317 W Glenn St

Shelburn, IN 47879

$27,904B+

2 bd · 1.0 ba · 1,144 sqft · Built 1955 · SingleFamily · Active · 460 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $987/mo
• Mortgage (P&I): −$146
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $588/mo
• Annual: $7,057/yr
• Cap rate: 31.58%
• Cash-on-cash: 90.32%
• DSCR: 5.02
• 1% rule: 3.54%
• Cash to close: $7,813

Investor read

• This is a 2-bed/1.0-bath single-family listed at $28k.
• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($987 rent vs $28k).
• It's been on market 460 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($193 loan paydown + $3k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#463 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 460 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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.