3499 Penny Ln · Country Squire Lakes, IN 47265

$155,500

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 100 Days on market

Built 1995 0.25 ac lot Est $169k · 8% under $27/mo HOA · 2% of rent

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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 +21.1/30.0
• ARV discount +11.2/15.0
• DSCR +6.7/10.0
• 1% rule +4.5/10.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3499 Penny Lane- Totally remolded manufactured home. Home features Kitchen with new appliances, new cabinet and counters and a breakfast room, dining room and large living room. Home has a primary bedroom with ensuite bath with all new fixtures. Home also has 2 additional bedrooms and full bath. New flooring and paint throughout the home. Outside you will find covered front porch and two smaller decks. Oversized one car attached garage rounds out this property. Immediate possession.

Key facts

• Breakfast room
• Ensuite bath
• Large living room

Tags

• REMOLDED MANUFACTURED HOME
• NEW APPLIANCES
• BREAKFAST ROOM
• DINING ROOM
• LARGE LIVING ROOM
• ENSUITE BATH

Property features AI

Finance

• Other: Property listed as updated/remodeled; Ownership interest requires mandatory fee
• HOA & community: HOA with an annual fee of $325

Exterior

• Parking: Detached 1-car garage (approximately 340 sq ft)
• Utilities: Private water source; Community sewer
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch; Lot approximately 0.25 acre

Interior

• Kitchen: Dishwasher; Electric oven; Microwave with hood; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms; Primary bathroom with full shower stall
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Covered porch/patio

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $156k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (5.5% below list).
• Recommended offer: $142k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 6.0% in Country Squire Lakes — 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 59/100 on livability (#566 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $14k; list at $156k implies a 972% gain — meaningful room to come down on a strong offer.

Recommended offer $141,505 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.95% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.08%
• DSCR: 1.27
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $169,344
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
989 Wildwood Rd	0.27mi	3/2.0	1,296 (-14%)	10mo	$145,000	$112	55
566 Willow Way	0.70mi	3/2.0	1,456 (-4%)	20mo	$120,000	$82	44

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

Projected returns pro-forma

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

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-11,208
• Equity at exit: $23,186

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $8,087
• Equity at exit: $13,445

Cash invested: $43,540 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,470 medium
• Mortgage (P&I): −$815
• Tax from tax record: −$33 /mo · $398/yr
• Insurance: −$65
• HOA: −$27
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $221

Break-even live

Break-even rent $1,190

Max offer price $155,500

Occupancy floor 80%

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: $38,875
• Closing costs: $4,665
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $27 · $324/yr

Listing history 4 events

1. 2026-04-30
   status Pending
2. 2026-03-13
   price $155,500
3. 2026-01-16
   listed $179,000 Active
4. 2019-09-23
   soldstatus $14,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $398 · $33/mo
• Projected year-2 tax: $860 · $72/mo
• Expected delta: +$462/yr (+$38/mo · 116.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,636
• − Mortgage interest: −$8,710
• − Property taxes: −$398
• − Insurance: −$778
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − HOA: −$324
• − Depreciation: −$4,524
• Taxable income: $80
• Est. tax owed @ 24.0%: −$19
• After-tax cash flow: $2,628/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Country Squire Lakes

• Score: 59/100
• State rank: #566
• US rank: #20238

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Country Squire Lakes, IN
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

+972.4% since first listed

4 events — show timeline

• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-13 Price Changed $155,500 MIBOR as Distributed by MLS Grid
• 2026-01-16 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2019-09-23 Sold (Public Records) $14,500 Public Records

Property tax history

+6.3%/yr

Latest (2024): $398 · +9.8% YoY. Source: county tax records.