12514 Bonnie Ln

Vistula, IN 46540

$169,900B-

3 bd · 2.0 ba · 1,782 sqft · Built 1980 · Manufactured · Pending · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,839/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $420/mo
• Annual: $5,036/yr
• Cap rate: 9.26%
• Cash-on-cash: 10.59%
• DSCR: 1.47
• 1% rule: 1.08%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 59 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Middlebury Community Schools (rural): math 42% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: York Elementary School (math 54% / reading 34%, grade F, #379 of 994 statewide, top 41%, 286 students, 38% FRL); Northridge Middle School (math 40% / reading 47%, grade D, #90 of 330 statewide, top 27%, 976 students, 35% FRL); Northridge High School (math 39% / reading 69%, grade C-, #96 of 369 statewide, top 26%, 1,390 students, 30% FRL).
• Market conditions: 51 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.