13592 N County Road 275 W

Russellville, IN 46172

$105,000B

2 bd · 1.0 ba · 1,610 sqft · Built 1900 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,092/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $198/mo
• Annual: $2,370/yr
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• 1% rule: 1.04%
• Cash to close: $29,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 23 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($726 loan paydown + $9k appreciation (8.8% local appreciation)).
• Location reads 58/100 on livability (#576 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• North Putnam Community Schools (rural): math 47% / reading 48% proficiency, ranked #73 of 301 in IN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Putnam Sr High School (math 52% / reading 67%, grade C+, #49 of 369 statewide, top 16%, 437 students, 43% FRL).
• Zoned-school proficiency averages 60% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the North Putnam Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 23y 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 $18k; list at $105k implies a 483% gain — meaningful room to come down on a strong offer.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1900 — 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 F-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.
• 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.