8429 N Nashville Rd

Warrington, IN 46186

$169,000D

3 bd · 1.0 ba · 1,536 sqft · Built 1900 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,416/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$139
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $93/mo
• Annual: $1,113/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• 1% rule: 0.84%
• Cash to close: $47,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $169k.
• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (16.2% below list).
• It's been on market 17 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (16.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Eastern Hancock County Community School Corporation (rural): math 48% / reading 50% proficiency, ranked #49 of 301 in IN (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastern Hancock Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 533 students, 32% FRL); Eastern Hancock Middle School (math 38% / reading 44%, grade F, #113 of 330 statewide, top 35%, 268 students, 35% FRL); Eastern Hancock High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 378 students, 31% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 3y 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 $40k; list at $169k implies a 322% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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.
• 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.