Lancia's Raphael I Plan

New Haven, IN 46774

$248,100F

3 bd · 2.0 ba · 1,607 sqft · Built — · SingleFamily · Active · 443 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,004/mo
• Mortgage (P&I): −$1,362
• Tax + insurance: −$433
• HOA: −$26
• Vac / Maint / Mgmt: −$421
• Net cashflow: $-238/mo
• Annual: $-2,853/yr
• Cap rate: 5.19%
• Cash-on-cash: -3.92%
• DSCR: 0.83
• 1% rule: 0.77%
• Cash to close: $72,715

Investor read

• This is a 3-bed/2.0-bath single-family listed at $248k. Condition is rated good.
• At list price, monthly cash flow is $-238 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (19.2% below list).
• It's been on market 443 days — a 12% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (19.2% 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 $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#149 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute F.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: New Haven Intermediate School (math 28% / reading 29%, grade F, #727 of 994 statewide, top 73%, 589 students, 64% FRL); New Haven Jr/Sr High School (math 21% / reading 50%, grade F, #263 of 369 statewide, top 72%, 1,494 students, 67% FRL) — zoned schools average 66% FRL vs 43% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 304 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 34% of the median local income ($71k/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 443 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.