburg, IN 47240

$189,000B+

3 bd · 1.0 ba · 1,968 sqft · Built 1885 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,995/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$839
• Net cashflow: $1,998/mo
• Annual: $23,974/yr
• Cap rate: 18.98%
• Cash-on-cash: 45.30%
• DSCR: 3.02
• 1% rule: 2.11%
• Cash to close: $52,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• It's been on market 59 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• 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 (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D+, amenities F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 155 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 8y 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 $128k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.0% vs local median 5.9% in Greensburg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1885 — 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?
• 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.