120 Hendricks St · Fillmore, IN 46128

$185,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 34 Days on market

Built 1999 10,019 sqft lot

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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 +10.1/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0

Listing remarks MLS

Do not let this one pass you by! Fantastic 3 bd 2 full bath home with a detached garage in the heart of Fillmore! New roof on both home and garage. Enter through the large living room to an open concept with tons of natural sunlight and a split floor plan. Formal dining room off the large updated kitchen with new counter tops and new appliances that will stay. Beautiful new vinyl plank flooring throughout and fresh paint. Master suite with garden tub, double sinks and walk-in closet. Laundry room off the kitchen with a door leading to the large back yard for all of your entertaining needs. Home also offers a new HVAC!

Key facts

• Open concept
• Split floor plan
• Large living room

Tags

• LARGE LIVING ROOM
• OPEN CONCEPT
• NATURAL SUNLIGHT
• SPLIT FLOOR PLAN
• DETACHED GARAGE
• NEWER HVAC

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer connected
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Mature trees

Interior

• Kitchen: Kitchen on the main level; Dishwasher; Microwave with hood; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms on the main level (bedroom split layout); Bedroom 2 (10x13) on the main level; Bedroom 3 (11x9) on the main level
• Bathrooms: 2 full bathrooms on the main level; Primary bath with garden tub, double sinks and a full shower stall
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Vaulted ceilings; Dining room; Living room
• Laundry & utility: Main-level laundry room (6x6)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (32.4% below list).
• Recommended offer: $125k (32.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#473 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• South Putnam Community Schools (rural): math 40% / reading 46% proficiency, ranked #105 of 301 in IN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fillmore Elementary School (math 54% / reading 54%, grade C, #197 of 994 statewide, top 22%, 124 students, 51% FRL); South Putnam Middle School (math 32% / reading 36%, grade F, #173 of 330 statewide, top 53%, 264 students, 41% FRL); South Putnam High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 374 students, 45% FRL).
• Market conditions: 13 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $9k appreciation (5.1% local appreciation)).
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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 $144k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $125,083 (32.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
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: 0.68% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• GRM: 12.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.1% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.71×
• Total profit: $36,742
• Equity at exit: $105,909

10-year hold

• IRR: 12.2%
• Equity multiple: 3.25×
• Total profit: $116,351
• Equity at exit: $183,678

Cash invested: $51,800 (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 46128

• Home prices YoY: 2.1%
• Active inventory: 13
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$48 /mo · $574/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-107

Break-even live

Break-even rent $1,386

Max offer price $166,106

Occupancy floor —

Sensitivity live

Price	-10% $-2	-5% $-55	+0% $-107	+5% $-159	+10% $-212
Rent	-10% $-206	-5% $-156	+0% $-107	+5% $-58	+10% $-8
Rate	-1.0pp $-14	-0.5pp $-60	base $-107	+0.5pp $-155	+1.0pp $-204

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $185,000 Active 34 DOM
2. 2026-06-18
   days on market $185,000 Active 31 DOM
3. 2026-06-17
   days on market $185,000 Active 30 DOM
4. 2026-06-16
   days on market $185,000 Active 29 DOM
5. 2026-06-15
   days on market $185,000 Active 28 DOM
6. 2026-06-13
   days on market $185,000 Active 26 DOM
7. 2026-06-09
   days on market $185,000 Active 22 DOM
8. 2026-06-08
   days on market $185,000 Active 21 DOM
9. 2026-06-07
   days on market $185,000 Active 20 DOM
10. 2026-06-05
    days on market $185,000 Active 17 DOM
11. 2026-06-03
    days on market $185,000 Active 16 DOM
12. 2026-06-02
    days on market $185,000 Active 15 DOM
13. 2026-06-01
    days on market $185,000 Active 14 DOM
14. 2026-05-31
    days on market $185,000 Active 13 DOM
15. 2026-05-18
    listed $185,000 Active
16. 2022-07-25
    soldstatus $143,500 Closed 625-char remark

    Show marketing remark (625 chars)

    Do not let this one pass you by! Fantastic 3 bd 2 full bath home with a detached garage in the heart of Fillmore! New roof on both home and garage. Enter through the large living room to an open concept with tons of natural sunlight and a split floor plan. Formal dining room off the large updated kitchen with new counter tops and new appliances that will stay. Beautiful new vinyl plank flooring throughout and fresh paint. Master suite with garden tub, double sinks and walk-in closet. Laundry room off the kitchen with a door leading to the large back yard for all of your entertaining needs. Home also offers a new HVAC!

