100 N College St

Colfax, IN 46035

$112,500B

4 bd · 2.0 ba · 2,563 sqft · Built 1950 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,451/mo
• Mortgage (P&I): −$590
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$305
• Net cashflow: $323/mo
• Annual: $3,877/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• 1% rule: 1.29%
• Cash to close: $31,500

Investor read

• This is a 4-bed/2.0-bath single-family listed at $112k.
• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• It's been on market 32 days — a 3% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (3.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($778 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#128 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Clinton Prairie School Corporation (rural): math 35% / reading 41% proficiency, ranked #149 of 301 in IN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clinton Prairie Elementary School (math 47% / reading 39%, grade F, #417 of 994 statewide, top 43%, 663 students, 50% FRL); Clinton Prairie Jr-Sr High School (math 19% / reading 42%, grade F, #305 of 369 statewide, top 83%, 530 students, 42% FRL) — zoned schools average 46% FRL vs 31% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y ago; this cycle's ask has dropped $12k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $112k implies a 337% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.