2202 W Co Rd 550 S · Paoli, IN 47454

$215,000

4 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 34 Days on market

Built 2000 1.00 ac lot $142/sqft · 41% below area Est $367k · 41% under

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +6.2/10.0
• Cash flow +6.1/30.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.4/10.0

Listing remarks MLS

Recently updated and move-in ready, this 4-bedroom, 2-bath home offers 1,512 sq ft of comfortable living on a spacious 1-acre lot. Enjoy fresh paint and new flooring throughout, along with a brand-new HVAC system and updated appliances. The kitchen and dining area are filled with an abundance of natural light, creating a warm and inviting space. Nestled in a peaceful country setting, this property provides the quiet lifestyle you’ve been looking for, with a charming creek just across the road adding to its natural appeal.

Key facts

• Move-in ready
• Updated appliances
• New flooring

Tags

• MOVE-IN READY
• NEW FLOORING
• BRAND-NEW HVAC SYSTEM
• UPDATED APPLIANCES
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $215k.

Deal economics

• At list price, monthly cash flow is $-404 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (36.3% below list).
• Recommended offer: $137k (36.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#471 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools D, amenities F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 64 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $5k appreciation (2.4% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,895 (36.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.64% ✗
• Cap rate: 4.04%
• Cash-on-cash: -8.06%
• DSCR: 0.64
• GRM: 13.1

CMA / ARV

• ARV (median comp): $366,684
• List price: $215,000
• Delta: -41.37%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2220 W CR 550 Rd S	0.06mi	3/2.0 (-1)	1,401 (-7%)	19mo	$168,000	$120	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.88×
• Total profit: $-7,048
• Equity at exit: $88,997

10-year hold

• IRR: 2.3%
• Equity multiple: 1.34×
• Total profit: $20,278
• Equity at exit: $131,462

Cash invested: $60,200 (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 47454

• Home prices YoY: 1.1%
• Active inventory: 64
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,369 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $-404

Break-even live

Break-even rent $1,881

Max offer price $156,490

Occupancy floor —

Sensitivity live

Price	-10% $-256	-5% $-330	+0% $-404	+5% $-479	+10% $-553
Rent	-10% $-512	-5% $-458	+0% $-404	+5% $-350	+10% $-296
Rate	-1.0pp $-296	-0.5pp $-350	base $-404	+0.5pp $-460	+1.0pp $-517

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-06
   status Pending 533-char remark

   Show marketing remark (533 chars)

   Recently updated and move-in ready, this 4-bedroom, 2-bath home offers 1,512 sq ft of comfortable living on a spacious 1-acre lot. Enjoy fresh paint and new flooring throughout, along with a brand-new HVAC system and updated appliances. The kitchen and dining area are filled with an abundance of natural light, creating a warm and inviting space. Nestled in a peaceful country setting, this property provides the quiet lifestyle you’ve been looking for, with a charming creek just across the road adding to its natural appeal.

2. 2026-04-02
   listed $215,000 Active 533-char remark

   Show marketing remark (533 chars)

   Recently updated and move-in ready, this 4-bedroom, 2-bath home offers 1,512 sq ft of comfortable living on a spacious 1-acre lot. Enjoy fresh paint and new flooring throughout, along with a brand-new HVAC system and updated appliances. The kitchen and dining area are filled with an abundance of natural light, creating a warm and inviting space. Nestled in a peaceful country setting, this property provides the quiet lifestyle you’ve been looking for, with a charming creek just across the road adding to its natural appeal.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,427
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$6,255
• Taxable loss: −$8,799
• Est. tax savings @ 24.0%: +$2,112
• After-tax cash flow: $-2,740/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: Paoli Community School Corporation
• NCES district ID: 1808640
• Math proficiency: 28% ▼ -14.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $38,333
• Composite: 29.18/100
• National rank: #6571
• State rank: #200 of 301 in IN

Livability — Paoli

• Score: 62/100
• State rank: #471
• US rank: #16678

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,529

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Iranian 1%
• Foreign-born: 0% · Canada

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.36%
• Current HPI: 207.3937
• 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

2 events — show timeline

• 2026-05-06 Pending — IRMLS
• 2026-04-02 Listed $215,000 IRMLS

Property tax history

-7.4%/yr

Latest (2024): $349 · +6.5% YoY. Source: county tax records.