104 N 15th St

Decatur, IN 46733

$115,000B

3 bd · 1.5 ba · 2,023 sqft · Built 1950 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,311/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $365/mo
• Annual: $4,379/yr
• Cap rate: 10.10%
• Cash-on-cash: 13.60%
• DSCR: 1.61
• 1% rule: 1.14%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $115k.
• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 29 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#40 in IN, #3,038 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• North Adams Community Schools (town): math 29% / reading 35% proficiency, ranked #220 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellmont Elementary (math 30% / reading 23%, grade F, #755 of 994 statewide, top 76%, 656 students, 60% FRL); Bellmont Middle School (math 21% / reading 36%, grade F, #224 of 330 statewide, top 68%, 313 students, 58% FRL); Bellmont Senior High School (math 42% / reading 57%, grade D, #123 of 369 statewide, top 36%, 641 students, 34% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 3.4% in Decatur — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1950 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.