618 W Washington St

Plymouth, IN 46563

$179,900C-

3 bd · 2.0 ba · 1,264 sqft · Built 1900 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,811/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $277/mo
• Annual: $3,328/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• 1% rule: 1.01%
• Cash to close: $50,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 22 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#142 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Plymouth Community School Corporation (town): math 33% / reading 41% proficiency, ranked #173 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Discovery Academy (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 225 students, 65% FRL); Lincoln Junior High School (math 30% / reading 46%, grade F, #136 of 330 statewide, top 44%, 510 students, 56% FRL); Plymouth High School (math 37% / reading 60%, grade D, #139 of 369 statewide, top 38%, 1,078 students, 51% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.1% vs local median 3.5% in Plymouth — 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

• Built in 1900 — 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?
• 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.