7685 N Cr 550 E

Newtonville, IN 47615

$64,900B

3 bd · 2.0 ba · 1,296 sqft · Built 1995 · Manufactured · Pending · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,218/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $562/mo
• Annual: $6,749/yr
• Cap rate: 16.69%
• Cash-on-cash: 37.14%
• DSCR: 2.65
• 1% rule: 1.88%
• Cash to close: $18,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 107 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($449 loan paydown + $5k appreciation (7.5% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Spencer County School Corporation (rural): math 64% / reading 63% proficiency, ranked #12 of 301 in IN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chrisney Elementary School (math 72% / reading 52%, grade B, #101 of 994 statewide, top 12%, 221 students, 42% FRL); Heritage Hills Middle School (math 58% / reading 62%, grade B, #15 of 330 statewide, top 5%, 299 students, 34% FRL); Heritage Hills High School (math 52% / reading 77%, grade B-, #34 of 369 statewide, top 10%, 642 students, 34% FRL).
• Market conditions: 11 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.