1509 N Buckeye Rd

Yorktown, IN 47304

$220,000D+

4 bd · 2.5 ba · 2,412 sqft · Built 1975 · SingleFamily · Pending · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,677/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $-1/mo
• Annual: $-8/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• 1% rule: 0.76%
• Cash to close: $61,600

Investor read

• This is a 4-bed/2.5-bath single-family listed at $220k.
• At list price, monthly cash flow is $-1 ($-8/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (23.8% below list).
• It's been on market 140 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (23.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#99 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Yorktown Community Schools (suburban): math 49% / reading 51% proficiency, ranked #48 of 301 in IN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Yorktown Elementary School (math 62% / reading 49%, grade C, #188 of 994 statewide, top 19%, 672 students, 36% FRL); Yorktown Middle School (math 38% / reading 44%, grade F, #113 of 330 statewide, top 35%, 656 students, 37% FRL); Yorktown High School (math 42% / reading 77%, grade C+, #49 of 369 statewide, top 16%, 793 students, 33% FRL).
• Market conditions: Rents rising fast (+8.1%/yr); 203 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.3% vs local median 3.5% in Yorktown — 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.
• This rent runs 32% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.