714 E North St

Greensburg, IN 47240

$192,000C-

5 bd · 2.0 ba · 1,876 sqft · Built 1848 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,772/mo
• Mortgage (P&I): −$1,007
• Tax + insurance: −$239
• HOA: −$0
• Vac / Maint / Mgmt: −$372
• Net cashflow: $153/mo
• Annual: $1,842/yr
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• 1% rule: 0.92%
• Cash to close: $53,760

Investor read

• This is a 5-bed/2.0-bath single-family listed at $192k.
• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (7.7% below list).
• It's been on market 45 days — a 3% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (7.7% 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 $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D+, amenities F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1848 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 157 active listings in the ZIP; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 18y 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 $33k; list at $192k implies a 482% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% vs local median 5.9% in Greensburg — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1848 — 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.