8600 Owl Holw

Poland, IN 47868

$215,000D

3 bd · 1.5 ba · 952 sqft · Built 1974 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $-553/mo
• Annual: $-6,633/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.02%
• DSCR: 0.51
• 1% rule: 0.45%
• Cash to close: $60,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $215k.
• At list price, monthly cash flow is $-553 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (45.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (55.1% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $97k (55.1% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 120 units permitted in Owen County in 2024 (0 in 5+ unit buildings).
• Owen County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 23y 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 $175k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$37k 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 1974 — 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.