12948 S State Route 31 Unit 31-44 · Bennetts Switch, IN 46901

$18,000

3 bd · 2.0 ba · 980 sqft · Manufactured · 297 Days on market

Built 2025 $18/sqft · 40% below area Est $30k · 40% under ↓ 38% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +2.8/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2025
• Listed 296 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $18k.

Deal economics

• At list price, monthly cash flow is $834 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Maconaquah School Corporation (rural): math 25% / reading 40% proficiency, ranked #213 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $124 of loan paydown is wiped out by about $540 of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $15,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 6.74% ✓
• Cap rate: 61.90%
• Cash-on-cash: 198.60%
• DSCR: 9.84
• GRM: 1.2

CMA / ARV

• ARV (median comp): $30,000
• List price: $18,000
• Delta: -40.00%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.26×
• Total profit: $46,672
• Equity at exit: $2,684

10-year hold

• IRR: —
• Equity multiple: 19.93×
• Total profit: $95,383
• Equity at exit: $1,556

Cash invested: $5,040 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,213 medium
• Mortgage (P&I): −$94
• Tax est. 1.5%: −$22 /mo · $270/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $834

Break-even live

Break-even rent $157

Max offer price $18,000

Occupancy floor 26%

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: $4,500
• Closing costs: $540
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $18,000 Active 297 DOM
2. 2026-06-18
   days on market $18,000 Active 296 DOM
3. 2026-06-17
   days on market $18,000 Active 295 DOM
4. 2026-06-16
   days on market $18,000 Active 294 DOM
5. 2026-06-15
   days on market $18,000 Active 293 DOM
6. 2026-06-14
   days on market $18,000 Active 291 DOM
7. 2026-06-13
   days on market $18,000 Active 290 DOM
8. 2026-06-10
   days on market $18,000 Active 288 DOM
9. 2026-06-09
   days on market $18,000 Active 287 DOM
10. 2026-06-08
    days on market $18,000 Active 286 DOM
11. 2026-06-07
    days on market $18,000 Active 285 DOM
12. 2026-06-05
    days on market $18,000 Active 282 DOM
13. 2026-06-02
    days on market $18,000 Active 280 DOM
14. 2026-06-01
    pricedays on market $18,000 Active 279 DOM
15. 2026-05-31
    days on market $17,500 Active 278 DOM
16. 2026-05-30
    days on market $17,500 Active 277 DOM
17. 2026-02-01
    price $17,500 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

18. 2026-01-28
    status Active 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2025-11-19
    historical 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2025-11-01
    price $18,000 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2025-06-19
    price $23,000 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

22. 2025-06-17
    listed $28,000 Active 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a clubhouse, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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 ≥101°F today · 17 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,560
• − Mortgage interest: −$1,008
• − Property taxes: −$270
• − Insurance: −$90
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$524
• Taxable income: $10,338
• Est. tax owed @ 24.0%: −$2,481
• After-tax cash flow: $7,528/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: Maconaquah School Corporation
• NCES district ID: 1806090
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $47,296
• Composite: 27.96/100
• National rank: #6859
• State rank: #213 of 301 in IN

Livability — Bennetts Switch

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Howard County · 75,099 people
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1116.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, IN
• 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

-37.5% since first listed

6 events — show timeline

• 2026-02-01 Price Changed $17,500 Zillow
• 2026-01-28 Relisted — Zillow
• 2025-11-19 Delisted — Zillow
• 2025-11-01 Price Changed $18,000 Zillow
• 2025-06-19 Price Changed $23,000 Zillow
• 2025-06-17 Listed $28,000 Zillow