1309 Jackson Park Pl

Seymour, IN 47274

$149,900D

2 bd · 1.5 ba · 1,098 sqft · Built 2010 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,161/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$96
• HOA: −$120
• Vac / Maint / Mgmt: −$244
• Net cashflow: $-86/mo
• Annual: $-1,026/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.45%
• DSCR: 0.89
• 1% rule: 0.77%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.5-bath condo listed at $150k.
• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (22.6% below list).
• It's been on market 40 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (22.6% 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 $4k 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: Margaret R Brown Elementary School (math 20% / reading 12%, grade F, #854 of 994 statewide, top 86%, 620 students, 85% FRL); Seymour Middle School (math 20% / reading 30%, grade F, #247 of 330 statewide, top 76%, 1,178 students, 71% FRL); Seymour Senior High School (math 29% / reading 55%, grade F, #197 of 369 statewide, top 57%, 1,690 students, 57% FRL) — zoned schools average 71% FRL vs 47% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 255 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 21y 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 $92k; list at $150k implies a 64% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.4% 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?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.