6943 Main St

West Point, IN 47992

$195,000D

3 bd · 2.0 ba · 1,521 sqft · Built 1965 · SingleFamily · Pending · 335 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,218/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-180/mo
• Annual: $-2,161/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.96%
• DSCR: 0.82
• 1% rule: 0.62%
• Cash to close: $54,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $-180 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (37.5% below list).
• It's been on market 335 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (37.5% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 53/100 on livability (#646 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Tippecanoe School Corporation (rural): math 44% / reading 49% proficiency, ranked #80 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mintonye Elementary School (math 44% / reading 41%, grade F, #425 of 994 statewide, top 44%, 469 students, 28% FRL); Southwestern Middle School (math 27% / reading 30%, grade F, #224 of 330 statewide, top 68%, 496 students, 40% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 7 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $35k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, 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

• 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?
• It's been on market 335 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.