382 Pinewood Dr

South Haven, IN 46385

$285,000F

3 bd · 1.5 ba · 1,912 sqft · Built 1965 · SingleFamily · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,049/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$249
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-125/mo
• Annual: $-1,499/yr
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• 1% rule: 0.72%
• Cash to close: $79,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $285k.
• At list price, monthly cash flow is $-125 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (28.1% below list).
• It's been on market 88 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (28.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#119 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F.
• Portage Township Schools (suburban): math 26% / reading 36% proficiency, ranked #221 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 375 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

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 88 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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.