1210 Harrison St

Lowell, IN 46356

$127,000B+

3 bd · 1.0 ba · 1,542 sqft · Built 1910 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,359/mo
• Mortgage (P&I): −$666
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$495
• Net cashflow: $975/mo
• Annual: $11,704/yr
• Cap rate: 15.51%
• Cash-on-cash: 32.91%
• DSCR: 2.46
• 1% rule: 1.86%
• Cash to close: $35,560

Investor read

• This is a 3-bed/1.0-bath single-family listed at $127k. Condition is rated fair.
• At list price, monthly cash flow is $975 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $127k).
• It's been on market 65 days — a 6% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $878 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#51 in IN, #3,455 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Tri-Creek School Corporation (town): math 46% / reading 56% proficiency, ranked #39 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oak Hill Elementary School (math 69% / reading 54%, grade B, #117 of 994 statewide, top 12%, 563 students, 30% FRL); Lowell Middle School (math 36% / reading 54%, grade D, #81 of 330 statewide, top 25%, 742 students, 33% FRL); Lowell Senior High School (math 31% / reading 75%, grade C-, #99 of 369 statewide, top 27%, 1,033 students, 29% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 431 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 49d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 3y 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 $95k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.5% vs local median 3.8% in Lowell — 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.
• This rent runs 32% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — 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.

Repairs flagged (vision-AI assessment)

• Major: Flooring — Worn carpet and subfloor need replacement.
• Major: Interior walls — Peeling wallpaper and exposed subfloor need repair.
• Major: Bathrooms — Exposed subfloor and worn fixtures need replacement.
• Major: Systems — Exposed subfloor and worn fixtures need repair.