11695 N CR 1200 E

Troy, IN 47531

$164,900C

4 bd · 2.5 ba · 3,896 sqft · Built 1957 · SingleFamily · Pending · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,523/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$206
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $133/mo
• Annual: $1,597/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• 1% rule: 0.92%
• Cash to close: $46,172

Investor read

• This is a 4-bed/2.5-bath single-family listed at $165k.
• At list price, monthly cash flow is $133 ($2k/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 $152k (7.6% below list).
• It's been on market 99 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.4% local appreciation)).
• Location reads 59/100 on livability (#553 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, schools F.
• North Spencer County School Corporation (rural): math 64% / reading 63% proficiency, ranked #12 of 301 in IN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1957 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.