415 N Meridian Sta

Sweetser, IN 46987

$114,900D-

2 bd · 1.0 ba · 864 sqft · Built 1952 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $955/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $-40/mo
• Annual: $-479/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• 1% rule: 0.83%
• Cash to close: $32,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $-40 ($-479/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (16.9% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $95k (16.9% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($794 loan paydown + $2k appreciation (1.7% local appreciation)).
• Location reads 67/100 on livability (#239 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 D-.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Converse Elementary School (330 students, 42% FRL); Oak Hill Junior High School (math 41% / reading 52%, grade D+, #72 of 330 statewide, top 22%, 269 students, 42% FRL); Oak Hill High School (math 32% / reading 72%, grade D+, #106 of 369 statewide, top 31%, 537 students, 38% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• Grant County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1952 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.