17. 2022-06-20
    status Pending 625-char remark

    Show marketing remark (625 chars)

    Do not let this one pass you by! Fantastic 3 bd 2 full bath home with a detached garage in the heart of Fillmore! New roof on both home and garage. Enter through the large living room to an open concept with tons of natural sunlight and a split floor plan. Formal dining room off the large updated kitchen with new counter tops and new appliances that will stay. Beautiful new vinyl plank flooring throughout and fresh paint. Master suite with garden tub, double sinks and walk-in closet. Laundry room off the kitchen with a door leading to the large back yard for all of your entertaining needs. Home also offers a new HVAC!

18. 2022-06-19
    price $143,500 625-char remark

    Show marketing remark (625 chars)

    Do not let this one pass you by! Fantastic 3 bd 2 full bath home with a detached garage in the heart of Fillmore! New roof on both home and garage. Enter through the large living room to an open concept with tons of natural sunlight and a split floor plan. Formal dining room off the large updated kitchen with new counter tops and new appliances that will stay. Beautiful new vinyl plank flooring throughout and fresh paint. Master suite with garden tub, double sinks and walk-in closet. Laundry room off the kitchen with a door leading to the large back yard for all of your entertaining needs. Home also offers a new HVAC!

19. 2022-06-14
    listed $139,900 Active 625-char remark

    Show marketing remark (625 chars)

    Do not let this one pass you by! Fantastic 3 bd 2 full bath home with a detached garage in the heart of Fillmore! New roof on both home and garage. Enter through the large living room to an open concept with tons of natural sunlight and a split floor plan. Formal dining room off the large updated kitchen with new counter tops and new appliances that will stay. Beautiful new vinyl plank flooring throughout and fresh paint. Master suite with garden tub, double sinks and walk-in closet. Laundry room off the kitchen with a door leading to the large back yard for all of your entertaining needs. Home also offers a new HVAC!

20. 2020-04-30
    soldstatus $27,500 274-char remark

    Show marketing remark (274 chars)

    Fantastic deal on this home on a large lot with detached garage. This home features 3 bedrooms, 2 baths, open concept, laundry room, master suite with garden tub, double sinks and walk-in closet. A must see for the price! Property may qualify for Seller Financing (Vendee).

21. 2020-01-21
    listed $33,500 274-char remark

    Show marketing remark (274 chars)

    Fantastic deal on this home on a large lot with detached garage. This home features 3 bedrooms, 2 baths, open concept, laundry room, master suite with garden tub, double sinks and walk-in closet. A must see for the price! Property may qualify for Seller Financing (Vendee).

22. 2017-03-28
    historical
23. 2016-12-02
    listed $69,900
24. 2014-08-13
    soldstatus $52,500
25. 2014-03-17
    listed $49,500
26. 2013-11-17
    historical
27. 2012-11-20
    listed $49,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $574 · $48/mo
• Projected year-2 tax: $1,073 · $89/mo
• Expected delta: +$499/yr (+$42/mo · 86.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 18 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: $15,010
• − Mortgage interest: −$10,363
• − Property taxes: −$574
• − Insurance: −$925
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$5,382
• Taxable loss: −$4,636
• Est. tax savings @ 24.0%: +$1,113
• After-tax cash flow: $-171/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: South Putnam Community Schools
• NCES district ID: 1810500
• Math proficiency: 40% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $55,900
• Composite: 37.53/100
• National rank: #4394
• State rank: #105 of 301 in IN

Livability — Fillmore

• Score: 62/100
• State rank: #473
• US rank: #16737

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment A Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fillmore, IN
• Population (ZIP): 2,319

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Scottish 6% Serbian 3% Romanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 9%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.10%
• Current HPI: 243.159
• 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

+273.7% since first listed

13 events — show timeline

• 2026-05-18 Listed $185,000 MIBOR as Distributed by MLS Grid
• 2022-07-25 Sold (MLS) $143,500 MIBOR as Distributed by MLS Grid
• 2022-06-20 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-19 Price Changed $143,500 MIBOR as Distributed by MLS Grid
• 2022-06-14 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2020-04-30 Sold (MLS) $27,500 MIBOR as Distributed by MLS Grid
• 2020-01-21 Listed $33,500 MIBOR as Distributed by MLS Grid
• 2017-03-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-12-02 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2014-08-13 Sold (MLS) $52,500 MIBOR as Distributed by MLS Grid
• 2014-03-17 Listed $49,500 MIBOR as Distributed by MLS Grid
• 2013-11-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-11-20 Listed $49,500 MIBOR as Distributed by MLS Grid

Property tax history

-4.0%/yr

Latest (2024): $574 · +23.5% YoY. Source: county tax records.