15477 W 160 N

Medaryville, IN 47957

$172,000D

3 bd · 1.0 ba · 1,392 sqft · Built 1947 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$902
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-47/mo
• Annual: $-566/yr
• Cap rate: 5.96%
• Cash-on-cash: -1.18%
• DSCR: 0.95
• 1% rule: 0.74%
• Cash to close: $48,160

Investor read

• This is a 3-bed/1.0-bath single-family listed at $172k.
• At list price, monthly cash flow is $-47 ($-566/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (25.7% below list).
• It's been on market 66 days — a 6% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (25.7% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.3% local appreciation)).
• Location reads 55/100 on livability (#632 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime D-, amenities F, commute F.
• West Central School Corporation (rural): math 31% / reading 34% proficiency, ranked #211 of 301 in IN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Central Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 325 students, 62% FRL); West Central Middle School (math 27% / reading 32%, grade F, #212 of 330 statewide, top 67%, 108 students, 58% FRL); West Central Senior High School (math 24% / reading 54%, grade F, #221 of 369 statewide, top 63%, 206 students, 55% FRL).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 66 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?