515 E North A St

Gas City, IN 46933

$239,900C+

6 bd · 3.0 ba · 2,292 sqft · Built 1900 · MultiFamily · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,745/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$576
• Net cashflow: $618/mo
• Annual: $7,420/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• 1% rule: 1.14%
• Cash to close: $67,172

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $240k.
• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 195 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#177 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, employment D, health & safety D.
• Mississinewa Community School Corporation (town): math 29% / reading 34% proficiency, ranked #233 of 301 in IN (top 77%) — 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: 25 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• Grant County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 195 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 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.