316 N Main St St

Churubusco, IN 46723

$99,000D+

2 bd · 1.0 ba · 6,456 sqft · Built 1871 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $926/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $47/mo
• Annual: $564/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• 1% rule: 0.93%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $99k. Condition is rated good.
• At list price, monthly cash flow is $47 ($564/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 $93k (6.5% below list).
• It's been on market 19 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (6.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#136 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Smith-Green Community Schools (rural): math 35% / reading 43% proficiency, ranked #142 of 301 in IN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Churubusco Elementary School (math 49% / reading 46%, grade D, #321 of 994 statewide, top 33%, 485 students, 31% FRL); Churubusco Jr-Sr High School (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 647 students, 26% FRL).
• Watch-outs: built in 1871 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 57 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Questions for listing agent

• Built in 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Stained glass windows — The stained glass windows are intact but may need cleaning or minor repairs.
• Moderate: Stairs and railings — The stairs and railings appear to be in good condition but may need some maintenance or minor repairs.
• Minor: Exterior landscaping — The exterior landscaping appears to be in good condition but may need some maintenance or minor repairs.