701 Park St

Loogootee, IN 47553

$85,000B+

4 bd · 1.0 ba · 1,630 sqft · Built 1900 · SingleFamily · Active · 204 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,132/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $396/mo
• Annual: $4,755/yr
• Cap rate: 11.89%
• Cash-on-cash: 19.98%
• DSCR: 1.89
• 1% rule: 1.33%
• Cash to close: $23,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 204 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($588 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 74/100 on livability (#74 in IN, #4,663 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Loogootee Community School Corporation (rural): math 42% / reading 48% proficiency, ranked #97 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Loogootee Elementary School (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 299 students, 44% FRL); Loogootee Middle School (math 40% / reading 48%, grade D, #87 of 330 statewide, top 27%, 210 students, 41% FRL); Loogootee High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 241 students, 32% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 86 active listings in the ZIP; 2 units permitted in Martin County in 2024 (0 in 5+ unit buildings).
• Martin County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.9% vs local median 2.6% in Loogootee — 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 204 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Severe wear and tear, likely in need of replacement.
• Major: Bathroom fixtures — Worn and outdated, requiring replacement.
• Major: Flooring — Severe wear and tear, likely in need of replacement.
• Moderate: Paint — Chipped and worn in some areas, requiring touch-up or repainting.