303 Warren St

Williamsport, IN 47993

$164,000D

2 bd · 1.0 ba · 1,344 sqft · Built 1950 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,017/mo
• Mortgage (P&I): −$860
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $-154/mo
• Annual: $-1,846/yr
• Cap rate: 5.17%
• Cash-on-cash: -4.02%
• DSCR: 0.82
• 1% rule: 0.62%
• Cash to close: $45,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $164k.
• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (38.0% below list).
• It's been on market 69 days — a 6% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (38.0% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.8% local appreciation)).
• Location reads 75/100 on livability (#59 in IN, #4,014 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Zoned schools: Seeger Memorial Jr-Sr High School (math 25% / reading 49%, grade F, #247 of 369 statewide, top 70%, 620 students, 48% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 units permitted in Warren County in 2024 (0 in 5+ unit buildings).
• Warren County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y 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.
• Current owner paid $56k; list at $164k implies a 194% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.