10426 E Green Dr

Lewis, IN 47858

$20,000D+

3 bd · 1.0 ba · 1,555 sqft · Built 1878 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,182/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$33
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $795/mo
• Annual: $9,542/yr
• Cap rate: 54.00%
• Cash-on-cash: 170.40%
• DSCR: 8.58
• 1% rule: 5.91%
• Cash to close: $5,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $795 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $533 of equity ($138 loan paydown + $395 appreciation (2.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riley Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 390 students, 35% FRL); Honey Creek Middle School (math 34% / reading 44%, grade F, #128 of 330 statewide, top 40%, 664 students, 39% FRL); Terre Haute South Vigo High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 1,610 students, 51% FRL).
• Zoned-school proficiency averages 51% at this address vs 34% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Vigo County School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 5y 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 $15k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1878 — 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.
• 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.