430 W Maple St

Waterloo, IN 46793

$94,900B-

3 bd · 1.0 ba · 1,768 sqft · Built 1900 · SingleFamily · Pending · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,196/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $226/mo
• Annual: $2,707/yr
• Cap rate: 9.15%
• Cash-on-cash: 10.19%
• DSCR: 1.45
• 1% rule: 1.26%
• Cash to close: $26,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 53 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#323 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute D, amenities F.
• Dekalb County Ctl United School District (town): math 42% / reading 50% proficiency, ranked #91 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waterloo Elementary School (math 32% / reading 22%, grade F, #737 of 994 statewide, top 76%, 220 students, 66% FRL); Dekalb Middle School (math 34% / reading 52%, grade D-, #92 of 330 statewide, top 29%, 800 students, 47% FRL); Dekalb High School (math 43% / reading 70%, grade C, #70 of 369 statewide, top 19%, 1,075 students, 36% FRL) — zoned schools average 50% FRL vs 32% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 116 units permitted in DeKalb County in 2024 (0 in 5+ unit buildings).
• DeKalb County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $74k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 D-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 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.