6356 Scotch Pine Rd

Cannelton, IN 47520

$170,000F

3 bd · 2.0 ba · 1,344 sqft · Built 2017 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,165/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-206/mo
• Annual: $-2,476/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.20%
• DSCR: 0.77
• 1% rule: 0.69%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (31.4% below list).
• It's been on market 31 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (31.4% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.5% local appreciation)).
• Location reads 53/100 on livability (#643 in IN) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing B+; Watch: schools F, amenities F, commute F.
• Tell City-Troy Twp School Corporation (rural): math 37% / reading 51% proficiency, ranked #108 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 31 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• 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?
• 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.