7751 Bullerdick Rd

Poland, IN 47868

$79,000B+

4 bd · 2.0 ba · 2,108 sqft · Built 1977 · SingleFamily · Active · 249 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,376/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $540/mo
• Annual: $6,480/yr
• Cap rate: 14.50%
• Cash-on-cash: 29.29%
• DSCR: 2.30
• 1% rule: 1.74%
• Cash to close: $22,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 249 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($546 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cloverdale Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 424 students, 75% FRL); Cloverdale Middle School (math 33% / reading 37%, grade F, #164 of 330 statewide, top 50%, 299 students, 70% FRL); Cloverdale High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 279 students, 56% FRL) — zoned schools average 67% FRL vs 50% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 120 units permitted in Owen County in 2024 (0 in 5+ unit buildings).
• Owen County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 12y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 249 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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.
• 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.