374 Worthington St

Worthington, IN 47471

$112,900C-

3 bd · 2.0 ba · 990 sqft · Built 1996 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $845/mo
• Mortgage (P&I): −$592
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $9/mo
• Annual: $104/yr
• Cap rate: 6.38%
• Cash-on-cash: 0.33%
• DSCR: 1.01
• 1% rule: 0.75%
• Cash to close: $31,612

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $113k.
• At list price, monthly cash flow is $9 ($104/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (25.1% below list).
• It's been on market 51 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (25.1% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($781 loan paydown + $2k appreciation (1.5% local appreciation)).
• Location reads 70/100 on livability (#174 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• White River Valley School District (rural): math 33% / reading 39% proficiency, ranked #187 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: White River Valley Elementary Sch (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 326 students, 64% FRL); White River Valley High School (math 22% / reading 47%, grade F, #270 of 369 statewide, top 77%, 210 students, 56% FRL) — zoned schools average 60% FRL vs 42% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 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.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $95k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.