24 Dogwood Dr · Richmond, IN 47374

$79,900

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 9 Days on market

Built 2011 Good condition Est $54k · 48% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

An exceptionally well maintained home for the particular buyer. The well appointed eat in kitchen has an island with the sink and high end faucet also featuring a bar for eating. It is a very convenient layout for preparing meals with ample cabinetry and work space. The comfortable living room is a partially open floor plan that is perfect for family gatherings and entertaining friends. Colors are neutral and easy to work with and the flooring is newer wood tone The main bedroom has a spacious walk-in closet and nicely done master bath. with shower over tub. Each of the other bedrooms have nice light, newer carpet and are larger than in most mobile homes. The air conditioner was new in 2022 and is a heat pump for efficiency. The gutter and gutter guards were also installed in 2022 as was the water softer that is owned. A relaxing covered deck will become a favored place to relax. Your car will be happily out of the weather in the carport. The outside "stuff" will be in one of the 2 sheds. This lot is larger. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic pavilion and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. Buyer must be park approved. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

Key facts

• Basketball court
• Gated at night
• Garage

Tags

• MOBILE MANOR NEIGHBORHOOD
• GATED AT NIGHT
• COMMUNITY SWIMMING POOL
• BASKETBALL COURT
• COVERED PICNIC PAVILION

Property features AI

Exterior

• Parking: Detached parking
• Utilities: Public water; Public sewer
• Home design: Single-story mobile home; Residential property
• Exterior features: Shingle roof; Property listed as rental; Zoned residential

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Central air conditioning
• Interior features: Dishwasher; Disposal; Microwave; Electric range; Refrigerator; Electric water heater; Water softener; Total of 6 rooms
• Laundry & utility: Washer; Dryer; Electric water heater; Water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 11.6% vs local median 5.2% in Richmond — 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.

Location & tenants

• Location reads 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 22% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Richmond Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 273 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Recommended offer $79,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.08%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $53,872
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Dogwood Dr	0.00mi	3/2.0	1,456 (0%)	1mo	$74,000	$51	100
39 Court Rd	0.11mi	3/2.0	1,456 (0%)	7mo	$56,250	$39	89
26 Hickory Dr	0.16mi	3/2.0	1,352 (-7%)	23mo	$50,000	$37	62
10 Hickory Dr	0.07mi	3/2.0	1,248 (-14%)	18mo	$43,000	$34	58
37 Hickory Dr	0.26mi	3/2.0	1,280 (-12%)	23mo	$33,000	$26	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.43×
• Total profit: $9,728
• Equity at exit: $11,913

10-year hold

• IRR: 20.0%
• Equity multiple: 2.69×
• Total profit: $37,717
• Equity at exit: $6,908

Cash invested: $22,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47374

• Active inventory: 273
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,149 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $356

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 64%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	44d	1	0.53mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	1.49mi

Listing history 5 events

1. 2026-05-06
   status Pending
2. 2026-04-23
   listed $79,900 Active
3. 2025-08-28
   soldstatus $70,760 Closed 1740-char remark

   Show marketing remark (1740 chars)

   An exceptionally well maintained home for the particular buyer. The well appointed eat in kitchen has an island with the sink and high end faucet also featuring a bar for eating. It is a very convenient layout for preparing meals with ample cabinetry and work space. The comfortable living room is a partially open floor plan that is perfect for family gatherings and entertaining friends. Colors are neutral and easy to work with and the flooring is newer wood tone The main bedroom has a spacious walk-in closet and nicely done master bath. with shower over tub. Each of the other bedrooms have nice light, newer carpet and are larger than in most mobile homes. The air conditioner was new in 2022 and is a heat pump for efficiency. The gutter and gutter guards were also installed in 2022 as was the water softer that is owned. A relaxing covered deck will become a favored place to relax. Your car will be happily out of the weather in the carport. The outside "stuff" will be in one of the 2 sheds. This lot is larger. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic pavilion and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. Buyer must be park approved. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

4. 2025-08-07
   status Pending 1740-char remark

   Show marketing remark (1740 chars)

   An exceptionally well maintained home for the particular buyer. The well appointed eat in kitchen has an island with the sink and high end faucet also featuring a bar for eating. It is a very convenient layout for preparing meals with ample cabinetry and work space. The comfortable living room is a partially open floor plan that is perfect for family gatherings and entertaining friends. Colors are neutral and easy to work with and the flooring is newer wood tone The main bedroom has a spacious walk-in closet and nicely done master bath. with shower over tub. Each of the other bedrooms have nice light, newer carpet and are larger than in most mobile homes. The air conditioner was new in 2022 and is a heat pump for efficiency. The gutter and gutter guards were also installed in 2022 as was the water softer that is owned. A relaxing covered deck will become a favored place to relax. Your car will be happily out of the weather in the carport. The outside "stuff" will be in one of the 2 sheds. This lot is larger. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic pavilion and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. Buyer must be park approved. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

5. 2025-07-31
   listed $69,900 Active 1740-char remark

   Show marketing remark (1740 chars)

   An exceptionally well maintained home for the particular buyer. The well appointed eat in kitchen has an island with the sink and high end faucet also featuring a bar for eating. It is a very convenient layout for preparing meals with ample cabinetry and work space. The comfortable living room is a partially open floor plan that is perfect for family gatherings and entertaining friends. Colors are neutral and easy to work with and the flooring is newer wood tone The main bedroom has a spacious walk-in closet and nicely done master bath. with shower over tub. Each of the other bedrooms have nice light, newer carpet and are larger than in most mobile homes. The air conditioner was new in 2022 and is a heat pump for efficiency. The gutter and gutter guards were also installed in 2022 as was the water softer that is owned. A relaxing covered deck will become a favored place to relax. Your car will be happily out of the weather in the carport. The outside "stuff" will be in one of the 2 sheds. This lot is larger. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic pavilion and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. Buyer must be park approved. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,791
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$2,324
• Taxable income: $3,187
• Est. tax owed @ 24.0%: −$765
• After-tax cash flow: $3,504/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained mobile home in a desirable park setting requires minimal cosmetic updates to enhance its curb appeal and interior aesthetics, making it an attractive investment.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New window treatments — Improves energy efficiency and aesthetics
• Both New flooring in bathrooms — Enhances aesthetics and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New window treatments — Improves energy efficiency and aesthetics ↑
• Both New flooring in bathrooms — Enhances aesthetics and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

Amenities A Commute A+ Cost of living A+ Crime D+ Employment D- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+14.3% since first listed

5 events — show timeline

• 2026-05-06 Pending — RRELMS
• 2026-04-23 Listed $79,900 RRELMS
• 2025-08-28 Sold (MLS) $70,760 RRELMS
• 2025-08-07 Pending — RRELMS
• 2025-07-31 Listed $69,900 RRELMS