4611 N Alford Locust St

Alford, IN 47567

$144,000D

3 bd · 2.0 ba · 1,280 sqft · Built 2018 · Manufactured · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,305/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$240
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $36/mo
• Annual: $434/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.08%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $40,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $144k.
• At list price, monthly cash flow is $36 ($434/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 $131k (9.3% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (9.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Pike County School Corporation (rural): math 29% / reading 39% proficiency, ranked #203 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Petersburg Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 458 students, 57% FRL); Pike Central Middle School (math 20% / reading 33%, grade F, #236 of 330 statewide, top 72%, 366 students, 49% FRL); Pike Central High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 475 students, 44% FRL) — zoned schools average 50% FRL vs 33% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 7 units permitted in Pike County in 2024 (0 in 5+ unit buildings).
• Pike County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• 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.