8134 S Firefly Dr

Ingalls, IN 46064

$299,000D

4 bd · 2.0 ba · 2,290 sqft · Built 2005 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,368/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$293
• HOA: −$38
• Vac / Maint / Mgmt: −$497
• Net cashflow: $-29/mo
• Annual: $-346/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• 1% rule: 0.79%
• Cash to close: $83,720

Investor read

• This is a 4-bed/2.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $-29 ($-346/yr) — negative.
• To cash-flow at today's rent, offer at most $294k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (20.8% below list).
• It's been on market 49 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $237k (20.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#391 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maple Ridge Elementary School (math 42% / reading 41%, grade F, #478 of 994 statewide, top 49%, 783 students, 46% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 232 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 20y 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 6.2% vs local median 4.0% in Ingalls — 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?
• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.