388 Plan · Kokomo, IN 46901

$89,900

4 bd · 2.0 ba · 1,568 sqft · Manufactured · 115 Days on market

Manufactured home Good condition $57/sqft · 35% below area Est $139k · 35% under

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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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Manufactured-home adj. -5.7

Listing remarks

Beautiful 4-Bedroom Home in Holiday North - Move-In Ready! Welcome to this beautifully maintained 2021 home in the desirable Holiday North community in Kokomo! Offering 1,568 square feet of thoughtfully designed living space, this spacious 4-bedroom, 2-bathroom home is perfect for anyone looking for modern comfort and room to grow. The bright, open-concept floor plan is filled with natural light from the large front windows and features durable vinyl plank flooring throughout. The well-designed layout includes generously sized bedrooms with ample closet space, while the private primary suite is located on the opposite side of the home for added privacy.

Key facts

• Listed 115 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 5.4% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, schools F, amenities F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.5%/yr); 532 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. 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?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.21% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $139,000
• List price: $89,900
• Delta: -35.32%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1722 N Wabash St	1.39mi	3/1.0 (-1)	1,566 (-0%)	0mo	$132,000	$84	56
2225 N Lafountain St	0.75mi	3/2.0 (-1)	1,648 (+5%)	0mo	$191,900	$116	51
1919 N Waugh St	1.02mi	4/2.0	1,440 (-8%)	2mo	$390,000	$271	50
364 Ariel Dr	0.37mi	3/2.0 (-1)	1,229 (-22%)	5mo	$195,500	$159	49
2225 N Lafountain St	0.75mi	3/2.5 (-1)	1,648 (+5%)	5mo	$95,000	$58	46
131 W Lordeman St	1.23mi	3/2.0 (-1)	1,734 (+11%)	5mo	$95,000	$55	38
2152 N Waugh St	0.85mi	4/1.5	1,872 (+19%)	1mo	$135,000	$72	37
2408 1/2 N Purdum St	0.65mi	3/2.0 (-1)	1,300 (-17%)	4mo	$179,900	$138	36
916 E Fischer St	0.60mi	3/1.0 (-1)	1,248 (-20%)	3mo	$162,500	$130	36
1712 Northview Blvd	1.37mi	3/2.0 (-1)	1,300 (-17%)	4mo	$209,900	$161	32
2123 N Purdum St	0.85mi	3/1.0 (-1)	1,959 (+25%)	2mo	$125,000	$64	30
2000 N Delphos St	1.03mi	3/1.0 (-1)	1,275 (-19%)	2mo	$149,900	$118	29

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.90×
• Total profit: $-2,540
• Equity at exit: $13,404

10-year hold

• IRR: 3.2%
• Equity multiple: 1.20×
• Total profit: $5,100
• Equity at exit: $7,773

Cash invested: $25,172 (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 →

Active competition Active MLS

• For sale now: 17 active
• Median asking: $84,900 ($57/sqft)
• Median days on market: 88 d
• This list price: 65% of active listings are priced below it
• ARV vs active asking: +54.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 532
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,089 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $239

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 73%

Sensitivity live

Price	-10% $301	-5% $270	+0% $239	+5% $208	+10% $177
Rent	-10% $153	-5% $196	+0% $239	+5% $282	+10% $325
Rate	-1.0pp $284	-0.5pp $262	base $239	+0.5pp $215	+1.0pp $192

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: $22,475
• Closing costs: $2,697
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2864 Amberwood Pl Kokomo, IN	1.0–3.0	1.0–2.0	942	$1,410	$1.50	0d	8	0.40mi
2301 N Armstrong St Kokomo, IN	3.0	1.0	1072	$975	$0.91	9d	1	0.89mi
2301 N Armstrong St Kokomo, IN	3.0	1.0	1072	$975	$0.91	12d	1	0.89mi
131 W Lordeman St Kokomo, IN	5.0	2.0	1734	$2,200	$1.27	10d	1	1.24mi

Property features AI

Finance

• Other: Address: 3000 N Apperson Way, Kokomo, IN 46901
• Financial info: List price $99,999

Exterior

• Home design: Single-family plan homeListed as Active
• Construction: Living area approximately 1,568New construction (2026 plan)
• Exterior features: Other roof type

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 bathrooms (both full)
• Interior features: Plan home (Plan 388)

