301 N Steam Engine Rd · Corydon, IN 47112

$69,500

4 bd · 2.0 ba · 980 sqft · Manufactured public records · 4 Days on market

Built 1981 1.00 ac lot

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

GREAT location for this home on the end of a DEAD END ROAD. .. .This single wide home sits on 1 ac of land and backs up to open farm ground. If you are looking for peace and quiet-this is it. You could buy the land, remove the single wide and build your new home here later down the road. Living at the end of a dead end road is a DREAM! The 2 bedroom 1 bath home needs TLC and is priced accordingly. The majority of the value is in the land and utilities. This home is currently occupied and a scheduled appointment is mandatory. This home is available by cash purchase or a conventional loan only. This home will not quality for a FHA, VA, or Rural Housing Loan. The home is being sold AS-IS.

Key facts

• 1 ac of land
• Open farm ground
• 1 acre lot

Tags

• 1 AC OF LAND
• OPEN FARM GROUND

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public water connected; Septic tank
• Home design: Single-wide mobile home; One-story; Slab foundation
• Construction: Aluminum siding; Built on slab foundation
• Exterior features: Deck; Covered patio/porch; Patio; Paved driveway; Paved road access; Has a view

Interior

• Kitchen: Kitchen on the first floor (approx. 12.5 x 11.9); Oven; Range; Refrigerator
• Bedrooms: One bedroom on the first floor (approx. 10.6 x 10.4)
• Bathrooms: One full bathroom on the first floor (approx. 7.3 x 7.6)
• Interior features: Eat-in kitchen; Primary bedroom with bath; Main level primary bedroom; Split bedroom floorplan; Utility room
• Laundry & utility: Laundry on the main level; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 18.6% vs local median 3.5% in Corydon — 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 70/100 on livability (#163 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities D, commute F, employment F.
• South Harrison Community Schools (town): math 42% / reading 50% proficiency, ranked #89 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 80 active listings in the ZIP; 158 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Harrison County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,500

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.17% ✓
• Cap rate: 18.57%
• Cash-on-cash: 43.86%
• DSCR: 2.95
• GRM: 3.8

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: 40.8%
• Equity multiple: 2.75×
• Total profit: $34,060
• Equity at exit: $10,363

10-year hold

• IRR: 47.1%
• Equity multiple: 5.53×
• Total profit: $88,082
• Equity at exit: $6,009

Cash invested: $19,460 (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 47112

• Home prices YoY: -30.1%
• Active inventory: 80
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,508 medium
• Mortgage (P&I): −$364
• Tax est. 1.5%: −$87 /mo · $1,042/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $711

Break-even live

Break-even rent $608

Max offer price $69,500

Occupancy floor 48%

Sensitivity live

Price	-10% $759	-5% $735	+0% $711	+5% $687	+10% $663
Rent	-10% $592	-5% $652	+0% $711	+5% $771	+10% $830
Rate	-1.0pp $746	-0.5pp $729	base $711	+0.5pp $693	+1.0pp $675

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-15
   days on market $69,500 Active 4 DOM
2. 2026-06-13
   remarks 694-char remark
3. 2026-06-13
   listed $69,500 Active 2 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,099
• − Mortgage interest: −$3,893
• − Property taxes: −$1,042
• − Insurance: −$348
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$2,022
• Taxable income: $7,899
• Est. tax owed @ 24.0%: −$1,896
• After-tax cash flow: $6,639/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 Harrison Community Schools
• NCES district ID: 1810360
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $50,528
• Composite: 39.49/100
• National rank: #3950
• State rank: #89 of 301 in IN

Livability — Corydon

• Score: 70/100
• State rank: #163
• US rank: #7834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,123

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 40,288 people
• By 2030: 40,265 · -0.1%
• By 2040: 39,538 · -1.9%
• By 2050: 37,781 · -6.2%
• By 2075: 33,200 · -17.6%
• By 2100: 26,668 · -33.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 2% Black 1% Native American 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+47.0) · D 25.6% · R 72.5% · Other 1.8%
• 2008→2024 swing: -28.9pp toward R · 2008: -18.0pp · 2024: -47.0pp
• All cycles: 2024: R+47.0 2020: R+45.6 2016: R+44.4 2012: R+22.8 2008: R+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.43%
• Current HPI: 210.4158
• 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

• 2026-06-11 Listed $69,500 SIRA

Property tax history

-10.5%/yr

Latest (2024): $101 · +1.6% YoY. Source: county tax records.