318 W 10th St

Bicknell, IN 47512

$99,900D+

2 bd · 1.0 ba · 960 sqft · Built 1918 · SingleFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $873/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $91/mo
• Annual: $1,092/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• 1% rule: 0.87%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $91 ($1k/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 $87k (12.6% below list).
• It's been on market 123 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#373 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: health & safety C-, amenities F, commute F.
• North Knox School Corporation (rural): math 28% / reading 45% proficiency, ranked #186 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Knox Intermediate (math 33% / reading 41%, grade F, #550 of 994 statewide, top 57%, 388 students, 58% FRL); North Knox Jr-Sr High School (math 22% / reading 50%, grade F, #261 of 369 statewide, top 71%, 543 students, 56% FRL).
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1918 — 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.
• 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?
• 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.