105 W 8th St

Burlington, IN 46915

$185,000B+

4 bd · 4.0 ba · 3,682 sqft · Built 1939 · MultiFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,463/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$0
• Vac / Maint / Mgmt: −$727
• Net cashflow: $1,457/mo
• Annual: $17,487/yr
• Cap rate: 15.75%
• Cash-on-cash: 33.76%
• DSCR: 2.50
• 1% rule: 1.87%
• Cash to close: $51,800

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $185k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 213 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.2% local appreciation)).
• Location reads 63/100 on livability (#448 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools C-, amenities F, commute F.
• Carroll Consolidated School Corporation (rural): math 39% / reading 42% proficiency, ranked #129 of 301 in IN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% 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 1939 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Some wear
• Minor: Bathroom fixtures — Some wear
• Moderate: Exterior paint — Some discoloration