609 Myrtle Place Pl

Batesville, IN 47006

$225,000D+

3 bd · 1.0 ba · 1,560 sqft · Built 1917 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,053/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $278/mo
• Annual: $3,332/yr
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• 1% rule: 0.91%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (8.7% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $205k (8.7% below list) — sets the bar for 1% rule.
• 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 82/100 on livability (#13 in IN, #1,187 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Batesville Community School Corporation (rural): math 51% / reading 56% proficiency, ranked #33 of 301 in IN (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Batesville Primary School (547 students, 26% FRL); Batesville Middle School (math 42% / reading 56%, grade C-, #53 of 330 statewide, top 16%, 487 students, 30% FRL); Batesville High School (math 57% / reading 72%, grade B-, #34 of 369 statewide, top 10%, 715 students, 23% FRL).
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Cap rate 7.8% vs local median 2.2% in Batesville — 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

• Built in 1917 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 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.