806 E Summit St

Attica, IN 47918

$29,900B-

2 bd · 1.0 ba · 1,160 sqft · Built 1880 · SingleFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,007/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$40
• HOA: −$0
• Vac / Maint / Mgmt: −$211
• Net cashflow: $599/mo
• Annual: $7,188/yr
• Cap rate: 30.33%
• Cash-on-cash: 85.86%
• DSCR: 4.82
• 1% rule: 3.37%
• Cash to close: $8,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 90 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#195 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, amenities F, commute F.
• Attica Consolidated School Corporation (town): math 30% / reading 35% proficiency, ranked #217 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).
• Fountain County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $30k implies a 50% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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 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.