129 W Prairie St

Goodland, IN 47948

$85,000B+

4 bd · 2.0 ba · 2,412 sqft · Built 1910 · SingleFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,280/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $294/mo
• Annual: $3,526/yr
• Cap rate: 10.44%
• Cash-on-cash: 14.81%
• DSCR: 1.66
• 1% rule: 1.51%
• Cash to close: $23,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $294 ($4k/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 31 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.6%/yr); year-one equity from $588 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#402 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D+, amenities F, commute F.
• South Newton School Corporation (rural): math 29% / reading 35% proficiency, ranked #219 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Newton Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 416 students, 68% FRL); South Newton Middle School (math 22% / reading 32%, grade F, #234 of 330 statewide, top 71%, 204 students, 71% FRL); South Newton Senior High School (math 24% / reading 64%, grade F, #169 of 369 statewide, top 51%, 242 students, 52% FRL).
• Watch-outs: property tax is 3.3% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 24 units permitted in Newton County in 2024 (0 in 5+ unit buildings).
• Newton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.6% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.