308 N Burke St

Wolcott, IN 47995

$189,000D

3 bd · 1.0 ba · 1,776 sqft · Built 1900 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,243/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-178/mo
• Annual: $-2,138/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• 1% rule: 0.66%
• Cash to close: $52,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (34.3% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $124k (34.3% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (6.8% local appreciation)).
• Location reads 70/100 on livability (#168 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Tri-County School Corporation (rural): math 36% / reading 42% proficiency, ranked #146 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tri-County Primary School (209 students, 35% FRL); Tri-County Jr/Sr High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 329 students, 40% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 13y 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 $60k; list at $189k implies a 215% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$35k 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?
• Built in 1900 — 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.
• 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.