3423 N State Road 13

Barbee, IN 46562

$95,000C

2 bd · 1.0 ba · 672 sqft · Built 1999 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,128/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $234/mo
• Annual: $2,811/yr
• Cap rate: 9.25%
• Cash-on-cash: 10.57%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $95k.
• 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).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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.