731 Mccool Rd

South Haven, IN 46385

$285,000F

4 bd · 2.5 ba · 1,800 sqft · Built 1963 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,038/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $-96/mo
• Annual: $-1,146/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• 1% rule: 0.72%
• Cash to close: $79,800

Investor read

• This is a 4-bed/2.5-bath single-family listed at $285k.
• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (28.5% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $204k (28.5% 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; 1 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.
• 3 sale attempts since 22y 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.

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?
• Built in 1963 — 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.
• 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.
• 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.