226 Cardinal Ln

Osgood, IN 47037

$78,500B+

4 bd · 1.0 ba · 1,454 sqft · Built 1900 · SingleFamily · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,239/mo
• Mortgage (P&I): −$412
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $436/mo
• Annual: $5,236/yr
• Cap rate: 12.96%
• Cash-on-cash: 23.82%
• DSCR: 2.06
• 1% rule: 1.58%
• Cash to close: $21,980

Investor read

• This is a 4-bed/1.0-bath single-family listed at $78k.
• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 160 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($543 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#134 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Jac-Cen-Del Community School Corporation (rural): math 32% / reading 40% proficiency, ranked #185 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jac-Cen-Del Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 390 students, 55% FRL); Jac-Cen-Del Ms/Hs (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 383 students, 49% FRL) — zoned schools average 52% FRL vs 33% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 110 units permitted in Ripley County in 2024 (0 in 5+ unit buildings).
• Ripley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $20k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 160 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.