265 S Miller Ave

Albany, IN 47320

$34,900B

3 bd · 1.0 ba · 1,530 sqft · Built 1890 · SingleFamily · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $559/mo
• Annual: $6,708/yr
• Cap rate: 25.51%
• Cash-on-cash: 68.65%
• DSCR: 4.05
• 1% rule: 3.01%
• Cash to close: $9,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 147 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $241 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#253 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Delaware Community School Corporation (rural): math 43% / reading 51% proficiency, ranked #76 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $45k (56%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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.
• 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.