205 S Mariah St

Winslow, IN 47598

$179,900D

4 bd · 1.5 ba · 1,888 sqft · Built 1930 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,341/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-53/mo
• Annual: $-632/yr
• Cap rate: 5.94%
• Cash-on-cash: -1.26%
• DSCR: 0.94
• 1% rule: 0.75%
• Cash to close: $50,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-53 ($-632/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (25.5% below list).
• It's been on market 26 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (25.5% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.6% local appreciation)).
• Location reads 63/100 on livability (#439 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, employment D+.
• Pike County School Corporation (rural): math 29% / reading 39% proficiency, ranked #203 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Winslow Elementary School (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 275 students, 57% FRL); Pike Central Middle School (math 20% / reading 33%, grade F, #236 of 330 statewide, top 72%, 366 students, 49% FRL); Pike Central High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 475 students, 44% FRL) — zoned schools average 50% FRL vs 33% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 7 units permitted in Pike County in 2024 (0 in 5+ unit buildings).
• Pike County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y 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.
• Current owner paid $25k; list at $180k implies a 620% gain — meaningful room to come down on a strong offer.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.