7605 N 915 W

Scott, IN 46565

$149,000D

3 bd · 2.0 ba · 1,344 sqft · Built 1994 · Manufactured · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,167/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $1/mo
• Annual: $15/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.03%
• DSCR: 1.00
• 1% rule: 0.78%
• Cash to close: $41,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $149k.
• At list price, monthly cash flow is $1 ($15/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 $117k (21.7% below list).
• It's been on market 19 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (21.7% 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 $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Westview School Corporation (rural): math 58% / reading 53% proficiency, ranked #29 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shipshewana-Scott Elementary Sch (math 57% / reading 37%, grade D-, #325 of 994 statewide, top 36%, 370 students, 23% FRL); Westview Jr-Sr High School (math 54% / reading 52%, grade C-, #99 of 369 statewide, top 27%, 743 students, 29% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 19 active listings in the ZIP; 134 units permitted in LaGrange County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 7y 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.
• Current owner paid $65k; list at $149k implies a 129% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.