22199 Old US 52

Laurel, IN 47024

$159,900D

3 bd · 1.0 ba · 1,464 sqft · Built 1900 · SingleFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,365/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $-152/mo
• Annual: $-1,825/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• 1% rule: 0.85%
• Cash to close: $44,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $160k. Condition is rated fair.
• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (14.6% below list).
• It's been on market 28 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (14.6% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (7.9% local appreciation)).
• Location reads 61/100 on livability (#488 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D-, amenities F, commute F.
• Zoned schools: Franklin County Middle School (math 29% / reading 37%, grade F, #180 of 330 statewide, top 56%, 358 students, 53% FRL); Franklin County High (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 713 students, 44% FRL).
• Watch-outs: flood insurance adds $125/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage and potential water infiltration.
• Major: exterior siding — Peeling and deterioration indicate a need for repainting and possibly replacement.
• Major: HVAC/mechanicals — Given the age of the property, HVAC systems are likely outdated and in need of replacement or repair.
• Major: interior walls/paint — The walls appear to be in poor condition, indicating a need for painting and possibly repairs to the drywall or plaster.