9455 9457 Huggin Hollow Rd

Waverly, IN 46151

$229,999C-

4 bd · 3.0 ba · 2,700 sqft · Built 1986 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,571/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$0
• Vac / Maint / Mgmt: −$540
• Net cashflow: $442/mo
• Annual: $5,299/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $64,400

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $230k. Condition is rated good.
• At list price, monthly cash flow is $442 ($5k/yr) — positive. Per door: $221/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 26y 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.
• This rent runs 39% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: Fencing — The fence is leaning and needs to be straightened or replaced.
• Minor: Landscaping — The landscaping could be improved with some trimming and planting.