210 W Lincoln St

Geneva, IN 46740

$115,000C-

2 bd · 1.0 ba · 864 sqft · Built 1965 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $857/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $-47/mo
• Annual: $-566/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.76%
• DSCR: 0.92
• 1% rule: 0.75%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $-47 ($-566/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (25.5% below list).
• It's been on market 55 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (25.5% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($795 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: schools F, 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.
• 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 7y ago 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 (6.2% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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.