Patriot 585 Redbud Estates Plan · Anderson, IN 46013

$36,500

3 bd · 2.0 ba · 1,400 sqft · Manufactured · 48 Days on market

Fair condition

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in Anderson, IN, and close to Indianapolis, Redbud Estates features tranquil surroundings. Our residents enjoy being part of a bustling surrounding community with a vibrant downtown area. Our high-quality homes have standard features including 2-3 bedrooms, large living areas, open kitchens with plenty of counter and cabinet space (even islands), plus primary bedrooms and bathrooms. While similar to site-built homes, the price of owning or renting a manufactured home in Redbud Estates is much more affordable. Redbud Estates manufactured home community has on-site management and offers 24-hour maintenance for your convenience. It's ideal for those who want carefree living with a reas

Key facts

• 24-hour maintenance
• Master suites
• On-site management

Tags

• ON-SITE MANAGEMENT
• 24-HOUR MAINTENANCE
• WOOD KITCHEN CABINETS
• KITCHEN ISLANDS
• ENTERTAINMENT CENTERS
• MASTER SUITES

Property features AI

Finance

• Other: Living area approximately 1,400 (plan-based)
• Financial info: List price $36,500

Exterior

• Utilities: Central air (cooling)
• Home design: Patriot 585 plan; Located in Anderson, IN
• Construction: New construction plan (2026 listing)
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Plan-based new construction (Patriot 585 Redbud Estates)

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $36k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $665 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.2% vs local median 6.5% in Anderson — 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.

Location & tenants

• Location reads 60/100 on livability (#521 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Anderson Community School Corporation (urban): math 15% / reading 23% proficiency, ranked #280 of 301 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 150 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $252 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Recommended offer $35,405 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 3.18% ✓
• Cap rate: 28.17%
• Cash-on-cash: 78.12%
• DSCR: 4.48
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 78.2%
• Equity multiple: 4.57×
• Total profit: $36,475
• Equity at exit: $5,442

10-year hold

• IRR: 81.7%
• Equity multiple: 9.45×
• Total profit: $86,395
• Equity at exit: $3,156

Cash invested: $10,220 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 150
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,161 high
• Mortgage (P&I): −$191
• Tax est. 1.5%: −$46 /mo · $548/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $665

Break-even live

Break-even rent $319

Max offer price $36,500

Occupancy floor 38%

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,330	$1.34	2d	6	0.61mi
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	2d	2	0.79mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	0.80mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	0.81mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.85mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	7d	1	0.94mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.06mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	7d	1	1.24mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	1.28mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.33mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.38mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.42mi

Listing history 14 events

1. 2026-06-18
   days on market $36,500 Active 48 DOM
2. 2026-06-17
   days on market $36,500 Active 47 DOM
3. 2026-06-16
   days on market $36,500 Active 46 DOM
4. 2026-06-15
   days on market $36,500 Active 45 DOM
5. 2026-06-13
   days on market $36,500 Active 43 DOM
6. 2026-06-09
   days on market $36,500 Active 39 DOM
7. 2026-06-08
   days on market $36,500 Active 38 DOM
8. 2026-06-07
   days on market $36,500 Active 37 DOM
9. 2026-06-05
   days on market $36,500 Active 34 DOM
10. 2026-06-03
    days on market $36,500 Active 33 DOM
11. 2026-06-02
    days on market $36,500 Active 32 DOM
12. 2026-06-01
    days on market $36,500 Active 31 DOM
13. 2026-05-31
    days on market $36,500 Active 30 DOM
14. 2026-05-01
    listed $36,500 Active 1446-char remark

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

Taxation est. · year 1

• Rental income: $13,937
• − Mortgage interest: −$2,045
• − Property taxes: −$548
• − Insurance: −$182
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$1,062
• Taxable income: $7,871
• Est. tax owed @ 24.0%: −$1,889
• After-tax cash flow: $6,094/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations to improve its condition and increase its value. Focus on updating the kitchen, painting interior walls, and replacing carpet with hardwood.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — standard, could be updated
• Moderate HVAC system — basic systems, may need maintenance

Value-add opportunities

• Resale paint interior walls — enhances curb appeal and interior aesthetics
• Resale replace carpet with hardwood — increases home value and appeal
• Resale update kitchen countertops — modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · standard, could be updated	Minor	$500–3,000
HVAC system · basic systems, may need maintenance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale paint interior walls — enhances curb appeal and interior aesthetics ↑
• Resale replace carpet with hardwood — increases home value and appeal ↑
• Resale update kitchen countertops — modernizes the space and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Anderson Community School Corporation
• NCES district ID: 1800150
• Math proficiency: 15% ▼ -14.00%
• Reading proficiency: 23% ▼ -7.00%
• Median HH income: $38,208
• Composite: 15.93/100
• National rank: #9250
• State rank: #280 of 301 in IN

Livability — Anderson

• Score: 60/100
• State rank: #521
• US rank: #18709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anderson, IN
• County: Madison County · 69,445 people
• City population: 57,762
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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