1600 High St

Logansport, IN 46947

$230,000B-

5 bd · 3.0 ba · 3,160 sqft · Built 1900 · MultiFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,003/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$631
• Net cashflow: $978/mo
• Annual: $11,742/yr
• Cap rate: 11.40%
• Cash-on-cash: 18.23%
• DSCR: 1.81
• 1% rule: 1.31%
• Cash to close: $64,400

Investor read

• This is a 1×3.0bd/1.5ba + 2×2.0bd/1.0ba units multifamily listed at $230k.
• At list price, monthly cash flow is $978 ($12k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 34 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#34 in IN, #2,683 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F, employment D-.
• Logansport Community School Corporation (town): math 26% / reading 32% proficiency, ranked #252 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Landis Elementary School (math 38% / reading 36%, grade F, #550 of 994 statewide, top 57%, 853 students, 65% FRL); Logansport Junior High School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 607 students, 67% FRL); Logansport Community High School (math 24% / reading 46%, grade F, #266 of 369 statewide, top 73%, 1,224 students, 62% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 132 active listings in the ZIP; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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 $190k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 4.5% in Logansport — 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 34 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.