102 John St

Loogootee, IN 47553

$30,000C-

5 bd · 2.0 ba · 2,663 sqft · Built 1940 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,288/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $811/mo
• Annual: $9,726/yr
• Cap rate: 38.71%
• Cash-on-cash: 115.79%
• DSCR: 6.15
• 1% rule: 4.29%
• Cash to close: $8,400

Investor read

• This is a 5-bed/2.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 24 days — a 2% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($207 loan paydown + $905 appreciation (3.0% local appreciation)).
• Location reads 74/100 on livability (#74 in IN, #4,663 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Loogootee Community School Corporation (rural): math 42% / reading 48% proficiency, ranked #97 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 2 units permitted in Martin County in 2024 (0 in 5+ unit buildings).
• Martin County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.

Questions for listing agent

• Built in 1940 — 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.
• 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.