785 W Main Street St

Bloomfield, IN 47424

$199,900D

5 bd · 4.0 ba · 4,228 sqft · Built 1933 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,627/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $-6/mo
• Annual: $-72/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.81%
• Cash to close: $55,972

Investor read

• This is a 5-bed/4.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $-6 ($-72/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (18.6% below list).
• It's been on market 17 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (18.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.8%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#96 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Bloomfield School District (town): math 33% / reading 41% proficiency, ranked #169 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bloomfield Elementary School (math 30% / reading 34%, grade F, #652 of 994 statewide, top 68%, 457 students, 51% FRL); Bloomfield Middle School (168 students, 51% FRL); Bloomfield High School (math 37% / reading 52%, grade F, #169 of 369 statewide, top 51%, 233 students, 40% FRL) — zoned schools average 47% FRL vs 32% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP.
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1933 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.