613 E 15th St

Seymour, IN 47274

$179,000D

3 bd · 1.5 ba · 1,040 sqft · Built 1960 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,369/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $-8/mo
• Annual: $-100/yr
• Cap rate: 6.24%
• Cash-on-cash: -0.20%
• DSCR: 0.99
• 1% rule: 0.76%
• Cash to close: $50,120

Investor read

• This is a 3-bed/1.5-bath single-family listed at $179k.
• At list price, monthly cash flow is $-8 ($-100/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (23.5% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $137k (23.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#211 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities F.
• Seymour Community Schools (town): math 27% / reading 33% proficiency, ranked #239 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Seymour Senior High School (math 29% / reading 55%, grade F, #197 of 369 statewide, top 57%, 1,690 students, 57% FRL).
• Zoned-school proficiency averages 42% at this address vs 30% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Seymour Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 245 active listings in the ZIP; 101 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 20y 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 $100k; list at $179k implies a 79% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 3.5% in Seymour — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1960 — 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.
• 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.
• 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.