160 221 C Hamilton LK Ln · Hamilton, IN 46742

$110,000

1 bd · 1.0 ba · 632 sqft · Manufactured · 19 Days on market

Built 1956 Poor condition 5,227 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy the opportunity to own a piece of Hamilton Lake with this 1-bedroom, 1-bath ranch offering dock spot through the HOA on beautiful Hamilton Lake. In need of TLC, this property presents an excellent opportunity for investors, flippers, or buyers looking to create their own lake retreat. Hamilton Lake is one of Indiana’s largest all-sports lakes, offering boating, skiing, fishing, jet skiing, swimming, and year-round recreation, while the town of Hamilton provides a welcoming small-town atmosphere with local restaurants, parks, golf cart-friendly streets, and seasonal events. The neighboring property is also available, offering the potential to acquire a rare double-lot setting. Wh

Key facts

• All-sports lakes
• Double-lot setting
• Deeded lake access

Tags

• DEEDED LAKE ACCESS
• HAMILTON LAKE
• ALL-SPORTS LAKES
• GOLF CART-FRIENDLY STREETS
• DOUBLE-LOT SETTING
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Other: Property listed as Residential — Manufactured Home
• HOA & community: Located in Hamilton Lake Highlands subdivision

Exterior

• Utilities: Shared well / well water source; Public sewer
• Home design: Manufactured home; Single-story
• Construction: Aluminum siding; Wood siding
• Exterior features: Lake frontage on Hamilton Lake; Rolling slope lot; Lot roughly 40 x 130 (0.12 acres)

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; No cooling system
• Interior features: No basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $110k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 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 Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Community Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 166 students, 48% FRL); Hamilton Community High School (math 17% / reading 32%, grade F, #325 of 369 statewide, top 91%, 186 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.18% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.1

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-852
• Equity at exit: $16,401

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $21,168
• Equity at exit: $9,511

Cash invested: $30,800 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,299 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $266

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 75%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $110,000 Active 19 DOM
2. 2026-06-18
   days on market $110,000 Active 18 DOM
3. 2026-06-17
   days on market $110,000 Active 17 DOM
4. 2026-06-16
   days on market $110,000 Active 16 DOM
5. 2026-06-15
   days on market $110,000 Active 15 DOM
6. 2026-06-14
   days on market $110,000 Active 13 DOM
7. 2026-06-12
   days on market $110,000 Active 12 DOM
8. 2026-06-09
   days on market $110,000 Active 9 DOM
9. 2026-06-08
   days on market $110,000 Active 8 DOM
10. 2026-06-07
    days on market $110,000 Active 7 DOM
11. 2026-06-07
    days on market $110,000 Active 6 DOM
12. 2026-06-04
    days on market $110,000 Active 3 DOM
13. 2026-06-02
    days on market $110,000 Active 2 DOM
14. 2026-06-01
    remarks 693-char remark
15. 2026-06-01
    listed $110,000 Active 1 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,590
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − Depreciation: −$3,200
• Taxable income: $1,534
• Est. tax owed @ 24.0%: −$368
• After-tax cash flow: $2,826/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 · 11 photos

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates to its exterior, interior, and systems, significantly impacting its value. Immediate attention to these issues is necessary to increase its resale or rental value.

Repairs flagged

• Major exterior siding — severe peeling and damage
• Major paint — extensive chipping and peeling
• Major kitchen cabinets — dated and worn
• Major bathroom fixtures — dated and worn
• Major roof — visible wear and tear
• Major flooring — dated and worn
• Major appliances — outdated and worn
• Major landscaping — overgrown and unkempt

Value-add opportunities

• Both exterior siding and paint — enhances curb appeal and value
• Both kitchen and bathroom updates — modernizes and increases value
• Both roof replacement — fixes major issue and increases value
• Both landscaping and curb appeal — enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · severe peeling and damage	Major	$15,000–50,000
paint · extensive chipping and peeling	Major	$15,000–50,000
kitchen cabinets · dated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
roof · visible wear and tear	Major	$15,000–50,000
flooring · dated and worn	Major	$15,000–50,000
appliances · outdated and worn	Major	$15,000–50,000
landscaping · overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Both exterior siding and paint — enhances curb appeal and value ↑
• Both kitchen and bathroom updates — modernizes and increases value ↑
• Both roof replacement — fixes major issue and increases value ↑
• Both landscaping and curb appeal — enhances curb appeal and 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: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

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

• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

1 event — show timeline

• 2026-06-01 Listed $110,000 IRMLS