3423 N State Road 13 · Barbee, IN 46562

$95,000

2 bd · 1.0 ba · 672 sqft · Manufactured · 10 Days on market

Built 1999 4,800 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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this opportunity for an affordable 2 bedroom, one bath home with access to the Barbee Chain of Lakes.

Key facts

• 4,800 sq ft lot
• Built 1999
• Listed 9 days

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Private well water
• Home design: Manufactured home (Residential); Single-story; Entry level on main floor
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Level lot; Lakefront on Kuhn Lake; Shed(s)

Interior

• Kitchen: Microwave; Refrigerator; Gas range
• Bedrooms: 4 total rooms (includes bedrooms and living areas)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Window air conditioning units
• Interior features: Microwave; Refrigerator; Gas range; Water softener (owned); Main-level laundry; No basement
• Laundry & utility: Washer; Main-level laundry; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 9.3% vs local median 1.3% in Barbee — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Webster Elementary School (math 37% / reading 42%, grade F, #500 of 994 statewide, top 53%, 440 students, 54% FRL); Wawasee Middle School (math 24% / reading 34%, grade F, #222 of 330 statewide, top 67%, 507 students, 50% FRL); Wawasee High School (math 27% / reading 56%, grade F, #211 of 369 statewide, top 58%, 909 students, 44% FRL).
• Market conditions: 22 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 12y 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 $77k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $95,000

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. 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.
3. 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.
4. 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: 1.19% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.57%
• DSCR: 1.47
• GRM: 7.0

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: -0.5%
• Equity multiple: 0.98×
• Total profit: $-460
• Equity at exit: $14,165

10-year hold

• IRR: 9.2%
• Equity multiple: 1.71×
• Total profit: $18,877
• Equity at exit: $8,214

Cash invested: $26,600 (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 46562

• Home prices YoY: -4.3%
• Active inventory: 22
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $234

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 74%

Sensitivity live

Price	-10% $300	-5% $267	+0% $234	+5% $201	+10% $169
Rent	-10% $145	-5% $190	+0% $234	+5% $279	+10% $323
Rate	-1.0pp $282	-0.5pp $258	base $234	+0.5pp $210	+1.0pp $185

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $95,000 Active 10 DOM
2. 2026-06-18
   days on market $95,000 Active 9 DOM
3. 2026-06-17
   days on market $95,000 Active 8 DOM
4. 2026-06-16
   days on market $95,000 Active 7 DOM
5. 2026-06-15
   days on market $95,000 Active 6 DOM
6. 2026-06-14
   days on market $95,000 Active 4 DOM
7. 2026-06-12
   remarks 112-char remark
8. 2026-06-12
   listed $95,000 Active 3 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,530
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$2,764
• Taxable income: $1,380
• Est. tax owed @ 24.0%: −$331
• After-tax cash flow: $2,479/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: Wawasee Community School Corporation
• NCES district ID: 1805550
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $52,439
• Composite: 30.97/100
• National rank: #6100
• State rank: #179 of 301 in IN

Livability — Barbee

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 5,118

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Scandinavian 5% Italian 3% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.65%
• Current HPI: 306.91
• 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

+90.4% since first listed

10 events — show timeline

• 2026-06-09 Listed $95,000 IRMLS
• 2022-08-17 Sold (MLS) $77,000 IRMLS
• 2022-08-11 Pending — IRMLS
• 2022-08-08 Listed $80,000 IRMLS
• 2017-10-25 Sold (MLS) $41,500 IRMLS
• 2017-07-15 Listed $45,000 IRMLS
• 2016-10-22 Listed $46,000 IRMLS
• 2016-04-21 Listed $46,000 IRMLS
• 2015-07-03 Listed $52,500 IRMLS
• 2014-05-19 Listed $49,900 IRMLS

Property tax history

-3.8%/yr

Latest (2024): $110 · +0.8% YoY. Source: county tax records.