410 E Chicago St

Columbia City, IN 46725

$145,900B-

4 bd · 1.0 ba · 1,702 sqft · Built 1890 · SingleFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,600/mo
• Mortgage (P&I): −$765
• Tax + insurance: −$162
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $337/mo
• Annual: $4,041/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• 1% rule: 1.10%
• Cash to close: $40,852

Investor read

• This is a 4-bed/1.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• It's been on market 107 days — a 9% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#73 in IN, #4,647 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities D, commute F.
• Whitley County Consolidated Schools (rural): math 36% / reading 43% proficiency, ranked #140 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Little Turtle Elementary School (math 39% / reading 31%, grade F, #590 of 994 statewide, top 60%, 604 students, 39% FRL); Indian Springs Middle School (math 28% / reading 40%, grade F, #173 of 330 statewide, top 53%, 834 students, 33% FRL); Columbia City High School (math 36% / reading 69%, grade C-, #102 of 369 statewide, top 28%, 1,147 students, 27% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $26k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $146k implies a 224% gain — meaningful room to come down on a strong offer.
• Cap rate 9.1% vs local median 3.8% in Columbia City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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?
• 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.