4115 Corydon Ramsey Rd NW

Corydon, IN 47112

$179,900D

3 bd · 1.0 ba · 1,356 sqft · Built 1974 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,462/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$149
• HOA: −$0
• Vac / Maint / Mgmt: −$307
• Net cashflow: $62/mo
• Annual: $750/yr
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• 1% rule: 0.81%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $62 ($750/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 $146k (18.7% below list).
• It's been on market 23 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (18.7% 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 $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#163 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities D, commute F, employment F.
• North Harrison Community School Corporation (rural): math 40% / reading 46% proficiency, ranked #110 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Harrison Elementary School (math 48% / reading 45%, grade D-, #355 of 994 statewide, top 36%, 621 students, 50% FRL); North Harrison Middle School (math 30% / reading 39%, grade F, #167 of 330 statewide, top 52%, 467 students, 49% FRL); North Harrison High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 633 students, 44% FRL).
• Market conditions: 80 active listings in the ZIP; 158 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 4y 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.
• Cap rate 6.7% vs local median 3.4% in Corydon — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1974 — 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.