301 E E Sycamore St

Silver Lake, IN 46982

$98,900A-

3 bd · 1.0 ba · 1,742 sqft · Built 1880 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,250/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $365/mo
• Annual: $4,386/yr
• Cap rate: 10.73%
• Cash-on-cash: 15.84%
• DSCR: 1.70
• 1% rule: 1.26%
• Cash to close: $27,692

Investor read

• This is a 3-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($684 loan paydown + $3k appreciation (2.8% local appreciation)).
• Location reads 68/100 on livability (#208 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Claypool Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 294 students, 74% FRL); Edgewood Middle School (math 41% / reading 51%, grade D+, #76 of 330 statewide, top 23%, 537 students, 45% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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 (2.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1880 — 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?
• 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.