319 State St

Lynn, IN 47355

$65,000B+

4 bd · 1.0 ba · 1,496 sqft · Built 1942 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,205/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $544/mo
• Annual: $6,529/yr
• Cap rate: 16.34%
• Cash-on-cash: 35.87%
• DSCR: 2.60
• 1% rule: 1.85%
• Cash to close: $18,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($449 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#285 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• Randolph Southern School Corporation (rural): math 33% / reading 39% proficiency, ranked #181 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Randolph Southern Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 294 students, 58% FRL); Randolph Southern Jr-Sr High Sch (math 17% / reading 42%, grade F, #308 of 369 statewide, top 84%, 228 students, 52% FRL).
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.