829 N Rhodes St

West Baden Springs, IN 47469

$32,000A-

2 bd · 1.0 ba · 880 sqft · Built 1960 · SingleFamily · Pending · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $857/mo
• Mortgage (P&I): −$168
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $467/mo
• Annual: $5,608/yr
• Cap rate: 23.82%
• Cash-on-cash: 62.59%
• DSCR: 3.78
• 1% rule: 2.68%
• Cash to close: $8,960

Investor read

• This is a 2-bed/1.0-bath single-family listed at $32k.
• At list price, monthly cash flow is $467 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($857 rent vs $32k).
• It's been on market 77 days — a 6% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($221 loan paydown + $1k appreciation (3.3% local appreciation)).
• Location reads 67/100 on livability (#254 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Springs Valley Community School Corporation (rural): math 35% / reading 39% proficiency, ranked #178 of 301 in IN (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Springs Valley Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 383 students, 56% FRL); Springs Valley Comm High School (math 28% / reading 40%, grade F, #285 of 369 statewide, top 78%, 454 students, 46% FRL).
• Market conditions: 27 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $23k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.
• 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?
• 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.