180 W Garfield St

Laketon, IN 46943

$43,000B+

3 bd · 1.0 ba · 1,056 sqft · Built 1977 · SingleFamily · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,011/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $494/mo
• Annual: $5,928/yr
• Cap rate: 20.08%
• Cash-on-cash: 49.24%
• DSCR: 3.19
• 1% rule: 2.35%
• Cash to close: $12,040

Investor read

• This is a 3-bed/1.0-bath single-family listed at $43k.
• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• It's been on market 46 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.
• In year one you build about $525 of equity ($297 loan paydown + $228 appreciation (0.5% local appreciation)).
• Location reads 69/100 on livability (#203 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, commute D, schools D-.
• Manchester Community Schools (town): math 44% / reading 46% proficiency, ranked #99 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).
• Wabash County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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.