9218 N Koher Rd · Enchanted Hills, IN 46567

$125,000

1 bd · 1.0 ba · 117 sqft · Manufactured public records · 121 Days on market

Built 1982 0.70 ac lot

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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).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * Possible owner financing with down payment. * * This darling 1 Bedroom, 1 bath home is located across the street from Papakeechie lake. Enjoy the quaint little kitchen with lots of natural light beaming through the skylight. Updated bathroom with jetted garden tub and large rain shower head. 3 year old gas forced air furnace and a wood burning stove. The cathedral ceiling creates a spacious feel and it also has special dimmable lighting in living room area. Energy efficient Vinyl tip in windows. It has a nice large wooded lot and two decks to enjoy nature. Seller is leaving all the appliances including a French door refrigerator with instaview door, oven and washer/dryer.

Key facts

• Jetted garden tub
• Papakeechie lake
• Updated bathroom

Tags

• PAPAKEECHIE LAKE
• UPDATED BATHROOM
• JETTED GARDEN TUB
• LARGE RAIN SHOWER HEAD
• GAS FORCED AIR FURNACE
• WOOD BURNING STOVE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $-32 ($-379/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (15.7% below list).
• Recommended offer: $105k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 0.3% in Enchanted Hills — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $8k; list at $125k implies a 1462% gain — meaningful room to come down on a strong offer.

Recommended offer $105,347 (15.7% 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 121 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• GRM: 9.9

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: -18.1%
• Equity multiple: 0.36×
• Total profit: $-22,252
• Equity at exit: $18,638

10-year hold

• IRR: -10.3%
• Equity multiple: 0.37×
• Total profit: $-21,904
• Equity at exit: $10,808

Cash invested: $35,000 (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 46567

• Home prices YoY: -21.4%
• Active inventory: 87
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,053 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $-32

Break-even live

Break-even rent $1,093

Max offer price $120,427

Occupancy floor 98%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $125,000 Active 121 DOM
2. 2026-06-18
   days on market $125,000 Active 120 DOM
3. 2026-06-17
   days on market $125,000 Active 119 DOM
4. 2026-06-16
   days on market $125,000 Active 118 DOM
5. 2026-06-15
   days on market $125,000 Active 117 DOM
6. 2026-06-14
   days on market $125,000 Active 115 DOM
7. 2026-06-12
   days on market $125,000 Active 114 DOM
8. 2026-06-09
   days on market $125,000 Active 111 DOM
9. 2026-06-08
   days on market $125,000 Active 110 DOM
10. 2026-06-07
    days on market $125,000 Active 109 DOM
11. 2026-06-03
    days on market $125,000 Active 105 DOM
12. 2026-06-02
    days on market $125,000 Active 104 DOM
13. 2026-06-01
    days on market $125,000 Active 103 DOM
14. 2026-05-31
    days on market $125,000 Active 102 DOM
15. 2026-05-30
    days on market $125,000 Active 101 DOM
16. 2026-03-09
    price $125,000 687-char remark

    Show marketing remark (687 chars)

    * * Possible owner financing with down payment. * * This darling 1 Bedroom, 1 bath home is located across the street from Papakeechie lake. Enjoy the quaint little kitchen with lots of natural light beaming through the skylight. Updated bathroom with jetted garden tub and large rain shower head. 3 year old gas forced air furnace and a wood burning stove. The cathedral ceiling creates a spacious feel and it also has special dimmable lighting in living room area. Energy efficient Vinyl tip in windows. It has a nice large wooded lot and two decks to enjoy nature. Seller is leaving all the appliances including a French door refrigerator with instaview door, oven and washer/dryer.

17. 2026-02-18
    listed $149,900 Active 687-char remark

    Show marketing remark (687 chars)

    * * Possible owner financing with down payment. * * This darling 1 Bedroom, 1 bath home is located across the street from Papakeechie lake. Enjoy the quaint little kitchen with lots of natural light beaming through the skylight. Updated bathroom with jetted garden tub and large rain shower head. 3 year old gas forced air furnace and a wood burning stove. The cathedral ceiling creates a spacious feel and it also has special dimmable lighting in living room area. Energy efficient Vinyl tip in windows. It has a nice large wooded lot and two decks to enjoy nature. Seller is leaving all the appliances including a French door refrigerator with instaview door, oven and washer/dryer.

18. 2010-09-14
    soldstatus $8,000

ⓘ 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 2/10 Low 7 d/yr ≥99°F today · 16 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: $12,642
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$3,636
• Taxable loss: −$2,519
• Est. tax savings @ 24.0%: +$605
• After-tax cash flow: $225/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: Wawasee Community School Corporation
• NCES district ID: 1805550
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $52,439
• Composite: 30.97/100
• National rank: #6100
• State rank: #179 of 301 in IN

Livability — Enchanted Hills

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 9,371

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.32%
• Current HPI: 276.7243
• 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

+1462.5% since first listed

3 events — show timeline

• 2026-03-09 Price Changed $125,000 IRMLS
• 2026-02-18 Listed $149,900 IRMLS
• 2010-09-14 Sold (Public Records) $8,000 Public Records

Property tax history

+2.4%/yr

Latest (2024): $113 · +3.5% YoY. Source: county tax records.