306 N Fulton St

Parker City, IN 47368

$137,900C+

5 bd · 2.0 ba · 2,442 sqft · Built 1910 · SingleFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,298/mo
• Mortgage (P&I): −$723
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $175/mo
• Annual: $2,101/yr
• Cap rate: 7.82%
• Cash-on-cash: 5.44%
• DSCR: 1.24
• 1% rule: 0.94%
• Cash to close: $38,612

Investor read

• This is a 5-bed/2.0-bath single-family listed at $138k.
• At list price, monthly cash flow is $175 ($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 $130k (5.9% below list).
• It's been on market 39 days — a 3% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (5.9% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($953 loan paydown + $2k appreciation (1.3% local appreciation)).
• Location reads 67/100 on livability (#246 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety D, amenities F.
• Monroe Central School Corporation (rural): math 47% / reading 45% proficiency, ranked #95 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monroe Central Elementary School (math 58% / reading 44%, grade C-, #262 of 994 statewide, top 27%, 624 students, 52% FRL); Monroe Central Jr-Sr High School (math 31% / reading 47%, grade F, #235 of 369 statewide, top 65%, 459 students, 50% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y 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 $30k; list at $138k implies a 360% gain — meaningful room to come down on a strong offer.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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.