213 N Posey St

Windfall City, IN 46076

$116,000B

3 bd · 2.0 ba · 1,700 sqft · Built 1947 · SingleFamily · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$608
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $238/mo
• Annual: $2,860/yr
• Cap rate: 8.76%
• Cash-on-cash: 8.80%
• DSCR: 1.39
• 1% rule: 1.05%
• Cash to close: $32,480

Investor read

• This is a 3-bed/2.0-bath single-family listed at $116k.
• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $116k).
• It's been on market 44 days — a 3% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (3.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($802 loan paydown + $8k appreciation (6.9% local appreciation)).
• Location reads 57/100 on livability (#609 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D+, crime D, schools F.
• Tri-Central Community Schools (rural): math 28% / reading 39% proficiency, ranked #196 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 32 units permitted in Tipton County in 2024 (0 in 5+ unit buildings).
• Tipton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 14y 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 (6.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.