25 Myrenia Ave · Ingalls, IN 46048

$229,500

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 30 Days on market

Built 1989 9,750 sqft lot Est $200k · 15% over

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Why this score? — see what drove the D 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 +14.4/30.0
• Appreciation +10.0/10.0
• DSCR +4.4/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.8/15.0

Listing remarks MLS

Affordable, neat, clean & bright ranch w/remodeled kitchen, office, laundry rm, including walls, hardwood floors, cabinets, counters, lighting '14. Kitchen w/ center island, new range, refrigerator and dishwasher, pass-thru window to dining area. Living/dining area carpet installed '15, walls painted '17, walls '09. Master br separate shower/ whirlpool tub. Bedrooms 2 and 3 w/walls, paint, carpet, lighting '08. Energy efficient windows replaced 2008 (except for mstr br). Screened porch; detached 2 car garage; Landscaping provides nice privacy; Recent high efficiency Hybrid furnace/heat pump '11. Roof '06. Garage roof, trim, door '17. Immediate possession. Easy to show.

Key facts

• 9,750 sq ft lot
• 3 garage spots
• Built 1989

Property features AI

Finance

• Other: Lot about 0.22 acres; Not in a subdivision; Mature trees on lot

Exterior

• Parking: Detached 3-car garage
• Utilities: Public water; Municipal sewer connected; Cable available; Natural gas available
• Home design: Manufactured home; One story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Front porch; Screened porch

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Refrigerator; Pantry (kitchen storage)
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Natural gas heating; Central air; Heat pump
• Interior features: Cathedral ceilings; Pantry
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $44 ($531/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 $175k (23.6% below list).
• Recommended offer: $175k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.0% in Ingalls — 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 64/100 on livability (#391 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maple Ridge Elementary School (math 42% / reading 41%, grade F, #478 of 994 statewide, top 49%, 783 students, 46% FRL); Pendleton Heights Middle School (math 37% / reading 48%, grade D-, #98 of 330 statewide, top 30%, 721 students, 36% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 10 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $90k; list at $230k implies a 155% gain — meaningful room to come down on a strong offer.

Recommended offer $175,305 (23.6% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.76% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $199,584
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Myrenia Ave	0.00mi	3/2.0	1,512 (0%)	0mo	$235,000	$155	100
54 Inman Dr	0.12mi	3/2.0	1,568 (+4%)	9mo	$191,000	$122	80
88 Inman Dr	0.10mi	3/2.0	1,404 (-7%)	9mo	$180,490	$129	76
68 Inman Dr	0.12mi	3/2.0	1,404 (-7%)	11mo	$185,000	$132	74
66 Inman Dr	0.12mi	3/2.0	1,680 (+11%)	8mo	$213,500	$127	70
7214 W Reformatory Rd	0.61mi	3/2.0	1,344 (-11%)	12mo	$209,900	$156	44

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.99×
• Total profit: $127,688
• Equity at exit: $206,752

10-year hold

• IRR: 21.9%
• Equity multiple: 6.81×
• Total profit: $373,554
• Equity at exit: $445,868

Cash invested: $64,260 (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 46048

• Home prices YoY: 14.6%
• Active inventory: 10
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,753 high
• Mortgage (P&I): −$1,204
• Tax from tax record: −$41 /mo · $498/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $44

Break-even live

Break-even rent $1,697

Max offer price $229,500

Occupancy floor 92%

Sensitivity live

Price	-10% $174	-5% $109	+0% $44	+5% $-21	+10% $-360
Rent	-10% $-94	-5% $-25	+0% $44	+5% $114	+10% $183
Rate	-1.0pp $160	-0.5pp $103	base $44	+0.5pp $-15	+1.0pp $-76

