4280 W 1400 N

Nyona Lake, IN 46951

$100,000C

3 bd · 1.0 ba · 1,120 sqft · Built 1987 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,092/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $251/mo
• Annual: $3,014/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• 1% rule: 1.09%
• Cash to close: $28,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• North Miami Community Schools (rural): math 26% / reading 42% proficiency, ranked #197 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Miami Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 369 students, 52% FRL) — zoned schools average 52% FRL vs 26% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• 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 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.