402 Mallard Dr SE

DeMotte, IN 46760

$69,999B+

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,093/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $380/mo
• Annual: $4,555/yr
• Cap rate: 12.80%
• Cash-on-cash: 23.24%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $19,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 115 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kankakee Valley School Corporation (rural): math 47% / reading 54% proficiency, ranked #45 of 301 in IN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 93 units permitted in Jasper County in 2024 (5 in 5+ unit buildings).
• Jasper County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.8% vs local median 2.4% in DeMotte — 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

• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be missing or damaged.
• Major: siding — The siding is peeling and the paint is chipping.
• Major: HVAC condensers — The HVAC condensers are in poor condition.
• Major: landscaping — The landscaping is minimal and the curb appeal is low.
• Major: interior walls/paint — The interior walls and paint are not visible in the photos, but the exterior condition suggests they may be in poor condition.
• Major: windows — The windows are not visible in the photos, but the exterior condition suggests they may be in poor condition.