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: $57,375
• Closing costs: $6,885
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
238 N Alfonte St Ingalls, IN	3.0	2.0	1392	$1,799	$1.29	6d	1	0.40mi
7266 W Reformatory Rd Unit 7264 Pendleton, IN	3.0	2.0	1492	$1,700	$1.14	0d	1	0.67mi
10918 Spirit Dr Ingalls, IN	4.0	2.5	1633	$1,695	$1.04	3d	1	1.34mi
10918 Spirit Dr Ingalls, IN	4.0	2.5	1633	$1,695	$1.04	0d	1	1.34mi
10845 Mansfield Way Ingalls, IN	3.0	2.5	1516	$1,825	$1.20	12d	1	1.35mi

Listing history 5 events

1. 2026-05-01
   status Pending
2. 2026-04-01
   listed $229,500 Active
3. 2017-11-13
   soldstatus $89,900 Sold 681-char remark

   Show marketing remark (681 chars)

   Affordable, neat, clean & bright ranch w/remodeled kitchen, office, laundry rm, including walls, hardwood floors, cabinets, counters, lighting '14. Kitchen w/ center island, new range, refrigerator and dishwasher, pass-thru window to dining area. Living/dining area carpet installed '15, walls painted '17, walls '09. Master br separate shower/ whirlpool tub. Bedrooms 2 and 3 w/walls, paint, carpet, lighting '08. Energy efficient windows replaced 2008 (except for mstr br). Screened porch; detached 2 car garage; Landscaping provides nice privacy; Recent high efficiency Hybrid furnace/heat pump '11. Roof '06. Garage roof, trim, door '17. Immediate possession. Easy to show.

4. 2017-10-09
   status Pending 681-char remark

   Show marketing remark (681 chars)

   Affordable, neat, clean & bright ranch w/remodeled kitchen, office, laundry rm, including walls, hardwood floors, cabinets, counters, lighting '14. Kitchen w/ center island, new range, refrigerator and dishwasher, pass-thru window to dining area. Living/dining area carpet installed '15, walls painted '17, walls '09. Master br separate shower/ whirlpool tub. Bedrooms 2 and 3 w/walls, paint, carpet, lighting '08. Energy efficient windows replaced 2008 (except for mstr br). Screened porch; detached 2 car garage; Landscaping provides nice privacy; Recent high efficiency Hybrid furnace/heat pump '11. Roof '06. Garage roof, trim, door '17. Immediate possession. Easy to show.

5. 2017-09-30
   listed $89,900 Active 681-char remark

   Show marketing remark (681 chars)

   Affordable, neat, clean & bright ranch w/remodeled kitchen, office, laundry rm, including walls, hardwood floors, cabinets, counters, lighting '14. Kitchen w/ center island, new range, refrigerator and dishwasher, pass-thru window to dining area. Living/dining area carpet installed '15, walls painted '17, walls '09. Master br separate shower/ whirlpool tub. Bedrooms 2 and 3 w/walls, paint, carpet, lighting '08. Energy efficient windows replaced 2008 (except for mstr br). Screened porch; detached 2 car garage; Landscaping provides nice privacy; Recent high efficiency Hybrid furnace/heat pump '11. Roof '06. Garage roof, trim, door '17. Immediate possession. Easy to show.

ⓘ 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: $498 · $41/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: +$726/yr (+$61/mo · 145.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,037
• − Mortgage interest: −$12,856
• − Property taxes: −$498
• − Insurance: −$1,148
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$6,676
• Taxable loss: −$3,506
• Est. tax savings @ 24.0%: +$842
• After-tax cash flow: $1,373/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 Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Ingalls

• Score: 64/100
• State rank: #391
• US rank: #14479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ingalls, IN
• City population: 2,209
• Population (ZIP): 2,209

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Black 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Slovak 2% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 39.30%
• Current HPI: 308.7212
• 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

+155.3% since first listed

5 events — show timeline

• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $229,500 MIBOR as Distributed by MLS Grid
• 2017-11-13 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2017-10-09 Pending — MIBOR as Distributed by MLS Grid
• 2017-09-30 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.1%/yr

Latest (2024): $498 · +3.4% YoY. Source: county tax records.