210 N Maple St

Argos, IN 46501

$69,900B-

4 bd · 1.5 ba · 2,464 sqft · Built 1900 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,289/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $383/mo
• Annual: $4,600/yr
• Cap rate: 12.87%
• Cash-on-cash: 23.50%
• DSCR: 2.05
• 1% rule: 1.84%
• Cash to close: $19,572

Investor read

• This is a 4-bed/1.5-bath single-family listed at $70k.
• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#83 in IN, #4,996 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Argos Community Schools (rural): math 35% / reading 46% proficiency, ranked #136 of 301 in IN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Argos Community Elementary (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 358 students, 60% FRL); Argos Comm Jr-Sr High School (math 30% / reading 48%, grade F, #235 of 369 statewide, top 65%, 331 students, 50% FRL) — zoned schools average 55% FRL vs 36% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 4.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 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.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — 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.
• 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.