Listing history 50 events

1. 2026-10-04
   days on market $89,900 Active 115 DOM
2. 2026-10-02
   days on market $89,900 Active 114 DOM
3. 2026-10-01
   days on market $89,900 Active 113 DOM
4. 2026-09-30
   days on market $89,900 Active 112 DOM
5. 2026-09-29
   days on market $89,900 Active 111 DOM
6. 2026-09-28
   days on market $89,900 Active 110 DOM
7. 2026-09-27
   days on market $89,900 Active 109 DOM
8. 2026-09-26
   days on market $89,900 Active 108 DOM
9. 2026-09-25
   days on market $89,900 Active 107 DOM
10. 2026-09-24
    days on market $89,900 Active 106 DOM
11. 2026-09-24
    days on market $89,900 Active 105 DOM
12. 2026-09-22
    days on market $89,900 Active 104 DOM
13. 2026-09-21
    days on market $89,900 Active 103 DOM
14. 2026-09-20
    days on market $89,900 Active 102 DOM
15. 2026-09-18
    pricedays on market $89,900 Active 100 DOM
16. 2026-09-17
    days on market $94,900 Active 99 DOM
17. 2026-09-16
    days on market $94,900 Active 98 DOM
18. 2026-09-15
    days on market $94,900 Active 97 DOM
19. 2026-09-14
    days on market $94,900 Active 96 DOM
20. 2026-09-13
    days on market $94,900 Active 95 DOM
21. 2026-09-12
    days on market $94,900 Active 94 DOM
22. 2026-09-11
    days on market $94,900 Active 93 DOM
23. 2026-09-05
    days on market $94,900 Active 87 DOM
24. 2026-09-04
    days on market $94,900 Active 86 DOM
25. 2026-09-03
    days on market $94,900 Active 85 DOM
26. 2026-09-02
    days on market $94,900 Active 84 DOM
27. 2026-08-30
    days on market $94,900 Active 81 DOM
28. 2026-08-29
    days on market $94,900 Active 80 DOM
29. 2026-08-28
    days on market $94,900 Active 79 DOM
30. 2026-08-27
    days on market $94,900 Active 78 DOM
31. 2026-08-26
    days on market $94,900 Active 77 DOM
32. 2026-08-25
    days on market $94,900 Active 76 DOM
33. 2026-08-24
    days on market $94,900 Active 75 DOM
34. 2026-08-23
    days on market $94,900 Active 74 DOM
35. 2026-08-22
    days on market $94,900 Active 73 DOM
36. 2026-08-21
    days on market $94,900 Active 72 DOM
37. 2026-08-20
    days on market $94,900 Active 71 DOM
38. 2026-08-19
    days on market $94,900 Active 70 DOM
39. 2026-08-18
    days on market $94,900 Active 69 DOM
40. 2026-08-17
    days on market $94,900 Active 68 DOM
41. 2026-08-16
    days on market $94,900 Active 67 DOM
42. 2026-08-15
    days on market $94,900 Active 66 DOM
43. 2026-08-14
    days on market $94,900 Active 65 DOM
44. 2026-08-13
    remarks 699-char remark
45. 2026-08-13
    pricedays on market $94,900 Active 64 DOM
46. 2026-07-21
    days on market $99,999 Active 63 DOM
47. 2026-07-18
    days on market $99,999 Active 60 DOM
48. 2026-07-16
    days on market $99,999 Active 58 DOM
49. 2026-07-16
    days on market $99,999 Active 57 DOM
50. 2026-07-14
    days on market $99,999 Active 56 DOM

ⓘ 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: $13,062
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$2,615
• Taxable income: $1,523
• Est. tax owed @ 24.0%: −$366
• After-tax cash flow: $2,498/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 · 1 photo

Good 75/100 Cosmetic rehab Est. rehab $7,840–$23,520 screening

This well-maintained 4-bedroom, 2-bathroom home in the Holiday North community is move-in ready and offers an excellent opportunity for affordable homeownership.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both HVAC maintenance — Ensures comfort and energy efficiency ↑
• Both Interior cleaning — Prepares the home for showings and potential buyers ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Schools (NCES district)

• District: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

C Composite livability gradescore 68/100

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 81,522 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 8% of renters

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Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

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Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• Other: Address: 3000 N Apperson Way, Kokomo, IN 46901
• Financial info: List price $99,999

Exterior

• Home design: Single-family plan homeListed as Active
• Construction: Living area approximately 1,568New construction (2026 plan)
• Exterior features: Other roof type

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 bathrooms (both full)
• Interior features: Plan home (Plan 388)