115 High Street St

Geneva, IN 46740

$109,900B+

4 bd · 2.0 ba · 2,746 sqft · Built 1900 · MultiFamily · Pending · 317 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,255/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $1,038/mo
• Annual: $12,451/yr
• Cap rate: 17.62%
• Cash-on-cash: 40.46%
• DSCR: 2.80
• 1% rule: 2.05%
• Cash to close: $30,772

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $110k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 317 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($760 loan paydown + $7k appreciation (6.2% local appreciation)).
• Location reads 73/100 on livability (#103 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• South Adams Schools (town): math 50% / reading 43% proficiency, ranked #92 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Adams Elementary School (math 53% / reading 34%, grade F, #411 of 994 statewide, top 42%, 660 students, 51% FRL); South Adams Middle School (math 50% / reading 46%, grade C-, #60 of 330 statewide, top 18%, 288 students, 56% FRL); South Adams High School (math 37% / reading 67%, grade D+, #106 of 369 statewide, top 31%, 343 students, 44% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $50k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $110k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 317 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.