413 E Albert St

Argos, IN 46501

$86,000B-

2 bd · 1.0 ba · 1,072 sqft · Built 1920 · SingleFamily · Pending · 277 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $980/mo
• Mortgage (P&I): −$451
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $203/mo
• Annual: $2,435/yr
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• 1% rule: 1.14%
• Cash to close: $24,080

Investor read

• This is a 2-bed/1.0-bath single-family listed at $86k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($980 rent vs $86k).
• It's been on market 277 days — a 12% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $595 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#83 in IN, #4,996 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Argos Community Schools (rural): math 35% / reading 46% proficiency, ranked #136 of 301 in IN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Argos Community Elementary (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 358 students, 60% FRL); Argos Comm Jr-Sr High School (math 30% / reading 48%, grade F, #235 of 369 statewide, top 65%, 331 students, 50% FRL) — zoned schools average 55% FRL vs 36% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $11k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 277 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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.