130 W Maple St

Pennville, IN 47369

$2,500C-

4 bd · 2.0 ba · 1,610 sqft · Built 1930 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,290/mo
• Mortgage (P&I): −$13
• Tax + insurance: −$4
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $1,002/mo
• Annual: $12,024/yr
• Cap rate: 487.26%
• Cash-on-cash: 1717.72%
• DSCR: 77.43
• 1% rule: 51.61%
• Cash to close: $700

Investor read

• This is a 4-bed/2.0-bath single-family listed at $2k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $2k).
• It's been on market 16 days — a 2% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2k (1.5% below list) — sets the bar for market timing.
• In year one you build about $155 of equity ($17 loan paydown + $138 appreciation (5.5% local appreciation)).
• Location reads 61/100 on livability (#489 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $700 cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• 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 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.
• 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.