Sec 3 Lot 21/22 5943 S State Rd · North Liberty, IN 47353

$87,000

1 bd · 1.0 ba · 418 sqft · Manufactured · 23 Days on market

Built 2001 Good condition 6,098 sqft lot

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Why this score? — see what drove the C+ 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 +25.3/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +2.1/10.0

Listing remarks

Tucked away in Heritage Hills, you will find lots 3-21 and 3-22. This seasonal home offers an inviting space that's ready for you to move right in and start living the good life, or lake life if you prefer, as Brookville Lake is nearby. Step outside onto the cozy covered deck to simply unwind after a long day while taking in the water view and the surrounding nature, or enjoy entertaining on the gazebo, fishing from the private dock, or enjoying water activities. With so many inviting outside spaces, this property has so much to offer. The spacious double lot is enclosed with a white picket fence, adding that extra layer of safety for children or pets. A handy shed provides storage for all

Key facts

• Handy shed
• Private dock
• Enclosed double lot

Tags

• COZY COVERED DECK
• WATER VIEW
• PRIVATE DOCK
• ENCLOSED DOUBLE LOT
• WHITE PICKET FENCE
• HANDY SHED

Property features AI

Exterior

• Security: Key card entry
• Utilities: Public water; Municipal sewer connected
• Home design: Manufactured home; One story; On waterfront with dock, water access and water view; Has view; Has additional parcels
• Construction: Aluminum siding; Other foundation
• Exterior features: Covered patio/porch; Deck; Gazebo; Fire pit; Storage shed; Water feature / fountain; Fenced yard; Private in-ground outdoor pool (fenced)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Range hood; Refrigerator
• Bedrooms: 1 bedroom (Main level) — approximately 9 x 11
• Bathrooms: 1 full bathroom (Main level)
• Heating & cooling: Propane heating; Central air conditioning
• Interior features: Breakfast bar; Eat-in kitchen; Accessible approach with ramp; Key card entry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $87k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• Recommended offer: $86k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#221 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• John Glenn School Corporation (town): math 44% / reading 51% proficiency, ranked #75 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($86k) is reasonable based on typical stale-listing flexibility.

Recommended offer $85,695 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.78%
• DSCR: 1.44
• GRM: 7.2

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-1,437
• Equity at exit: $12,972

10-year hold

• IRR: 8.1%
• Equity multiple: 1.62×
• Total profit: $15,093
• Equity at exit: $7,522

Cash invested: $24,360 (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 47353

• Home prices YoY: -2.4%
• Active inventory: 2
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,012 medium
• Mortgage (P&I): −$456
• Tax est. 1.5%: −$109 /mo · $1,305/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $199

Break-even live

Break-even rent $761

Max offer price $87,000

Occupancy floor 75%

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $87,000 Active 23 DOM
2. 2026-06-18
   days on market $87,000 Active 22 DOM
3. 2026-06-17
   days on market $87,000 Active 21 DOM
4. 2026-06-16
   days on market $87,000 Active 20 DOM
5. 2026-06-15
   days on market $87,000 Active 19 DOM
6. 2026-06-14
   days on market $87,000 Active 17 DOM
7. 2026-06-13
   days on market $87,000 Active 16 DOM
8. 2026-06-10
   days on market $87,000 Active 14 DOM
9. 2026-06-09
   days on market $87,000 Active 13 DOM
10. 2026-06-08
    days on market $87,000 Active 12 DOM
11. 2026-06-07
    days on market $87,000 Active 11 DOM
12. 2026-06-05
    days on market $87,000 Active 8 DOM
13. 2026-06-03
    days on market $87,000 Active 7 DOM
14. 2026-06-02
    days on market $87,000 Active 6 DOM
15. 2026-06-01
    days on market $87,000 Active 5 DOM
16. 2026-05-31
    days on market $87,000 Active 4 DOM
17. 2026-05-30
    days on market $87,000 Active 3 DOM
18. 2026-05-21
    listed $87,000 Active

ⓘ 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: $12,149
• − Mortgage interest: −$4,873
• − Property taxes: −$1,305
• − Insurance: −$435
• − Repairs & maintenance: −$972
• − Management: −$972
• − Depreciation: −$2,531
• Taxable income: $1,061
• Est. tax owed @ 24.0%: −$255
• After-tax cash flow: $2,128/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 · 13 photos

Good 75/100 Cosmetic rehab

This mobile home is in good condition with cosmetic updates needed. It offers a great outdoor space and is ready for a new owner to move in and enjoy the lake life.

Repairs flagged

• Minor Kitchen cabinets — Some wear visible, but not severe enough to require immediate replacement
• Minor Bathroom fixtures — Some wear visible, but not severe enough to require immediate replacement

Value-add opportunities

• Resale Paint exterior walls — Fresh paint can significantly improve curb appeal and home value
• Resale Upgrade kitchen appliances — Modern appliances can attract more buyers and increase the home's value
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some wear visible, but not severe enough to require immediate replacement	Minor	$500–3,000
Bathroom fixtures · Some wear visible, but not severe enough to require immediate replacement	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint exterior walls — Fresh paint can significantly improve curb appeal and home value ↑
• Resale Upgrade kitchen appliances — Modern appliances can attract more buyers and increase the home's value ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more renters ↑

ⓘ 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: John Glenn School Corporation
• NCES district ID: 1809120
• Math proficiency: 44% ▼ -14.00%
• Reading proficiency: 51% ▼ -8.00%
• Median HH income: $50,407
• Composite: 40.73/100
• National rank: #3657
• State rank: #75 of 301 in IN

Livability — North Liberty

• Score: 68/100
• State rank: #221
• US rank: #9652

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Liberty, IN
• Population (ZIP): 5,111

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Asian 1%
• Common ancestry: Slovak 3% Italian 3% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Chinese 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.87%
• Current HPI: 242.5055
• 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

1 event — show timeline

• 2026-05-21 Listed $87,000 MIBOR as Distributed by MLS Grid