182 Echo Lake Dr E · Monrovia, IN 46158

$39,900

3 bd · 2.0 ba · 1,064 sqft · Manufactured · 22 Days on market

Built 1988 Good condition 5,000 sqft lot $500/mo HOA · 31% 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

Home ownership is within easy reach with this fully remodeled 3 BR/2 Full Bath home in the picturesque Echo Lake Community for less than $40,000. Home has NEW roof coating, siding, refurbished deck, floor coverings, cabinets, paint, light fixtures, bathroom fixtures, doors, skirting. .. .. . Where did we stop? You won't believe it when you see it. Just bring your possessions and move in. Off street parking, utility room with W/ D hook up's, all the amenities of a high HOA fee housing addition at a fraction of the cost. Echo Lake offers two playgrounds, walking trails, fishing lake, covered mailbox areas, street plowing and maintenance and sewer/weekly trash service included in your lot fee.

Key facts

• Fully remodeled
• Utility room
• New roof coating

Tags

• FULLY REMODELED
• NEW ROOF COATING
• REFURBISHED DECK
• UTILITY ROOM
• FISHING LAKE
• WALKING TRAILS

Property features AI

Finance

• Other: Low-maintenance lifestyle; Lot size about 0.115 acre (<1/4 acre)
• HOA & community: Has HOA; Monthly association fee; Association amenities include basketball court, jogging path, playground, park, trails, snow removal, trash, maintenance, management; Association fee covers maintenance, park/playground, management, snow removal, trash, walking trails, and other services

Exterior

• Parking: Gravel parking
• Security: Security lights; Smoke detector(s)
• Utilities: Public water; Community sewer; Electricity connected with separate electric meter; Sewer connected; Water connected
• Home design: Manufactured home; Residential property; Updated/remodeled condition; Faces east; One level; Ownership: Other/See Remarks
• Construction: Built by Redman; Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch; Basketball court; Playset; Water feature (fountain); Street lights; Accessible lot

Interior

• Kitchen: Range hood
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Electric heating; Central air conditioning; Electric water heater
• Interior features: Vaulted ceilings; Eat-in kitchen; Walk-in closet(s)
• Laundry & utility: Laundry in unit with full connections; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 4.4% 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: 137 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 4.01% ✓
• Cap rate: 21.02%
• Cash-on-cash: 52.59%
• DSCR: 3.34
• GRM: 2.1

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: 51.0%
• Equity multiple: 3.24×
• Total profit: $25,047
• Equity at exit: $5,949

10-year hold

• IRR: 56.5%
• Equity multiple: 6.67×
• Total profit: $63,308
• Equity at exit: $3,450

Cash invested: $11,172 (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: 137
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,602 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$500
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $490

Break-even live

Break-even rent $982

Max offer price $39,900

Occupancy floor 64%

Sensitivity live

Price	-10% $517	-5% $503	+0% $490	+5% $476	+10% $462
Rent	-10% $363	-5% $426	+0% $490	+5% $553	+10% $616
Rate	-1.0pp $510	-0.5pp $500	base $490	+0.5pp $479	+1.0pp $469

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

HOA detail

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

Listing history 5 events

1. 2026-06-03
   statusdays on market $39,900 Pending 22 DOM
2. 2026-06-02
   days on market $39,900 Active 21 DOM
3. 2026-06-01
   days on market $39,900 Active 20 DOM
4. 2026-05-31
   days on market $39,900 Active 19 DOM
5. 2026-05-12
   listed $39,900 Active 722-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: $19,220
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − HOA: −$6,000
• − Depreciation: −$1,161
• Taxable income: $5,951
• Est. tax owed @ 24.0%: −$1,428
• After-tax cash flow: $4,447/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 3-bedroom, 2-bathroom home in Echo Lake Community is in excellent condition with new finishes and systems. It's move-in ready and offers a great value for its location and amenities.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace HVAC filter — Improves air quality and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace HVAC filter — Improves air quality and energy efficiency ↑

ⓘ 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

2 events — show timeline

• 2026-06-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Listed $39,900 MIBOR as Distributed by MLS Grid