592 Dillman Rd

Williams, IN 47470

$80,000B

3 bd · 1.5 ba · 1,482 sqft · Built 1980 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,111/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $384/mo
• Annual: $4,606/yr
• Cap rate: 12.05%
• Cash-on-cash: 20.56%
• DSCR: 1.91
• 1% rule: 1.39%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $80k.
• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 27 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($553 loan paydown + $7k appreciation (8.4% local appreciation)).
• Location reads 56/100 on livability (#623 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, employment F.
• North Lawrence Community Schools (rural): math 35% / reading 40% proficiency, ranked #170 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parkview Elementary School (math 44% / reading 39%, grade F, #478 of 994 statewide, top 49%, 513 students, 63% FRL); Bedford Middle School (math 23% / reading 36%, grade F, #212 of 330 statewide, top 67%, 562 students, 54% FRL); Bedford-North Lawrence High School (math 38% / reading 63%, grade D+, #117 of 369 statewide, top 32%, 1,303 students, 46% FRL).
• Market conditions: 7 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.