113 S Walnut St

Hymera, IN 47855

$19,500B

2 bd · 1.0 ba · 928 sqft · Built 1930 · SingleFamily · Active · 173 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $650/mo
• Mortgage (P&I): −$102
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$136
• Net cashflow: $353/mo
• Annual: $4,239/yr
• Cap rate: 28.03%
• Cash-on-cash: 77.64%
• DSCR: 4.45
• 1% rule: 3.33%
• Cash to close: $5,460

Investor read

• This is a 2-bed/1.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($650 rent vs $20k).
• It's been on market 173 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $135 of loan paydown is wiped out by about $585 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#602 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $5k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• 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.