210 S West St

Pendleton, IN 46064

$349,500F

3 bd · 3.0 ba · 2,834 sqft · Built 1899 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,923/mo
• Mortgage (P&I): −$1,833
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $-747/mo
• Annual: $-8,965/yr
• Cap rate: 3.73%
• Cash-on-cash: -9.16%
• DSCR: 0.59
• 1% rule: 0.55%
• Cash to close: $97,860

Investor read

• This is a 3-bed/3.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-747 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (45.0% below list).
• It's been on market 16 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (45.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#86 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton Elementary School (math 54% / reading 49%, grade C-, #256 of 994 statewide, top 26%, 840 students, 36% FRL); Pendleton Heights Middle School (math 37% / reading 48%, grade D-, #98 of 330 statewide, top 30%, 721 students, 36% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 237 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 16y 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.

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?
• Built in 1899 — 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.