104 Indiana St

Holland, IN 47541

$93,750B+

3 bd · 1.0 ba · 1,280 sqft · Built 2001 · SingleFamily · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,173/mo
• Mortgage (P&I): −$492
• Tax + insurance: −$214
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $222/mo
• Annual: $2,663/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.14%
• DSCR: 1.45
• 1% rule: 1.25%
• Cash to close: $26,250

Investor read

• This is a 3-bed/1.0-bath single-family listed at $94k.
• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• It's been on market 134 days — a 12% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($648 loan paydown + $4k appreciation (4.2% local appreciation)).
• Location reads 67/100 on livability (#250 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Southwest Dubois County School Corporation (rural): math 50% / reading 50% proficiency, ranked #56 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Holland Elementary School (math 62% / reading 47%, grade C, #197 of 994 statewide, top 22%, 254 students, 42% FRL); Southridge Middle School (math 53% / reading 56%, grade B-, #29 of 330 statewide, top 9%, 409 students, 58% FRL); Southridge High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 566 students, 48% FRL).
• Market conditions: 3 active listings in the ZIP; 197 units permitted in Dubois County in 2024 (20 in 5+ unit buildings).
• Dubois County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.