206 E Hackett St

Carlisle, IN 47838

$25,000B+

2 bd · 1.0 ba · 1,141 sqft · Built 1900 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $991/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $617/mo
• Annual: $7,409/yr
• Cap rate: 35.93%
• Cash-on-cash: 105.84%
• DSCR: 5.71
• 1% rule: 3.97%
• Cash to close: $7,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $25k.
• At list price, monthly cash flow is $617 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($991 rent vs $25k).
• It's been on market 102 days — a 9% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (9.0% below list) — sets the bar for market timing.
• In year one you build about $999 of equity ($173 loan paydown + $826 appreciation (3.3% local appreciation)).
• Location reads 64/100 on livability (#397 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, amenities F.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carlisle Elementary School (math 52% / reading 37%, grade F, #379 of 994 statewide, top 41%, 196 students, 67% FRL); Sullivan Middle School (math 39% / reading 45%, grade D-, #102 of 330 statewide, top 32%, 298 students, 49% FRL); Sullivan High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 499 students, 46% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 D-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?
• 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.