12948 S State Route 31 Unit 31-44

Bennetts Switch, IN 46901

$18,000D+

3 bd · 2.0 ba · 980 sqft · Built 2025 · Manufactured · Active · 297 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,213/mo
• Mortgage (P&I): −$94
• Tax + insurance: −$30
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $834/mo
• Annual: $10,010/yr
• Cap rate: 61.90%
• Cash-on-cash: 198.60%
• DSCR: 9.84
• 1% rule: 6.74%
• Cash to close: $5,040

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $18k.
• 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).
• It's been on market 297 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• 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?
• 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.
• 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?
• 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.