119 N Edward St

Worthington, IN 47471

$72,000A-

2 bd · 1.0 ba · 1,106 sqft · Built 1910 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $936/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $289/mo
• Annual: $3,466/yr
• Cap rate: 11.11%
• Cash-on-cash: 17.19%
• DSCR: 1.76
• 1% rule: 1.30%
• Cash to close: $20,160

Investor read

• This is a 2-bed/1.0-bath single-family listed at $72k.
• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($936 rent vs $72k).
• It's been on market 21 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($498 loan paydown + $1k appreciation (1.5% local appreciation)).
• Location reads 70/100 on livability (#174 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D, amenities F.
• White River Valley School District (rural): math 33% / reading 39% proficiency, ranked #187 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP.
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $13k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• 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.