4785 E Wheatland Rd · Vincennes, IN 47591

$55,549

2 bd · 1.5 ba · 684 sqft · Manufactured · 541 Days on market

Built 1969 2.00 ac lot ↓ 6% since listing

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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 +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Bedrooms, 1.5 Baths. Half Bath included adjoins 1st Bedroom. 2 ACRES! With 57 x 12 Mobile Home. 63 square foot deck. Storage shed on other end of ground. Appears to be possibliy 3 seperate wells for seperate hook ups.

Key facts

• 2 acres
• Storage shed
• 63 square foot deck

Tags

• 2 ACRES
• STORAGE SHED
• 63 SQUARE FOOT DECK

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $56k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($866 rent vs $56k).
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 5.1% in Vincennes — 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 (#148 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• South Knox School Corporation (rural): math 46% / reading 51% proficiency, ranked #66 of 301 in IN (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 136 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $384 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 541 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,883 (12.0% below list)

Questions for the listing agent

1. It's been on market 541 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D-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: 1.56% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.33%
• DSCR: 2.13
• GRM: 5.3

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: 18.9%
• Equity multiple: 1.77×
• Total profit: $11,908
• Equity at exit: $8,283

10-year hold

• IRR: 27.2%
• Equity multiple: 3.40×
• Total profit: $37,282
• Equity at exit: $4,803

Cash invested: $15,554 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 136
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $866 medium
• Mortgage (P&I): −$291
• Tax from tax record: −$41 /mo · $496/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$182
• Net cashflow: $328

Break-even live

Break-even rent $450

Max offer price $55,549

Occupancy floor 57%

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: $13,887
• Closing costs: $1,666
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $55,549 Active 541 DOM
2. 2026-06-17
   days on market $55,549 Active 540 DOM
3. 2026-06-16
   days on market $55,549 Active 539 DOM
4. 2026-06-15
   days on market $55,549 Active 538 DOM
5. 2026-06-13
   days on market $55,549 Active 536 DOM
6. 2026-06-12
   days on market $55,549 Active 535 DOM
7. 2026-06-09
   days on market $55,549 Active 532 DOM
8. 2026-06-08
   days on market $55,549 Active 531 DOM
9. 2026-06-07
   days on market $55,549 Active 530 DOM
10. 2026-06-05
    days on market $55,549 Active 528 DOM
11. 2026-06-04
    days on market $55,549 Active 526 DOM
12. 2026-06-02
    days on market $55,549 Active 525 DOM
13. 2026-06-01
    days on market $55,549 Active 524 DOM
14. 2026-05-31
    days on market $55,549 Active 523 DOM
15. 2026-05-31
    days on market $55,549 Active 522 DOM
16. 2026-04-13
    status Active 219-char remark

    Show marketing remark (219 chars)

    2 Bedrooms, 1.5 Baths. Half Bath included adjoins 1st Bedroom. 2 ACRES! With 57 x 12 Mobile Home. 63 square foot deck. Storage shed on other end of ground. Appears to be possibliy 3 seperate wells for seperate hook ups.

17. 2025-12-22
    price $55,549 219-char remark

    Show marketing remark (219 chars)

    2 Bedrooms, 1.5 Baths. Half Bath included adjoins 1st Bedroom. 2 ACRES! With 57 x 12 Mobile Home. 63 square foot deck. Storage shed on other end of ground. Appears to be possibliy 3 seperate wells for seperate hook ups.

18. 2025-09-05
    price $56,050 219-char remark

    Show marketing remark (219 chars)

    2 Bedrooms, 1.5 Baths. Half Bath included adjoins 1st Bedroom. 2 ACRES! With 57 x 12 Mobile Home. 63 square foot deck. Storage shed on other end of ground. Appears to be possibliy 3 seperate wells for seperate hook ups.

19. 2024-12-25
    listed $59,000 Active 219-char remark

    Show marketing remark (219 chars)

    2 Bedrooms, 1.5 Baths. Half Bath included adjoins 1st Bedroom. 2 ACRES! With 57 x 12 Mobile Home. 63 square foot deck. Storage shed on other end of ground. Appears to be possibliy 3 seperate wells for seperate hook ups.

ⓘ 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: $496 · $41/mo
• Projected year-2 tax: $496 · $41/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $10,392
• − Mortgage interest: −$3,112
• − Property taxes: −$496
• − Insurance: −$278
• − Repairs & maintenance: −$831
• − Management: −$831
• − Depreciation: −$1,616
• Taxable income: $3,228
• Est. tax owed @ 24.0%: −$775
• After-tax cash flow: $3,166/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 Knox School Corporation
• NCES district ID: 1810410
• Math proficiency: 46% ▼ -5.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $55,585
• Composite: 42.06/100
• National rank: #3325
• State rank: #66 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• 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

-5.8% since first listed

4 events — show timeline

• 2026-04-13 Relisted — IRMLS
• 2025-12-22 Price Changed $55,549 IRMLS
• 2025-09-05 Price Changed $56,050 IRMLS
• 2024-12-25 Listed $59,000 IRMLS

Property tax history

+2.9%/yr

Latest (2024): $496 · +2.5% YoY. Source: county tax records.