12145 Main St

Mauckport, IN 47142

$39,900D+

4 bd · 2.0 ba · 2,970 sqft · Built 1900 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,218/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$32
• HOA: −$0
• Vac / Maint / Mgmt: −$466
• Net cashflow: $1,511/mo
• Annual: $18,133/yr
• Cap rate: 51.74%
• Cash-on-cash: 162.30%
• DSCR: 8.22
• 1% rule: 5.56%
• Cash to close: $11,172

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $40k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($276 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 45/100 on livability (#665 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• South Harrison Community Schools (town): math 42% / reading 50% proficiency, ranked #89 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heth-Washington Elementary School (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 150 students, 75% FRL); Corydon Central Jr High School (math 45% / reading 56%, grade C, #43 of 330 statewide, top 14%, 383 students, 52% FRL); Corydon Central High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 749 students, 45% FRL) — zoned schools average 58% FRL vs 38% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.