430 Central Ave

Connersville, IN 47331

$1,600,000B-

None bd · None ba · 28,836 sqft · Built 1900 · MultiFamily · Active · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,600/mo
• Mortgage (P&I): −$8,391
• Tax + insurance: −$1,064
• HOA: −$0
• Vac / Maint / Mgmt: −$4,536
• Net cashflow: $7,610/mo
• Annual: $91,315/yr
• Cap rate: 12.00%
• Cash-on-cash: 20.38%
• DSCR: 1.91
• 1% rule: 1.35%
• Cash to close: $448,000

Investor read

• This is a 24 × 2-bed/1-bath units multifamily listed at $1.60M.
• At list price, monthly cash flow is $8k ($91k/yr) — positive. Per door: $317/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.60M).
• It's been on market 105 days — a 9% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.46M (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 11 sale attempts; this cycle's ask is 199900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $375k; list at $1.60M implies a 327% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $448k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.0% vs local median 5.0% in Connersville — 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 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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?
• 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?