214 N Willow St

Dana, IN 47847

$50,000B

2 bd · 1.0 ba · 1,232 sqft · Built 1963 · Other · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,042/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $478/mo
• Annual: $5,732/yr
• Cap rate: 17.76%
• Cash-on-cash: 40.94%
• DSCR: 2.82
• 1% rule: 2.08%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath other listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 41 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (3.7% local appreciation)).
• Location reads 55/100 on livability (#626 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime D, amenities F, commute F.
• South Vermillion Community School Corporation (rural): math 31% / reading 42% proficiency, ranked #182 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ernie Pyle Elementary School (math 47% / reading 47%, grade D-, #325 of 994 statewide, top 36%, 224 students, 67% FRL); South Vermillion Middle School (math 25% / reading 39%, grade F, #190 of 330 statewide, top 59%, 343 students, 61% FRL); South Vermillion High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 478 students, 54% FRL) — zoned schools average 61% FRL vs 45% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 8 active listings in the ZIP; 28 units permitted in Vermillion County in 2024 (0 in 5+ unit buildings).
• Vermillion County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1963 — 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.

Repairs flagged (vision-AI assessment)

• Moderate: Siding — Weathered appearance
• Minor: Landscaping — Overgrown areas and debris