457 E Centennial St

Nappanee, IN 46550

$99,900C

1 bd · 1.0 ba · 1,039 sqft · Built 1900 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $927/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $63/mo
• Annual: $753/yr
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• 1% rule: 0.93%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $63 ($753/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (7.2% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $93k (7.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#14 in IN, #1,279 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Wa-Nee Community Schools (rural): math 61% / reading 57% proficiency, ranked #21 of 301 in IN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Nappanee Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 366 students, 41% FRL) — zoned schools average 41% FRL vs 25% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• Built in 1900 — 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.
• 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.