310 S Pleasant St

Edinburgh, IN 46124

$69,500B-

3 bd · 1.5 ba · 1,320 sqft · Built 1930 · SingleFamily · Active · 543 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,426/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $447/mo
• Annual: $5,368/yr
• Cap rate: 14.02%
• Cash-on-cash: 27.58%
• DSCR: 2.23
• 1% rule: 2.05%
• Cash to close: $19,460

Investor read

• This is a 3-bed/1.5-bath single-family listed at $70k.
• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 543 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#505 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D, employment D, amenities F.
• Edinburgh Community School Corporation (suburban): math 27% / reading 39% proficiency, ranked #214 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.9% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $26k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 3.4% in Edinburgh — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 543 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.