402 N High St

Hartford City, IN 47348

$105,900B

4 bd · 2.0 ba · 2,775 sqft · Built 1960 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,372/mo
• Mortgage (P&I): −$555
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $352/mo
• Annual: $4,221/yr
• Cap rate: 10.28%
• Cash-on-cash: 14.23%
• DSCR: 1.63
• 1% rule: 1.30%
• Cash to close: $29,652

Investor read

• This is a 4-bed/2.0-bath single-family listed at $106k.
• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $106k).
• It's been on market 32 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $732 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $81k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 5.1% in Hartford City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.
• Schools are D-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.