310 N Oak St

Redkey, IN 47373

$135,000D-

3 bd · 2.0 ba · 1,404 sqft · Built 1997 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $989/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-152/mo
• Annual: $-1,821/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.82%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (26.8% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (26.8% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($933 loan paydown + $10k appreciation (7.5% local appreciation)).
• Location reads 66/100 on livability (#290 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Redkey Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 269 students, 56% FRL); Jay County Jr/Sr High School (math 34% / reading 41%, grade F, #245 of 369 statewide, top 67%, 1,242 students, 50% FRL).
• Market conditions: 4 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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.