1029 N County Road 800 W · Hatfield, IN 47634

$175,000

4 bd · 2.0 ba · 2,640 sqft · Manufactured public records · 23 Days on market

Built 2004 2.59 ac lot $66/sqft · 26% below area Est $237k · 26% under

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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 +16.2/30.0
• ARV discount +15.0/15.0
• Appreciation +6.2/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Bright and welcoming 4 bedroom, 3 full bath home on over 2 acres. A spacious 2640 square feet with a split bedroom floor plan is situated in a private country location with easy access to Newburgh and Owensboro, KY for just under $160,000!

Key facts

• 2.59 acres
• No hoa
• 2.59 acre lot

Tags

• 2.59 ACRES
• QUIET COUNTRY SETTING
• SOUTH SPENCER SCHOOL DISTRICT
• NO HOA

Property features AI

Finance

• Financial info: Annual tax listed

Exterior

• Utilities: Public water; Public sewer
• Home design: Manufactured home (residential); Single-story
• Construction: Vinyl siding; Built area above grade approximately 2,640
• Exterior features: Lot of approximately 2.59 acres

Interior

• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Gas log fireplace (1)
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/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 $152k (13.1% below list).
• Recommended offer: $152k (13.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#438 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, amenities F, commute F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Luce Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 189 students, 38% FRL); South Spencer Middle School (math 39% / reading 52%, grade D+, #79 of 330 statewide, top 24%, 228 students, 56% FRL); South Spencer High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 357 students, 44% FRL).
• Market conditions: 40 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.3% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, 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 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,139 (13.1% below list)

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. 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?
3. 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.
4. 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.
5. 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: 0.87% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.30%
• DSCR: 1.10
• GRM: 9.6

CMA / ARV

• ARV (median comp): $237,466
• List price: $175,000
• Delta: -20.03%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 N County Road 800 W	0.08mi	4/2.0	2,480 (-6%)	7mo	$240,000	$97	80

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

Projected returns pro-forma

2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.42×
• Total profit: $20,720
• Equity at exit: $71,981

10-year hold

• IRR: 10.7%
• Equity multiple: 2.50×
• Total profit: $73,417
• Equity at exit: $105,974

Cash invested: $49,000 (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 47634

• Home prices YoY: 1.1%
• Active inventory: 40
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,521 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$117 /mo · $1,408/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $94

Break-even live

Break-even rent $1,403

Max offer price $175,000

Occupancy floor 89%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 23 DOM
2. 2026-06-17
   days on market $175,000 Active 22 DOM
3. 2026-06-16
   days on market $175,000 Active 21 DOM
4. 2026-06-15
   days on market $175,000 Active 20 DOM
5. 2026-06-14
   days on market $175,000 Active 18 DOM
6. 2026-06-13
   days on market $175,000 Active 17 DOM
7. 2026-06-10
   days on market $175,000 Active 15 DOM
8. 2026-06-09
   days on market $175,000 Active 14 DOM
9. 2026-06-08
   days on market $175,000 Active 13 DOM
10. 2026-06-07
    days on market $175,000 Active 12 DOM
11. 2026-06-05
    days on market $175,000 Active 9 DOM
12. 2026-06-03
    days on market $175,000 Active 8 DOM
13. 2026-06-02
    days on market $175,000 Active 7 DOM
14. 2026-06-01
    days on market $175,000 Active 6 DOM
15. 2026-05-31
    days on market $175,000 Active 5 DOM
16. 2026-05-30
    days on market $175,000 Active 4 DOM
17. 2026-05-13
    listed $199,900 Active 386-char remark
18. 2020-05-18
    soldstatus $154,900 239-char remark

    Show marketing remark (239 chars)

    Bright and welcoming 4 bedroom, 3 full bath home on over 2 acres. A spacious 2640 square feet with a split bedroom floor plan is situated in a private country location with easy access to Newburgh and Owensboro, KY for just under $160,000!

19. 2019-07-31
    listed $154,900 239-char remark

    Show marketing remark (239 chars)

    Bright and welcoming 4 bedroom, 3 full bath home on over 2 acres. A spacious 2640 square feet with a split bedroom floor plan is situated in a private country location with easy access to Newburgh and Owensboro, KY for just under $160,000!

ⓘ 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: $1,408 · $117/mo
• Projected year-2 tax: $1,448 · $121/mo
• Expected delta: +$40/yr (+$3/mo · 2.8%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,257
• − Mortgage interest: −$9,803
• − Property taxes: −$1,408
• − Insurance: −$875
• − Repairs & maintenance: −$1,461
• − Management: −$1,461
• − Depreciation: −$5,091
• Taxable loss: −$1,841
• Est. tax savings @ 24.0%: +$442
• After-tax cash flow: $1,569/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: South Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Hatfield

• Score: 63/100
• State rank: #438
• US rank: #15721

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,101

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 2% English 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.31%
• Current HPI: 210.8511
• 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

+13.0% since first listed

6 events — show timeline

• 2026-05-28 Price Changed $175,000 IRMLS
• 2026-05-26 Listed $189,900 IRMLS
• 2026-05-19 Price Changed $189,900 IRMLS
• 2026-05-13 Listed $199,900 IRMLS
• 2020-05-18 Sold (MLS) $154,900 IRMLS
• 2019-07-31 Listed $154,900 IRMLS

Property tax history

+7.4%/yr

Latest (2024): $1,408 · +28.6% YoY. Source: county tax records.