5246 W Warren Ave

Silver Lake, IN 46982

$64,900F

None bd · None ba · — sqft · Built — · Manufactured · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $0/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$0
• Net cashflow: $-411/mo
• Annual: $-4,931/yr
• Cap rate: -1.31%
• Cash-on-cash: -27.14%
• DSCR: -0.21
• 1% rule: 0.00%
• Cash to close: $18,172

Investor read

• This is a manufactured listed at $65k.
• At list price, monthly cash flow is $-411 ($-5k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• It's been on market 42 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (2.8% local appreciation)).
• Location reads 68/100 on livability (#208 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Tippecanoe Valley School Corporation (rural): math 40% / reading 42% proficiency, ranked #126 of 301 in IN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Akron Elementary School (math 37% / reading 37%, grade F, #550 of 994 statewide, top 57%, 385 students, 56% FRL).
• Market conditions: 10 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Questions for listing agent

• 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?
• It's been on market 42 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.
• 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?
• 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?
• 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.