1391 S River Rd, Covington, IN, 47932 | 1.5% Rental Yield

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Price: $300K - 500K

Monthly Cash Flow: 1 - 3k+

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1391 S River Rd, Covington, IN, 47932 | 1.5% Rental Yield | Ziffy

For Sale

Rental Income

Ziffy Mortgage

NMLS #2625701

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Ziffy AI Summary

A quick, investor-focused snapshot highlighting income strength, yield potential.

Key metrics	Value
Price	$399,900
Est. Rent	$3,200/mo
ROI	18%

Attractive rent-to-price ratio for income stability
Good fit for DSCR financing with healthy coverage

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Investment Highlights

Investment property for sale in Covington at 1391 S River Rd, Covington, IN, 47932 listed at $529,000 pairs $660/mo rent with a $2,589/mo payment. Total monthly income runs $660/mo. Return on cash invested measures 2.72% in year one, and rental yield registers 1.5% at a $529,000 basis. Equity gained on principal adds $3,414/yr, and annual property appreciation at 5% supports $146,153 by year five. Five-year ROI tracks 10.37% and total cumulative return in cash totals $18,053. Financing can be arranged with Ziffy Mortgage’s DSCR loan, which qualifies using $660/mo property income relative to a $2,589/mo payment rather than your personal income (W2, Tax Returns, Paystubs, or 1099).

Single Family

Built in 1987

5.34 Acres lot

$N/A/sqft

No HOA

More details about the property

Wow! This meticulously maintained 4-bed, 2.5-bath home sits atop a hill, tucked away at the end of a long private lane, offering panoramic views and a serene setting. The 3,200 sq. ft. home is built with 8.5-inch reinforced concrete walls for strength and energy efficiency-perfect for those seeking off-grid living potential. Inside, you'll find an updated eat-in kitchen featuring Amish-built cabinetry, quartz countertops, and stainless steel appliances. The bright atrium floods the family room with natural light, while a second living area with a wood-burning fireplace adds cozy charm. New flooring flows through much of the home. The spacious primary suite includes a renovated en suite bath and sliding glass doors overlooking the atrium. A dedicated office area and three additional bedrooms complete the main living space. An attached 820 sq. ft. 2.5-car garage includes a workshop, and above it is a private in-law apartment with 2 bedrooms, a full bath, and an open-concept living/kitchen area-ideal for guests or rental income. This property is set up for sustainable living with two wells and a centralized Amish wood-burning cook stove. Outdoors, enjoy mature trees, 13 fruit trees, and a thriving grape and berry corner. A renovated 4-bay detached garage includes new doors, roof, wiring, and windows, and can accommodate a full-size RV. Animal lovers will appreciate 4 acres of newly fenced pasture, a spring-fed creek, and a small barn-ideal for horses or livestock. Located just 5 minutes from Covington's trail system, 30 minutes to Turkey Run & Shades State Parks, and within an hour of Purdue, Indiana State, and the University of Illinois. Only 2.5 hours to downtown Chicago!

Neighborhood Data

Neighborhood data shown for ZIP Code: 47932, Covington, IN area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	2,441 (100%)
Owner Occupied HU	1,793 (73.5%)
Renter Occupied HU	480 (19.7%)
Vacant Housing Units	168 ( 6.9%)
Median Home Value	$176,518
Average Home Value	$198,095