928 S Broadway St · Pendleton, IN 46064

$190,000

4 bd · 2.0 ba · 1,896 sqft · Manufactured public records · 94 Days on market

Built 2000 3,696 sqft lot

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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 +20.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

Key facts

• Breakfast room
• Walk-in closet
• Roomy sunroom

Tags

• OPEN-CONCEPT GREAT ROOM
• BREAKFAST ROOM
• BREAKFAST BAR
• ROOMY SUNROOM
• EN-SUITE BATH
• WALK-IN CLOSET

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Slab foundation
• Exterior features: Lot under 1/4 acre (0.09 acre)

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: 9 main-level rooms; Sun room (main level)
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/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 $182k (4.4% below list).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.3% in Pendleton — 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 73/100 on livability (#86 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton Elementary School (math 54% / reading 49%, grade C-, #256 of 994 statewide, top 26%, 840 students, 36% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 232 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $45k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $104k; list at $190k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $172,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.96% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.86%
• DSCR: 1.26
• GRM: 8.7

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-14,292
• Equity at exit: $28,330

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $8,637
• Equity at exit: $16,428

Cash invested: $53,200 (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 46064

• Active inventory: 232
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,816 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$99 /mo · $1,193/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $260

Break-even live

Break-even rent $1,487

Max offer price $190,000

Occupancy floor 81%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
296 Evening Bay Ct Pendleton, IN	3.0	2.0	1400	$1,595	$1.14	4d	1	0.45mi
235 E Water St Pendleton, IN	3.0	1.5	1755	$2,200	$1.25	24d	1	0.97mi

Listing history 23 events

1. 2026-06-18
   days on market $190,000 Active 94 DOM
2. 2026-06-17
   days on market $190,000 Active 93 DOM
3. 2026-06-16
   days on market $190,000 Active 92 DOM
4. 2026-06-15
   days on market $190,000 Active 91 DOM
5. 2026-06-13
   days on market $190,000 Active 89 DOM
6. 2026-06-13
   pricedays on market $190,000 Active 88 DOM
7. 2026-06-09
   days on market $215,000 Active 85 DOM
8. 2026-06-08
   days on market $215,000 Active 84 DOM
9. 2026-06-07
   days on market $215,000 Active 83 DOM
10. 2026-06-05
    days on market $215,000 Active 80 DOM
11. 2026-06-03
    days on market $215,000 Active 79 DOM
12. 2026-06-02
    days on market $215,000 Active 78 DOM
13. 2026-06-01
    days on market $215,000 Active 77 DOM
14. 2026-05-31
    days on market $215,000 Active 76 DOM
15. 2026-04-30
    price $215,000
16. 2026-03-16
    listed $235,000 Active
17. 2020-08-07
    soldstatus $104,000 Sold 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

18. 2020-05-29
    status Pending 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

19. 2020-05-27
    price $89,900 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

20. 2020-05-27
    status Active 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

21. 2020-05-16
    status Pending 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

22. 2020-05-15
    listed $99,900 Active 500-char remark

    Show marketing remark (500 chars)

    So much space in this 4 bdrm/2 full bath modular/manufactured home in IN-TOWN PENDLETON!! Step into the large Great Room with Vaulted ceilings and enjoy the Open concept with Dining Rm, Great Rm and Kitchen, plus Breakfast Room. Large Sunroom across the back of the home. Kitchen offers tons of counter space and a breakfast bar. Huge MB with WIC and en suite bath w/ double sinks, garden tub and shower stall.Property is being sold in AS-IS condition.Seller is offering a HOME WARRANTY on the home

23. 2019-05-13
    soldstatus $33,000

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,193 · $99/mo
• Projected year-2 tax: $1,404 · $117/mo
• Expected delta: +$211/yr (+$18/mo · 17.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,796
• − Mortgage interest: −$10,643
• − Property taxes: −$1,193
• − Insurance: −$950
• − Repairs & maintenance: −$1,744
• − Management: −$1,744
• − Depreciation: −$5,527
• Taxable loss: −$5
• Est. tax savings @ 24.0%: +$1
• After-tax cash flow: $3,120/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.

Schools (NCES district)

• District: South Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Pendleton

• Score: 73/100
• State rank: #86
• US rank: #5014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pendleton, IN
• City population: 17,730
• Population (ZIP): 17,730

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 6% Black 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 3% Italian 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.39%
• Current HPI: 227.4921
• Rent YoY: —
• Metro: —
• 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

+551.5% since first listed

9 events — show timeline

• 2026-04-30 Price Changed $215,000 MIBOR as Distributed by MLS Grid
• 2026-03-16 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2020-08-07 Sold (MLS) $104,000 MIBOR as Distributed by MLS Grid
• 2020-05-29 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-27 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2020-05-27 Relisted — MIBOR as Distributed by MLS Grid
• 2020-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-15 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2019-05-13 Sold (Public Records) $33,000 Public Records

Property tax history

-0.6%/yr

Latest (2024): $1,193 · -0.5% YoY. Source: county tax records.