213 S Slate St

Culver, IN 46511

$150,000C-

2 bd · 1.5 ba · 1,216 sqft · Built 1925 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,420/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$241
• HOA: −$0
• Vac / Maint / Mgmt: −$298
• Net cashflow: $94/mo
• Annual: $1,134/yr
• Cap rate: 7.05%
• Cash-on-cash: 2.70%
• DSCR: 1.12
• 1% rule: 0.95%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $94 ($1k/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 $142k (5.3% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $142k (5.3% 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 $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#263 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety B; Watch: amenities F, commute F, employment F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 11y 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 $100k; list at $150k implies a 50% gain — meaningful room to come down on a strong offer.
• Cap rate 7.0% vs local median 1.9% in Culver — 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

• Built in 1925 — 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.