210 Rainbow Dr #27

Burns Harbor, IN 46304

$69,000B

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,658/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $833/mo
• Annual: $10,000/yr
• Cap rate: 20.79%
• Cash-on-cash: 51.76%
• DSCR: 3.30
• 1% rule: 2.40%
• Cash to close: $19,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $69k. Condition is rated good.
• At list price, monthly cash flow is $833 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• It's been on market 28 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#94 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety D-.
• Duneland School Corporation (suburban): math 53% / reading 53% proficiency, ranked #30 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Newton Yost Elementary School (math 52% / reading 32%, grade F, #434 of 994 statewide, top 48%, 369 students, 38% FRL); Chesterton Middle School (math 48% / reading 51%, grade C, #50 of 330 statewide, top 16%, 884 students, 30% FRL); Chesterton Senior High School (math 49% / reading 72%, grade C+, #45 of 369 statewide, top 12%, 1,981 students, 25% FRL).
• Market conditions: 224 active listings in the ZIP; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.