203 N Main St

Batesville, IN 47006

$194,900D+

3 bd · 2.0 ba · 2,084 sqft · Built 1905 · SingleFamily · Pending · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $-49/mo
• Annual: $-588/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• 1% rule: 0.75%
• Cash to close: $54,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $-49 ($-588/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (24.7% below list).
• It's been on market 125 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $147k (24.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 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.
• 6 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $104k; list at $195k implies a 87% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 125 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1905 — 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 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.