219 W Kickapoo St

Hartford City, IN 47348

$44,900B-

4 bd · 2.0 ba · 3,468 sqft · Built 1900 · SingleFamily · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,472/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $852/mo
• Annual: $10,229/yr
• Cap rate: 29.08%
• Cash-on-cash: 81.37%
• DSCR: 4.62
• 1% rule: 3.28%
• Cash to close: $12,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $45k.
• At list price, monthly cash flow is $852 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 89 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, health & safety D, amenities F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 17 sale attempts since 11y ago; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.1% vs local median 5.1% in Hartford City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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.