620 W Windsor St · Montpelier, IN 47359

$129,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 49 Days on market

Built 1997 0.31 ac lot $86/sqft · 101% above area

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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 +20.4/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.1/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Move in ready 3 bedroom, 2 bath MH w/ permanent block foundation. The new metal roof was installed in 2017, the 12 x 28 smart barn is newer and offers lots of extra storage! Gas forced heating and Central AC, 50 Gallon Electric Water heater, 200 amp electric service and car port ! The master bath is wonderful with a new Slipper Tub, new vanity and stylish barn door ! The walk in closet also offers lots of extra storage for its proud occupant! The laundry is conveniently accessible near the kitchen and the washer and dryer are included. Don't miss this affordable home located in a nice quiet area of Montpelier.

Key facts

• 0.31 acre lot
• Built 1997
• Listed 48 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Natural gas heating; Window cooling units
• Home design: Manufactured home (residential); Single-story living (primary on main level)
• Construction: Vinyl siding
• Exterior features: Metal roof; Outbuilding on the property; Lot dimensions approximately 96 x 140; Lot about 0.31 acre

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range; Kitchen island
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Interior features: Walk-in closet(s); Kitchen island; Open floorplan; Primary bedroom on main level; Crawl space basement
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (8.7% below list).
• Recommended offer: $119k (8.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($898 loan paydown + $9k appreciation (6.7% local appreciation)).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $66k; list at $130k implies a 97% gain — meaningful room to come down on a strong offer.

Recommended offer $118,651 (8.7% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 9.1

CMA / ARV

• ARV (median comp): $64,500
• List price: $129,900
• Delta: 101.40%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 W Windsor St	0.29mi	3/2.0	1,404 (-7%)	1mo	$104,000	$74	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.48×
• Total profit: $53,756
• Equity at exit: $87,641

10-year hold

• IRR: 20.2%
• Equity multiple: 5.08×
• Total profit: $148,394
• Equity at exit: $164,369

Cash invested: $36,372 (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 47359

• Home prices YoY: 3.0%
• Active inventory: 26
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,187 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$34 /mo · $410/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $168

Break-even live

Break-even rent $974

Max offer price $129,900

Occupancy floor 81%

Sensitivity live

Price	-10% $241	-5% $205	+0% $168	+5% $131	+10% $94
Rent	-10% $74	-5% $121	+0% $168	+5% $215	+10% $262
Rate	-1.0pp $233	-0.5pp $201	base $168	+0.5pp $134	+1.0pp $100

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $129,900 Active 49 DOM
2. 2026-06-19
   days on market $129,900 Active 47 DOM
3. 2026-06-18
   days on market $129,900 Active 46 DOM
4. 2026-06-17
   days on market $129,900 Active 45 DOM
5. 2026-06-16
   days on market $129,900 Active 44 DOM
6. 2026-06-15
   days on market $129,900 Active 43 DOM
7. 2026-06-14
   days on market $129,900 Active 41 DOM
8. 2026-06-12
   days on market $129,900 Active 40 DOM
9. 2026-06-09
   days on market $129,900 Active 37 DOM
10. 2026-06-08
    days on market $129,900 Active 36 DOM
11. 2026-06-07
    days on market $129,900 Active 35 DOM
12. 2026-06-05
    days on market $129,900 Active 32 DOM
13. 2026-06-03
    days on market $129,900 Active 31 DOM
14. 2026-06-02
    days on market $129,900 Active 30 DOM
15. 2026-06-01
    days on market $129,900 Active 29 DOM
16. 2026-05-31
    days on market $129,900 Active 28 DOM
17. 2026-05-30
    days on market $129,900 Active 27 DOM
18. 2026-05-02
    listed $129,900 Active 709-char remark
19. 2021-09-30
    soldstatus $66,000 619-char remark

    Show marketing remark (619 chars)

    Move in ready 3 bedroom, 2 bath MH w/ permanent block foundation. The new metal roof was installed in 2017, the 12 x 28 smart barn is newer and offers lots of extra storage! Gas forced heating and Central AC, 50 Gallon Electric Water heater, 200 amp electric service and car port ! The master bath is wonderful with a new Slipper Tub, new vanity and stylish barn door ! The walk in closet also offers lots of extra storage for its proud occupant! The laundry is conveniently accessible near the kitchen and the washer and dryer are included. Don't miss this affordable home located in a nice quiet area of Montpelier.

20. 2021-06-11
    listed $65,000 619-char remark

    Show marketing remark (619 chars)

    Move in ready 3 bedroom, 2 bath MH w/ permanent block foundation. The new metal roof was installed in 2017, the 12 x 28 smart barn is newer and offers lots of extra storage! Gas forced heating and Central AC, 50 Gallon Electric Water heater, 200 amp electric service and car port ! The master bath is wonderful with a new Slipper Tub, new vanity and stylish barn door ! The walk in closet also offers lots of extra storage for its proud occupant! The laundry is conveniently accessible near the kitchen and the washer and dryer are included. Don't miss this affordable home located in a nice quiet area of Montpelier.

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $410 · $34/mo
• Projected year-2 tax: $757 · $63/mo
• Expected delta: +$347/yr (+$29/mo · 84.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,238
• − Mortgage interest: −$7,276
• − Property taxes: −$410
• − Insurance: −$650
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$3,779
• Taxable loss: −$155
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $2,051/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Montpelier

• Score: 68/100
• State rank: #230
• US rank: #9968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montpelier, IN
• City population: 3,688
• Population (ZIP): 3,688

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 0% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.72%
• Current HPI: 231.2009
• 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

+99.8% since first listed

3 events — show timeline

• 2026-05-02 Listed $129,900 IRMLS
• 2021-09-30 Sold (MLS) $66,000 IRMLS
• 2021-06-11 Listed $65,000 IRMLS

Property tax history

+2.4%/yr

Latest (2025): $410 · -25.9% YoY. Source: county tax records.