7856 S County Road 575 E · Marengo, IN 47140

$110,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 30 Days on market

Manufactured home Built 2002 0.38 ac 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 +10.0/30.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Schools +2.9/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Excellent opportunity on this mobile home situation on approx . 38 acres. Online Auction Dates: 3/22/2026-3/26/2026. Please contact your agent for details. * * NO MH CURATIVE TO BE DONE, NO DMV TITLE PROVIDED. PROPERTY IS BEING MARKETED "AS IS" * *

Key facts

• 0.38 acre lot
• Built 2002
• Listed 29 days

Property features AI

Finance

• Financial info: Annual tax amount noted

Exterior

• Utilities: Public water connection; Septic tank
• Home design: Single-wide mobile home; Entry level on main floor
• Construction: Metal siding; Metal roof; Crawlspace foundation; Built area listed as 1,216 above-grade
• Exterior features: Paved road access; Residential zoning

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Main level primary
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Main level primary bedroom; Utility room
• Laundry & utility: Laundry closet on main level; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $-67 ($-800/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (20.2% below list).
• Recommended offer: $88k (20.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#407 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: health & safety C-, crime D, amenities F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Throop Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 712 students, 61% FRL); Paoli Jr & Sr High School (math 19% / reading 50%, grade F, #270 of 369 statewide, top 77%, 561 students, 55% FRL).
• Market conditions: 5 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($761 loan paydown + $6k appreciation (5.5% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $110k implies a 118% gain — meaningful room to come down on a strong offer.

Recommended offer $87,786 (20.2% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
6. 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.
7. 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.
8. 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: 0.80% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.79×
• Total profit: $24,290
• Equity at exit: $65,708

10-year hold

• IRR: 12.9%
• Equity multiple: 3.46×
• Total profit: $75,754
• Equity at exit: $116,294

Cash invested: $30,800 (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 47140

• Home prices YoY: 2.5%
• Active inventory: 5
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $878 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $-67

Break-even live

Break-even rent $962

Max offer price $100,352

Occupancy floor —

Sensitivity live

Price	-10% $9	-5% $-29	+0% $-67	+5% $-105	+10% $-143
Rent	-10% $-136	-5% $-101	+0% $-67	+5% $-32	+10% $3
Rate	-1.0pp $-11	-0.5pp $-39	base $-67	+0.5pp $-95	+1.0pp $-124

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $110,000 Active 30 DOM
2. 2026-06-21
   days on market $110,000 Active 29 DOM
3. 2026-06-21
   days on market $110,000 Active 28 DOM
4. 2026-06-18
   days on market $110,000 Active 26 DOM
5. 2026-06-17
   days on market $110,000 Active 25 DOM
6. 2026-06-16
   days on market $110,000 Active 24 DOM
7. 2026-06-15
   days on market $110,000 Active 23 DOM
8. 2026-06-13
   days on market $110,000 Active 21 DOM
9. 2026-06-12
   pricedays on market $110,000 Active 20 DOM
10. 2026-06-09
    days on market $118,000 Active 17 DOM
11. 2026-06-08
    days on market $118,000 Active 16 DOM
12. 2026-06-07
    days on market $118,000 Active 15 DOM
13. 2026-06-07
    pricedays on market $118,000 Active 14 DOM
14. 2026-06-04
    days on market $120,000 Active 11 DOM
15. 2026-06-02
    days on market $120,000 Active 10 DOM
16. 2026-06-01
    days on market $120,000 Active 9 DOM
17. 2026-05-31
    days on market $120,000 Active 8 DOM
18. 2026-05-31
    days on market $120,000 Active 7 DOM
19. 2026-05-23
    listed $120,000 Active
20. 2026-04-16
    soldstatus $50,500 Closed 261-char remark

    Show marketing remark (261 chars)

    Excellent opportunity on this mobile home situation on approx . 38 acres. Online Auction Dates: 3/22/2026-3/26/2026. Please contact your agent for details. * * NO MH CURATIVE TO BE DONE, NO DMV TITLE PROVIDED. PROPERTY IS BEING MARKETED "AS IS" * *

21. 2026-03-25
    historical 261-char remark

    Show marketing remark (261 chars)

    Excellent opportunity on this mobile home situation on approx . 38 acres. Online Auction Dates: 3/22/2026-3/26/2026. Please contact your agent for details. * * NO MH CURATIVE TO BE DONE, NO DMV TITLE PROVIDED. PROPERTY IS BEING MARKETED "AS IS" * *

22. 2026-03-12
    listed $34,900 Active 261-char remark

    Show marketing remark (261 chars)

    Excellent opportunity on this mobile home situation on approx . 38 acres. Online Auction Dates: 3/22/2026-3/26/2026. Please contact your agent for details. * * NO MH CURATIVE TO BE DONE, NO DMV TITLE PROVIDED. PROPERTY IS BEING MARKETED "AS IS" * *

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,534
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$843
• − Management: −$843
• − Depreciation: −$3,200
• Taxable loss: −$2,713
• Est. tax savings @ 24.0%: +$651
• After-tax cash flow: $-149/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: Paoli Community School Corporation
• NCES district ID: 1808640
• Math proficiency: 28% ▼ -14.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $38,333
• Composite: 29.18/100
• National rank: #6571
• State rank: #200 of 301 in IN

Livability — Marengo

• Score: 64/100
• State rank: #407
• US rank: #14811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,458

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Lithuanian 2% Slovak 1% Scottish 1%
• Foreign-born: 2% · South Korea

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.50%
• Current HPI: 222.9757
• 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

+243.8% since first listed

4 events — show timeline

• 2026-05-23 Listed $120,000 SIRA
• 2026-04-16 Sold (MLS) $50,500 SIRA
• 2026-03-25 Delisted — SIRA
• 2026-03-12 Listed $34,900 SIRA

Property tax history

+159.5%/yr

Latest (2024): $34 · -26.0% YoY. Source: county tax records.