154 Echo Lk E · Monrovia, IN 46158

$60,500

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 35 Days on market

Built 2018 Good condition 5,000 sqft lot $500/mo HOA · 32% of rent

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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
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Take advantage of this next to new, fully remodeled home (2018 Model) for an attainable price at just $60,500. Home boasts new skirting, floorcoverings, paint, refurbished step sets at both doors, and a nice sized yard. Plant flowers, have a mini-barn, and enjoy home ownership at a fraction of apartment rental prices. The Echo Lake Housing Community offers two playgrounds, walking trails, a fishing lake, covered mailboxes, and is pet friendly.

Key facts

• Fully remodeled home
• Nice sized yard
• Fishing lake

Tags

• FULLY REMODELED HOME
• NICE SIZED YARD
• WALKING TRAILS
• FISHING LAKE

Property features AI

Finance

• Other: Lot size approximately 0.115 acre (< 1/4 acre); Cited model: 2018 Clayton 16x66
• HOA & community: HOA with monthly fee ($500) covering maintenance, park/playground, management, snow removal and trash; Low-maintenance lifestyle

Exterior

• Parking: Gravel parking
• Security: Security lights; Smoke detectors
• Utilities: Public water; Community sewer; Separate electric meter; Separate gas meter; Sewer connected; Water connected
• Home design: Manufactured home; Residential property, updated/remodeled; One level; Faces west; Other/see remarks ownership type
• Construction: Vinyl siding; Crawl space foundation; Built by Clayton
• Exterior features: Front porch; Basketball court; Playset; Water feature / fountain; Lot has access

Interior

• Kitchen: Dishwasher; Range hood; Exhaust fan
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Kitchen island; Eat-in kitchen; Laundry in unit
• Laundry & utility: In-unit laundry with full connections; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.5% in Monrovia — 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 66/100 on livability (#304 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Monroe-Gregg School District (rural): math 31% / reading 45% proficiency, ranked #143 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monrovia Elementary School (math 42% / reading 44%, grade F, #417 of 994 statewide, top 43%, 702 students, 47% FRL); Monrovia High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 528 students, 36% FRL).
• Market conditions: 134 active listings in the ZIP; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $418 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $58,685 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.60% ✓
• Cap rate: 12.75%
• Cash-on-cash: 23.04%
• DSCR: 2.03
• GRM: 3.2

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: 16.4%
• Equity multiple: 1.66×
• Total profit: $11,247
• Equity at exit: $9,021

10-year hold

• IRR: 25.2%
• Equity multiple: 3.23×
• Total profit: $37,817
• Equity at exit: $5,231

Cash invested: $16,940 (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 46158

• Home prices YoY: -26.3%
• Active inventory: 134
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,574 medium
• Mortgage (P&I): −$317
• Tax est. 1.5%: −$76 /mo · $908/yr
• Insurance: −$25
• HOA: −$500
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $325

Break-even live

Break-even rent $1,162

Max offer price $60,500

Occupancy floor 74%

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: $15,125
• Closing costs: $1,815
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $500 · $6,000/yr
• Likely covers: landscaping

Listing history 14 events

1. 2026-06-18
   days on market $60,500 Active 35 DOM
2. 2026-06-17
   days on market $60,500 Active 34 DOM
3. 2026-06-16
   days on market $60,500 Active 33 DOM
4. 2026-06-15
   days on market $60,500 Active 32 DOM
5. 2026-06-13
   days on market $60,500 Active 30 DOM
6. 2026-06-09
   days on market $60,500 Active 26 DOM
7. 2026-06-08
   days on market $60,500 Active 25 DOM
8. 2026-06-07
   days on market $60,500 Active 24 DOM
9. 2026-06-05
   days on market $60,500 Active 21 DOM
10. 2026-06-03
    days on market $60,500 Active 20 DOM
11. 2026-06-02
    days on market $60,500 Active 19 DOM
12. 2026-06-01
    days on market $60,500 Active 18 DOM
13. 2026-05-31
    days on market $60,500 Active 17 DOM
14. 2026-05-14
    listed $60,500 Active 447-char remark

ⓘ 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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,887
• − Mortgage interest: −$3,389
• − Property taxes: −$908
• − Insurance: −$302
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − HOA: −$6,000
• − Depreciation: −$1,760
• Taxable income: $3,506
• Est. tax owed @ 24.0%: −$842
• After-tax cash flow: $3,062/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This fully remodeled mobile home is in good condition with no visible repairs needed. It offers a good investment opportunity with potential for both resale and rental value through cosmetic updates.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Monroe-Gregg School District
• NCES district ID: 1804140
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $64,767
• Composite: 34.2/100
• National rank: #5266
• State rank: #143 of 301 in IN

Livability — Monrovia

• Score: 66/100
• State rank: #304
• US rank: #12092

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 24,622

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.62%
• Current HPI: 254.0837
• 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

1 event — show timeline

• 2026-05-14 Listed $60,500 MIBOR as Distributed by MLS Grid