10631 W Lakewood Dr

Poland, IN 47868

$12,000C-

1 bd · 1.0 ba · 544 sqft · Built 1971 · SingleFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $780/mo
• Mortgage (P&I): −$63
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$164
• Net cashflow: $463/mo
• Annual: $5,559/yr
• Cap rate: 59.27%
• Cash-on-cash: 189.19%
• DSCR: 9.42
• 1% rule: 6.50%
• Cash to close: $3,360

Investor read

• This is a 1-bed/1.0-bath single-family listed at $12k.
• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($780 rent vs $12k).
• It's been on market 117 days — a 9% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $11k (9.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($83 loan paydown + $1k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 29 active listings in the ZIP; 120 units permitted in Owen County in 2024 (0 in 5+ unit buildings).
• Owen County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.