302 E Apple St

Argos, IN 46501

$30,000B-

2 bd · 1.0 ba · 1,592 sqft · Built 1915 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,085/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $583/mo
• Annual: $7,000/yr
• Cap rate: 29.62%
• Cash-on-cash: 83.33%
• DSCR: 4.71
• 1% rule: 3.62%
• Cash to close: $8,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $583 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#83 in IN, #4,996 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Argos Community Schools (rural): math 35% / reading 46% proficiency, ranked #136 of 301 in IN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Argos Community Elementary (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 358 students, 60% FRL); Argos Comm Jr-Sr High School (math 30% / reading 48%, grade F, #235 of 369 statewide, top 65%, 331 students, 50% FRL) — zoned schools average 55% FRL vs 36% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 4.2% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $25k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1915 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.