306 Linden

Dana, IN 47847

$79,900B-

2 bd · 1.0 ba · 1,216 sqft · Built 1917 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,031/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $317/mo
• Annual: $3,810/yr
• Cap rate: 11.06%
• Cash-on-cash: 17.03%
• DSCR: 1.76
• 1% rule: 1.29%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($552 loan paydown + $3k 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 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.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• 3 sale attempts since 4y 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 $61k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1917 — 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.
• 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.