219 S Broad St

Griffith, IN 46319

$184,995D-

2 bd · 1.0 ba · 1,345 sqft · Built 1903 · SingleFamily · Active · 264 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,432/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$438
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $-277/mo
• Annual: $-3,320/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.41%
• DSCR: 0.71
• 1% rule: 0.77%
• Cash to close: $51,799

Investor read

• This is a 2-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (22.6% below list).
• It's been on market 264 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (26.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#146 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Griffith Public Schools (suburban): math 31% / reading 38% proficiency, ranked #189 of 301 in IN (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Beiriger Elementary School (math 45% / reading 35%, grade F, #494 of 994 statewide, top 50%, 443 students, 58% FRL); Griffth Jr/Sr High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 1,059 students, 55% FRL).
• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 264 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1903 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.