6 N Walnut St

Carthage, IN 46115

$99,900C-

3 bd · 1.0 ba · 2,165 sqft · Built 1895 · SingleFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,061/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$240
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $74/mo
• Annual: $894/yr
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• 1% rule: 1.06%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $74 ($894/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 83 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($691 loan paydown + $5k appreciation (5.5% local appreciation)).
• Location reads 60/100 on livability (#518 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime D, amenities F.
• C A Beard Memorial School Corporation (rural): math 29% / reading 33% proficiency, ranked #231 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Knightstown Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 382 students, 49% FRL); Knightstown Intermediate School (math 26% / reading 27%, grade F, #236 of 330 statewide, top 72%, 361 students, 58% FRL); Knightstown High School (math 22% / reading 72%, grade D-, #143 of 369 statewide, top 44%, 325 students, 49% FRL).
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1895 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.