17223 Mcguire Ridge Rd

Metamora, IN 47024

$90,000B+

2 bd · 1.0 ba · 1,310 sqft · Built 1900 · SingleFamily · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,191/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $319/mo
• Annual: $3,828/yr
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• 1% rule: 1.32%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k. Condition is rated poor.
• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 155 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($622 loan paydown + $7k appreciation (7.9% local appreciation)).
• Location reads 68/100 on livability (#222 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime C-, commute C-, health & safety C-.
• Zoned schools: Franklin County Middle School (math 29% / reading 37%, grade F, #180 of 330 statewide, top 56%, 358 students, 53% FRL); Franklin County High (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 713 students, 44% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts; this cycle's ask has dropped $150k (62%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 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

• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage
• Major: exterior siding — Severe weathering
• Major: windows — Missing or broken
• Major: landscaping — Overgrown and debris-filled