4256 Jonathan Dr · Wheatfield, IN 46392

$165,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 95 Days on market

Built 1978 0.64 ac lot $98/sqft · 29% below area Est $233k · 29% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.0/30.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Oak Heritage Estates in Wheatfield! This spacious 1,680 sq. ft. manufactured home offers comfortable living in a quiet subdivision on a wooded lot. Step inside through the enclosed front porch, a perfect spot to relax with your morning coffee. The home features 4 bedrooms and 2 full baths, along with a large country kitchen, dining room, and a cozy living room with fireplace. A main-floor laundry room adds everyday convenience. Enjoy the outdoors from the rear deck overlooking the wooded lot--ideal for entertaining or unwinding. The property also includes a carport and storage shed for added functionality. This home has newer windows, siding and steps to the front porch & back deck. All you need is to add your personal updates and finishing touches, offering a great opportunity to create the space you've been dreaming of in a peaceful community.

Key facts

• Wooded lot
• Carport
• Storage shed

Tags

• WOODED LOT
• ENCLOSED FRONT PORCH
• LARGE COUNTRY KITCHEN
• REAR DECK
• CARPORT
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (22.4% below list).
• Recommended offer: $128k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.5% in Wheatfield — 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 64/100 on livability (#378 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime C-, employment C-, amenities F.
• Kankakee Valley School Corporation (rural): math 47% / reading 54% proficiency, ranked #45 of 301 in IN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wheatfield Elementary School (math 67% / reading 57%, grade B, #101 of 994 statewide, top 12%, 364 students, 56% FRL); Kankakee Valley Middle School (math 44% / reading 53%, grade C-, #56 of 330 statewide, top 18%, 741 students, 45% FRL); Kankakee Valley High School (math 45% / reading 69%, grade C, #64 of 369 statewide, top 18%, 1,081 students, 37% FRL) — zoned schools average 46% FRL vs 30% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 82 active listings in the ZIP; 93 units permitted in Jasper County in 2024 (5 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.
• Jasper County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Recommended offer $128,033 (22.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• GRM: 10.7

CMA / ARV

• ARV (median comp): $232,872
• List price: $165,000
• Delta: -29.15%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14865 Heritage Dr W	0.15mi	4/2.0 (+1)	1,680 (0%)	0mo	$205,000	$122	88
14874 Heritage Dr W	0.18mi	3/2.5	1,755 (+4%)	0mo	$180,000	$103	82
4274 Winesap Ln	0.23mi	3/2.0	1,456 (-13%)	4mo	$199,000	$137	64

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: -21.9%
• Equity multiple: 0.24×
• Total profit: $-34,922
• Equity at exit: $24,602

10-year hold

• IRR: -15.7%
• Equity multiple: 0.11×
• Total profit: $-40,896
• Equity at exit: $14,266

Cash invested: $46,200 (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 46392

• Home prices YoY: -16.1%
• Active inventory: 82
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,280 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-129

Break-even live

Break-even rent $1,443

Max offer price $146,360

Occupancy floor —

Sensitivity live

Price	-10% $-15	-5% $-72	+0% $-129	+5% $-186	+10% $-243
Rent	-10% $-230	-5% $-179	+0% $-129	+5% $-78	+10% $-28
Rate	-1.0pp $-46	-0.5pp $-87	base $-129	+0.5pp $-172	+1.0pp $-215

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $165,000 Active 95 DOM
2. 2026-06-21
   days on market $165,000 Active 94 DOM
3. 2026-06-18
   days on market $165,000 Active 92 DOM
4. 2026-06-17
   days on market $165,000 Active 91 DOM
5. 2026-06-16
   days on market $165,000 Active 90 DOM
6. 2026-06-15
   days on market $165,000 Active 89 DOM
7. 2026-06-13
   days on market $165,000 Active 87 DOM
8. 2026-06-12
   days on market $165,000 Active 86 DOM
9. 2026-06-09
   days on market $165,000 Active 83 DOM
10. 2026-06-08
    days on market $165,000 Active 82 DOM
11. 2026-06-07
    days on market $165,000 Active 81 DOM
12. 2026-06-05
    days on market $165,000 Active 79 DOM
13. 2026-06-04
    days on market $165,000 Active 77 DOM
14. 2026-06-02
    days on market $165,000 Active 76 DOM
15. 2026-06-01
    days on market $165,000 Active 75 DOM
16. 2026-05-31
    days on market $165,000 Active 74 DOM
17. 2026-05-31
    days on market $165,000 Active 73 DOM
18. 2026-03-18
    listed $165,000 Active 874-char remark

    Show marketing remark (874 chars)

    Welcome to Oak Heritage Estates in Wheatfield! This spacious 1,680 sq. ft. manufactured home offers comfortable living in a quiet subdivision on a wooded lot. Step inside through the enclosed front porch, a perfect spot to relax with your morning coffee. The home features 4 bedrooms and 2 full baths, along with a large country kitchen, dining room, and a cozy living room with fireplace. A main-floor laundry room adds everyday convenience. Enjoy the outdoors from the rear deck overlooking the wooded lot--ideal for entertaining or unwinding. The property also includes a carport and storage shed for added functionality. This home has newer windows, siding and steps to the front porch & back deck. All you need is to add your personal updates and finishing touches, offering a great opportunity to create the space you've been dreaming of in a peaceful community.

ⓘ 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 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,364
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$4,800
• Taxable loss: −$4,437
• Est. tax savings @ 24.0%: +$1,065
• After-tax cash flow: $-481/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: Kankakee Valley School Corporation
• NCES district ID: 1805280
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 54% ▼ -1.00%
• Median HH income: $58,135
• Composite: 43.95/100
• National rank: #2901
• State rank: #45 of 301 in IN

Livability — Wheatfield

• Score: 64/100
• State rank: #378
• US rank: #14111

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,332

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 33,185 people
• By 2030: 32,635 · -1.7%
• By 2040: 31,232 · -5.9%
• By 2050: 29,630 · -10.7%
• By 2075: 25,938 · -21.8%
• By 2100: 21,635 · -34.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 9% Iranian 8% Slovak 6%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jasper

• 2024 margin: Solid R (+54.3) · D 22.1% · R 76.4% · Other 1.6%
• 2008→2024 swing: -33.9pp toward R · 2008: -20.4pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.0 2016: R+45.4 2012: R+25.5 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.89%
• Current HPI: 223.8993
• 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

• 2026-03-18 Listed $165,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2025): $205 · -2.6% YoY. Source: county tax records.