2131 Sunset Ln Unit SUN2131 · Rochester, IN 46975

$38,100

3 bd · 2.0 ba · 924 sqft · Manufactured · 42 Days on market

Built 2024 Fair condition ↓ 17% since listing

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Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Community events
• Playground
• Built 2024

Tags

• PLAYGROUND
• COMMUNITY EVENTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $38k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $37k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.6% vs local median 2.4% in Rochester — 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 69/100 on livability (#206 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, schools F, amenities F.
• Rochester Community School Corporation (town): math 31% / reading 41% proficiency, ranked #188 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fulton County population projected at -13% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $8k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $36,957 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 3.02% ✓
• Cap rate: 26.59%
• Cash-on-cash: 72.50%
• DSCR: 4.23
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 72.2%
• Equity multiple: 4.27×
• Total profit: $34,891
• Equity at exit: $5,681

10-year hold

• IRR: 76.1%
• Equity multiple: 8.81×
• Total profit: $83,308
• Equity at exit: $3,294

Cash invested: $10,668 (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 46975

• Home prices YoY: -28.7%
• Active inventory: 97
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,149 medium
• Mortgage (P&I): −$200
• Tax est. 1.5%: −$48 /mo · $572/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $644

Break-even live

Break-even rent $333

Max offer price $38,100

Occupancy floor 39%

Sensitivity live

Price	-10% $671	-5% $658	+0% $644	+5% $631	+10% $618
Rent	-10% $554	-5% $599	+0% $644	+5% $690	+10% $735
Rate	-1.0pp $664	-0.5pp $654	base $644	+0.5pp $635	+1.0pp $625

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: $9,525
• Closing costs: $1,143
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Westwood Ln Rochester, IN	2.0	1.0	657	$910	$1.38	24d	1	0.80mi
1707 Madison St Rochester, IN	2.0	1.0	1000	$1,195	$1.20	24d	1	0.80mi

Listing history 6 events

1. 2026-04-14
   status Active 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

2. 2026-04-14
   price $38,100 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

3. 2024-05-14
   historical 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

4. 2024-05-14
   status Active 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

5. 2024-05-14
   historical 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

6. 2024-05-13
   listed $46,100 Active 388-char remark

   Show marketing remark (388 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a playground, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,789
• − Mortgage interest: −$2,134
• − Property taxes: −$572
• − Insurance: −$190
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$1,108
• Taxable income: $7,578
• Est. tax owed @ 24.0%: −$1,819
• After-tax cash flow: $5,915/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 · 9 photos

Fair 45/100 Cosmetic rehab

This manufactured home is in fair condition with minor repairs needed, particularly in painting and flooring. Fresh paint and new flooring can significantly enhance its resale and rental value.

Repairs flagged

• Minor Paint — Paint appears faded in some areas
• Minor Flooring — Carpet shows some wear

Value-add opportunities

• Resale Paint — Fresh paint can enhance curb appeal and interior aesthetics
• Resale Flooring — New flooring can improve the home's appearance and value
• Both Landscaping — Well-maintained landscaping can increase curb appeal and attract potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas	Minor	$500–3,000
Flooring · Carpet shows some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Resale Flooring — New flooring can improve the home's appearance and value ↑
• Both Landscaping — Well-maintained landscaping can increase curb appeal and attract potential buyers ↑

ⓘ 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: Rochester Community School Corporation
• NCES district ID: 1809630
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $42,645
• Composite: 30.44/100
• National rank: #6231
• State rank: #188 of 301 in IN

Livability — Rochester

• Score: 69/100
• State rank: #206
• US rank: #9060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Fulton County · 13,824 people
• City population: 13,824
• Metro: nan
• Population (ZIP): 13,824
• Household income: $61,185
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 238.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 19,537 people
• By 2030: 19,013 · -2.7%
• By 2040: 17,959 · -8.1%
• By 2050: 17,038 · -12.8%
• By 2075: 15,117 · -22.6%
• By 2100: 13,179 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Iranian 2% Scottish 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+51.2) · D 23.7% · R 74.9% · Other 1.4%
• 2008→2024 swing: -35.2pp toward R · 2008: -16.0pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+48.2 2016: R+48.4 2012: R+33.2 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.72%
• Current HPI: 212.9033
• Rent YoY: —
• Metro: nan
• 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

-17.4% since first listed

6 events — show timeline

• 2026-04-14 Relisted — Zillow
• 2026-04-14 Price Changed $38,100 Zillow
• 2024-05-14 Delisted — Zillow
• 2024-05-14 Relisted — Zillow
• 2024-05-14 Delisted — Zillow
• 2024-05-13 Listed $46,100 Zillow