1422 S US 33 Hwy

Wolflake, IN 46701

$144,900D+

2 bd · 1.0 ba · 1,678 sqft · Built 1920 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,123/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $35/mo
• Annual: $425/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.05%
• DSCR: 1.05
• 1% rule: 0.77%
• Cash to close: $40,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $35 ($425/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (22.5% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $112k (22.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Central Noble Community School Corporation (rural): math 32% / reading 34% proficiency, ranked #207 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Noble Primary School (249 students, 47% FRL); Central Noble Junior Senior Hs (math 23% / reading 37%, grade F, #307 of 369 statewide, top 83%, 654 students, 46% FRL) — zoned schools average 46% FRL vs 31% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• Built in 1920 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.