172 N Main St

Andrews, IN 46702

$89,500B

2 bd · 1.0 ba · 1,127 sqft · Built 1900 · SingleFamily · Pending · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $987/mo
• Mortgage (P&I): −$469
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $170/mo
• Annual: $2,036/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• 1% rule: 1.10%
• Cash to close: $25,060

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($987 rent vs $90k).
• It's been on market 124 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($619 loan paydown + $5k appreciation (5.4% local appreciation)).
• Location reads 66/100 on livability (#274 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Huntington County Community School Corporation (rural): math 34% / reading 39% proficiency, ranked #176 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Andrews Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 316 students, 45% FRL); Riverview School (math 29% / reading 40%, grade F, #167 of 330 statewide, top 52%, 503 students, 54% FRL); Huntington North High School (math 30% / reading 55%, grade F, #195 of 369 statewide, top 53%, 1,424 students, 42% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 79 units permitted in Huntington County in 2024 (0 in 5+ unit buildings).
• Huntington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $40k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $90k implies a 795% gain — meaningful room to come down on a strong offer.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.