309 S Maine St

Remington, IN 47977

$282,900F

2 bd · 1.0 ba · 904 sqft · Built 2025 · SingleFamily · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $900/mo
• Mortgage (P&I): −$1,484
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $-973/mo
• Annual: $-11,672/yr
• Cap rate: 2.17%
• Cash-on-cash: -14.74%
• DSCR: 0.34
• 1% rule: 0.32%
• Cash to close: $79,212

Investor read

• This is a 2-bed/1.0-bath single-family listed at $283k.
• At list price, monthly cash flow is $-973 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (60.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (68.2% below list).
• It's been on market 147 days — a 12% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (68.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#223 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Tri-County School Corporation (rural): math 36% / reading 42% proficiency, ranked #146 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tri-County Intermediate School (math 40% / reading 30%, grade F, #590 of 994 statewide, top 60%, 227 students, 41% FRL); Tri-County Jr/Sr High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 329 students, 40% FRL).
• Market conditions: 9 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 93 units permitted in Jasper County in 2024 (5 in 5+ unit buildings).
• Jasper County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.

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?
• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 68% concession, seller financing, or rate buy-down credit?
• 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.