834 Maple St

Tipton, IN 46072

$132,000B-

3 bd · 1.0 ba · 1,064 sqft · Built 1900 · SingleFamily · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,532/mo
• Mortgage (P&I): −$692
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $298/mo
• Annual: $3,573/yr
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $36,960

Investor read

• This is a 3-bed/1.0-bath single-family listed at $132k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• It's been on market 230 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#16 in IN, #1,419 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, commute F.
• Tipton Community School Corporation (town): math 38% / reading 43% proficiency, ranked #130 of 301 in IN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 32 units permitted in Tipton County in 2024 (0 in 5+ unit buildings).
• Tipton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 9.0% vs local median 3.8% in Tipton — 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

• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.