106 N Poplar St · Silver Lake, IN 46982

$120,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 2 Days on market

Built 1989 0.42 ac lot Est $135k · 11% under

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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 +15.1/30.0
• ARV discount +12.4/15.0
• Appreciation +6.4/10.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This newly renovated home has a lot to offer and is move in ready with new windows, all new flooring, new countertops, light fixtures, new paint, new tile & back splash. Nice large living room and formal dining room. Large master. Sits on a nice even lot walking distance to Subway, Family Dollar and the famous Igloo ice cream. Previous buyer had been given a preclosing posession due to an FHA delay but has defaulted on contract at no fault to seller. Inspection, structural engineer report and appraisal had all been done. Don't miss this nice home at a geat price

Key facts

• Spacious backyard
• Functional layout
• 0.42 acre lot

Tags

• SPACIOUS BACKYARD
• FUNCTIONAL LAYOUT
• MINUTES FROM SILVER LAKE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $39 ($471/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 $110k (8.4% below list).
• Recommended offer: $110k (8.4% below list) — sets the bar for 1% rule.

Location & tenants

• 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.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Claypool Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 294 students, 74% FRL); Edgewood Middle School (math 41% / reading 51%, grade D+, #76 of 330 statewide, top 23%, 537 students, 45% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL).
• Market conditions: 10 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($830 loan paydown + $3k appreciation (2.8% local appreciation)).
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago 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.

Recommended offer $109,940 (8.4% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.92% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.40%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $134,784
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 N Poplar St	0.00mi	3/2.0	1,152 (0%)	1mo	$135,000	$117	99
303 W Sycamore St	0.31mi	3/2.0	1,248 (+8%)	10mo	$110,000	$88	63

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

Projected returns pro-forma

2.84% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.47×
• Total profit: $15,930
• Equity at exit: $52,850

10-year hold

• IRR: 11.0%
• Equity multiple: 2.62×
• Total profit: $54,551
• Equity at exit: $80,597

Cash invested: $33,600 (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 46982

• Home prices YoY: 1.0%
• Active inventory: 10
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,099 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $39

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 91%

Sensitivity live

Price	-10% $122	-5% $81	+0% $39	+5% $-2	+10% $-44
Rent	-10% $-48	-5% $-4	+0% $39	+5% $83	+10% $126
Rate	-1.0pp $100	-0.5pp $70	base $39	+0.5pp $8	+1.0pp $-23

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-24
   status Pending
2. 2026-04-22
   listed $120,000 Active
3. 2022-04-29
   soldstatus $108,000 575-char remark

   Show marketing remark (575 chars)

   This newly renovated home has a lot to offer and is move in ready with new windows, all new flooring, new countertops, light fixtures, new paint, new tile & back splash. Nice large living room and formal dining room. Large master. Sits on a nice even lot walking distance to Subway, Family Dollar and the famous Igloo ice cream. Previous buyer had been given a preclosing posession due to an FHA delay but has defaulted on contract at no fault to seller. Inspection, structural engineer report and appraisal had all been done. Don't miss this nice home at a geat price

4. 2021-08-10
   listed $109,500 575-char remark

   Show marketing remark (575 chars)

   This newly renovated home has a lot to offer and is move in ready with new windows, all new flooring, new countertops, light fixtures, new paint, new tile & back splash. Nice large living room and formal dining room. Large master. Sits on a nice even lot walking distance to Subway, Family Dollar and the famous Igloo ice cream. Previous buyer had been given a preclosing posession due to an FHA delay but has defaulted on contract at no fault to seller. Inspection, structural engineer report and appraisal had all been done. Don't miss this nice home at a geat price

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,193
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − Depreciation: −$3,491
• Taxable loss: −$1,531
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $838/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Silver Lake

• Score: 68/100
• State rank: #208
• US rank: #9160

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Lake, IN
• Population (ZIP): 2,653

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 (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Indo-European 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: ▲ 2.84%
• Current HPI: 278.4323
• 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

+9.6% since first listed

4 events — show timeline

• 2026-04-24 Pending — IRMLS
• 2026-04-22 Listed $120,000 IRMLS
• 2022-04-29 Sold (MLS) $108,000 IRMLS
• 2021-08-10 Listed $109,500 IRMLS

Property tax history

-29.9%/yr

Latest (2020): $25 · +0.0% YoY. Source: county tax records.