4415 S Pine Ridge Rd

Schnellville, IN 47513

$189,900D+

4 bd · 2.0 ba · 1,539 sqft · Built 2000 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,401/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-29/mo
• Annual: $-345/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• 1% rule: 0.74%
• Cash to close: $53,172

Investor read

• This is a 4-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $-29 ($-345/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (26.2% below list).
• It's been on market 16 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (26.2% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (8.8% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Southeast Dubois County School Corporation (rural): math 67% / reading 67% proficiency, ranked #5 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Pine Ridge Elementary School (math 82% / reading 57%, grade A-, #40 of 994 statewide, top 5%, 236 students, 37% FRL); Forest Park Jr-Sr High School (math 56% / reading 72%, grade B-, #38 of 369 statewide, top 10%, 533 students, 23% FRL) — zoned schools average 30% FRL vs 14% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 9 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.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k 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

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.