704 S Main St

Chrisney, IN 47611

$129,900C

3 bd · 1.0 ba · 1,157 sqft · Built 1900 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,107/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $105/mo
• Annual: $1,259/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• 1% rule: 0.85%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (14.8% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $111k (14.8% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($898 loan paydown + $9k appreciation (6.7% local appreciation)).
• Location reads 69/100 on livability (#178 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Spencer County School Corporation (rural): math 64% / reading 63% proficiency, ranked #12 of 301 in IN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chrisney Elementary School (math 72% / reading 52%, grade B, #101 of 994 statewide, top 12%, 221 students, 42% FRL); Heritage Hills Middle School (math 58% / reading 62%, grade B, #15 of 330 statewide, top 5%, 299 students, 34% FRL); Heritage Hills High School (math 52% / reading 77%, grade B-, #34 of 369 statewide, top 10%, 642 students, 34% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 4y 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.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k 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

• Built in 1900 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.