6401 N Sunset Blvd

Nyona Lake, IN 46951

$107,000C-

2 bd · 1.0 ba · 1,313 sqft · Built 1948 · SingleFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,086/mo
• Mortgage (P&I): −$561
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $199/mo
• Annual: $2,382/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.95%
• DSCR: 1.35
• 1% rule: 1.01%
• Cash to close: $29,960

Investor read

• This is a 2-bed/1.0-bath single-family listed at $107k.
• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $107k).
• It's been on market 25 days — a 2% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Caston School Corporation (rural): math 27% / reading 33% proficiency, ranked #238 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Caston Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 391 students, 68% FRL); Caston Jr-Sr High School (math 22% / reading 34%, grade F, #314 of 369 statewide, top 85%, 444 students, 60% FRL) — zoned schools average 64% FRL vs 35% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 5y 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 $38k; list at $107k implies a 185% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1948 — 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.