1767 N Cook Ln

Norway, IN 47960

$139,900C-

3 bd · 2.5 ba · 2,364 sqft · Built 1980 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,425/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $207/mo
• Annual: $2,484/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.34%
• DSCR: 1.28
• 1% rule: 1.02%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.5-bath single-family listed at $140k.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• It's been on market 27 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#644 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meadowlawn Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 567 students, 56% FRL); Roosevelt Middle School (math 38% / reading 47%, grade D-, #98 of 330 statewide, top 30%, 523 students, 67% FRL); Twin Lakes Senior High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 674 students, 59% FRL) — zoned schools average 60% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 224 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 8.1% vs local median 2.2% in Norway — 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

• 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.
• 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.