319 N Shew St

Universal, IN 47884

$17,900C-

2 bd · 1.0 ba · 1,125 sqft · Built 1910 · SingleFamily · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,001/mo
• Mortgage (P&I): −$94
• Tax + insurance: −$30
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $667/mo
• Annual: $8,008/yr
• Cap rate: 51.03%
• Cash-on-cash: 159.77%
• DSCR: 8.11
• 1% rule: 5.59%
• Cash to close: $5,012

Investor read

• This is a 2-bed/1.0-bath single-family listed at $18k.
• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• It's been on market 122 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($124 loan paydown + $908 appreciation (5.1% local appreciation)).
• Location reads 56/100 on livability (#615 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• South Vermillion Community School Corporation (rural): math 31% / reading 42% proficiency, ranked #182 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Duyn Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 247 students, 53% FRL); South Vermillion High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 478 students, 54% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 28 units permitted in Vermillion County in 2024 (0 in 5+ unit buildings).
• Vermillion County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.