121 W Grant St

Greentown, IN 46936

$109,900B-

2 bd · 1.0 ba · 798 sqft · Built 1946 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,272/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $269/mo
• Annual: $3,234/yr
• Cap rate: 9.24%
• Cash-on-cash: 10.51%
• DSCR: 1.47
• 1% rule: 1.16%
• Cash to close: $30,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#243 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Eastern Howard School Corporation (town): math 40% / reading 47% proficiency, ranked #100 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastern Elementary School (math 50% / reading 39%, grade F, #379 of 994 statewide, top 41%, 770 students, 45% FRL); Eastern Middle School (math 30% / reading 44%, grade F, #152 of 330 statewide, top 47%, 397 students, 48% FRL); Eastern High School (math 42% / reading 82%, grade B-, #41 of 369 statewide, top 12%, 467 students, 42% FRL) — zoned schools average 45% FRL vs 24% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $69k; list at $110k implies a 59% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.2% vs local median 6.0% in Greentown — 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.

Questions for listing agent

• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.