208 E Sherman St

Windfall City, IN 46076

$75,000A-

2 bd · 1.0 ba · 1,238 sqft · Built 1910 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,064/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $322/mo
• Annual: $3,864/yr
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• 1% rule: 1.42%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($519 loan paydown + $5k appreciation (6.9% local appreciation)).
• Location reads 57/100 on livability (#609 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D+, crime D, schools F.
• Tri-Central Community Schools (rural): math 28% / reading 39% proficiency, ranked #196 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 32 units permitted in Tipton County in 2024 (0 in 5+ unit buildings).
• Tipton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1910 — 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 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?
• 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.