2869 N Colby Dr

Bloomingdale, IN 47859

$159,000D+

3 bd · 1.0 ba · 1,304 sqft · Built 2004 · SingleFamily · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,258/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $66/mo
• Annual: $795/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.79%
• DSCR: 1.08
• 1% rule: 0.79%
• Cash to close: $44,520

Investor read

• This is a 3-bed/1.0-bath single-family listed at $159k.
• At list price, monthly cash flow is $66 ($795/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (20.9% below list).
• It's been on market 210 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (20.9% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#590 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime D, employment D, amenities F.
• North Central Parke Comm School Corporation (town): math 30% / reading 39% proficiency, ranked #198 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Turkey Run Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 249 students, 61% FRL); Parke Heritage Middle School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 263 students, 61% FRL); Parke Heritage High School (math 12% / reading 57%, grade F, #270 of 369 statewide, top 77%, 341 students, 57% FRL).
• Market conditions: 4 active listings in the ZIP; 61 units permitted in Parke County in 2024 (0 in 5+ unit buildings).
• Parke County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $159k implies a 99% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 210 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.