10785 S County Road 200 W

Paris Crossing, IN 47270

$119,900C-

2 bd · 1.0 ba · 1,108 sqft · Built 1908 · SingleFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $995/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $-43/mo
• Annual: $-513/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• 1% rule: 0.83%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $-43 ($-513/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (17.0% below list).
• It's been on market 104 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (17.0% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($829 loan paydown + $7k appreciation (6.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $48k; list at $120k implies a 152% gain — meaningful room to come down on a strong offer.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k 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?
• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1908 — 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.
• 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.