8730 Sweetwater Trl

Cordry Sweetwater Lakes, IN 46164

$89,900B-

3 bd · 2.0 ba · 1,288 sqft · Built 2011 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,208/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $429/mo
• Annual: $5,145/yr
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• 1% rule: 1.34%
• Cash to close: $25,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#255 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Brown County School Corporation (rural): math 37% / reading 48% proficiency, ranked #113 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brown County High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 509 students, 48% FRL).
• Market conditions: 76 active listings in the ZIP; 76 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $19k; list at $90k implies a 376% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.0% vs local median 1.2% in Cordry Sweetwater Lakes — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.