1107 S Opel Ave

Sheridan, IN 46069

$129,900B

3 bd · 2.0 ba · 1,494 sqft · Built 2002 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,569/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$184
• HOA: −$0
• Vac / Maint / Mgmt: −$329
• Net cashflow: $375/mo
• Annual: $4,495/yr
• Cap rate: 9.75%
• Cash-on-cash: 12.36%
• DSCR: 1.55
• 1% rule: 1.21%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $375 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#318 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Sheridan Community Schools (town): math 38% / reading 46% proficiency, ranked #117 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 120 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 3.1% in Sheridan — 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

• 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?
• 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.