110 E Washington St

New Richmond, IN 47967

$139,000B

4 bd · 1.0 ba · 1,584 sqft · Built 1900 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,358/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $255/mo
• Annual: $3,062/yr
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• 1% rule: 0.98%
• Cash to close: $38,920

Investor read

• This is a 4-bed/1.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $255 ($3k/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 $136k (2.3% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $136k (2.3% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($961 loan paydown + $7k appreciation (5.0% local appreciation)).
• Location reads 58/100 on livability (#582 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A, employment B+; Watch: crime D+, amenities F, commute F.
• North Montgomery Community School Corporation (rural): math 47% / reading 53% proficiency, ranked #50 of 301 in IN (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pleasant Hill Elementary School (math 57% / reading 57%, grade C+, #172 of 994 statewide, top 18%, 294 students, 33% FRL); North Montgomery High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 516 students, 34% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 15y 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 $52k; list at $139k implies a 167% gain — meaningful room to come down on a strong offer.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 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.