83 Ravine Ct

Cicero, IN 46034

$189,900C-

3 bd · 1.5 ba · 896 sqft · Built 1980 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,740/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $193/mo
• Annual: $2,318/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.86%
• DSCR: 1.26
• 1% rule: 0.92%
• Cash to close: $53,172

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $190k.
• At list price, monthly cash flow is $193 ($2k/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 $174k (8.4% below list).
• It's been on market 22 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (8.4% 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 $6k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#242 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.
• Hamilton Heights School Corporation (suburban): math 31% / reading 44% proficiency, ranked #154 of 301 in IN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hamilton Heights Elementary School (math 40% / reading 39%, grade F, #500 of 994 statewide, top 53%, 901 students, 33% FRL); Hamilton Heights High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 711 students, 31% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 69 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 2.9% in Cicero — 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.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.