8629 E Hatchery Rd

Enchanted Hills, IN 46567

$1F

3 bd · 2.0 ba · 1,824 sqft · Built 1953 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,324/mo
• Mortgage (P&I): −$1,781
• Tax + insurance: −$566
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $-1,300/mo
• Annual: $-15,605/yr
• Cap rate: 1.70%
• Cash-on-cash: -16.41%
• DSCR: 0.27
• 1% rule: 0.39%
• Cash to close: $95,080

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 27 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Syracuse Elementary School (math 49% / reading 38%, grade F, #411 of 994 statewide, top 42%, 533 students, 52% FRL); Wawasee Middle School (math 24% / reading 34%, grade F, #222 of 330 statewide, top 67%, 507 students, 50% FRL); Wawasee High School (math 27% / reading 56%, grade F, #211 of 369 statewide, top 58%, 909 students, 44% FRL).
• Watch-outs: property tax is 509358.3% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 87 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 9y 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.
• Cap rate 1.7% vs local median 0.3% in Enchanted Hills — 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

• 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 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.