316 16th St

Logansport, IN 46947

$129,900D

3 bd · 1.5 ba · 1,624 sqft · Built 1910 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $995/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $-82/mo
• Annual: $-985/yr
• Cap rate: 5.53%
• Cash-on-cash: -2.71%
• DSCR: 0.88
• 1% rule: 0.77%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $-82 ($-985/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (11.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (23.4% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $100k (23.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#34 in IN, #2,683 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F, employment D-.
• Logansport Community School Corporation (town): math 26% / reading 32% proficiency, ranked #252 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Landis Elementary School (math 38% / reading 36%, grade F, #550 of 994 statewide, top 57%, 853 students, 65% FRL); Logansport Junior High School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 607 students, 67% FRL); Logansport Community High School (math 24% / reading 46%, grade F, #266 of 369 statewide, top 73%, 1,224 students, 62% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 5.5% vs local median 4.4% in Logansport — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.