20 Hickory Dr · Richmond, IN 47374

$44,900

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 60 Days on market

Built 2002 Average condition Est $61k · 27% under ↓ 25% since listing

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy, low-maintenance living in the desirable Mobile Manor retirement community! This well-kept 3-bedroom, 2 full bath home offers a spacious open-concept main living area that’s perfect for both relaxing and entertaining. The large kitchen comes fully equipped with a refrigerator, dishwasher, and gas stove, with plenty of cabinet space to keep everything organized. The oversized primary bedroom features a private en-suite bath complete with a large walk-in shower and abundant storage. Additional bedrooms offer flexibility for guests, hobbies, or office space. Step outside and enjoy not one, but two inviting outdoor spaces—a small front deck and an additional front-fa

Key facts

• Small front deck
• Large kitchen
• Large walk-in shower

Tags

• OPEN-CONCEPT MAIN LIVING AREA
• LARGE KITCHEN
• PRIVATE EN-SUITE BATH
• LARGE WALK-IN SHOWER
• TWO INVITING OUTDOOR SPACES
• SMALL FRONT DECK

Property features AI

Exterior

• Parking: Paved detached parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-story manufactured home; Residential property
• Construction: Vinyl siding; 1 story
• Exterior features: Asphalt shingle roof; Cable available

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bathrooms: 2 full bathrooms
• Interior features: Dishwasher; Electric range; Refrigerator; Electric water heater; Central air conditioning; Electric heating
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.7% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D-, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 2.82% ✓
• Cap rate: 24.73%
• Cash-on-cash: 65.85%
• DSCR: 3.93
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $61,152
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Dogwood Dr	0.12mi	3/2.0	1,456 (-7%)	1mo	$74,000	$51	82
39 Court Rd	0.05mi	3/2.0	1,456 (-7%)	7mo	$56,250	$39	80
26 Hickory Dr	0.03mi	3/2.0	1,352 (-14%)	23mo	$50,000	$37	56

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

Projected returns pro-forma

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

5-year hold

• IRR: 65.1%
• Equity multiple: 3.92×
• Total profit: $36,682
• Equity at exit: $6,695

10-year hold

• IRR: 69.4%
• Equity multiple: 8.05×
• Total profit: $88,598
• Equity at exit: $3,882

Cash invested: $12,572 (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 47374

• Active inventory: 273
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,266 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $690

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 41%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	43d	1	0.44mi

Listing history 18 events

1. 2026-06-19
   days on market $44,900 Active 60 DOM
2. 2026-06-18
   days on market $44,900 Active 59 DOM
3. 2026-06-17
   days on market $44,900 Active 58 DOM
4. 2026-06-16
   days on market $44,900 Active 57 DOM
5. 2026-06-15
   days on market $44,900 Active 56 DOM
6. 2026-06-14
   days on market $44,900 Active 54 DOM
7. 2026-06-12
   days on market $44,900 Active 53 DOM
8. 2026-06-09
   days on market $44,900 Active 50 DOM
9. 2026-06-08
   days on market $44,900 Active 49 DOM
10. 2026-06-07
    days on market $44,900 Active 48 DOM
11. 2026-06-03
    days on market $44,900 Active 44 DOM
12. 2026-06-02
    days on market $44,900 Active 43 DOM
13. 2026-06-01
    days on market $44,900 Active 42 DOM
14. 2026-05-31
    days on market $44,900 Active 41 DOM
15. 2026-05-30
    days on market $44,900 Active 40 DOM
16. 2026-05-19
    price $44,900
17. 2026-05-06
    price $54,900
18. 2026-04-20
    listed $59,900 Active

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

Taxation est. · year 1

• Rental income: $15,192
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,215
• − Management: −$1,215
• − Depreciation: −$1,306
• Taxable income: $8,042
• Est. tax owed @ 24.0%: −$1,930
• After-tax cash flow: $6,348/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This mobile home is in average condition with some cosmetic updates needed, such as fresh paint and new flooring, to improve its resale and rental value.

Repairs flagged

• Minor paint — paint appears faded
• Minor flooring — carpeted floors

Value-add opportunities

• Both paint — Fresh paint can enhance curb appeal and interior aesthetics
• Both flooring — Replacing carpet with hardwood or tile can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · paint appears faded	Minor	$500–3,000
flooring · carpeted floors	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both flooring — Replacing carpet with hardwood or tile can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, IN
• 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

-25.0% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $44,900 RRELMS
• 2026-05-06 Price Changed $54,900 RRELMS
• 2026-04-20 Listed $59,900 RRELMS