2338 E Tanner Ln · Winamac, IN 46996

$125,000

4 bd · 1.5 ba · 1,040 sqft · SingleFamily public records · 361 Days on market

Built 1973 0.46 ac lot

---

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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 - 5 bedroom 2 bath manufactured home on the Tippecanoe river near Winamac. This home is situated a dead-end road on 2 100ft lots of high-bank wooded frontage w/ easy in and easy out access !! Updates include roof, deep well & extra bedrooms. 1.5 car attached garage. CASH/CONVENTIONAL BUYERS ONLY

Key facts

• 0.46 acre lot
• Garage
• Built 1973

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#194 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 10 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 361 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 24y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 361 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-11,481
• Equity at exit: $18,638

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,354
• Equity at exit: $10,808

Cash invested: $35,000 (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 46996

• Home prices YoY: -31.8%
• Active inventory: 10
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,267 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $137

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 84%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $125,000 Active 361 DOM
2. 2026-06-18
   days on market $125,000 Active 360 DOM
3. 2026-06-17
   days on market $125,000 Active 359 DOM
4. 2026-06-16
   days on market $125,000 Active 358 DOM
5. 2026-06-15
   days on market $125,000 Active 357 DOM
6. 2026-06-14
   days on market $125,000 Active 355 DOM
7. 2026-06-12
   days on market $125,000 Active 354 DOM
8. 2026-06-09
   days on market $125,000 Active 351 DOM
9. 2026-06-08
   days on market $125,000 Active 350 DOM
10. 2026-06-07
    days on market $125,000 Active 349 DOM
11. 2026-06-07
    days on market $125,000 Active 348 DOM
12. 2026-06-02
    days on market $125,000 Active 344 DOM
13. 2026-06-01
    days on market $125,000 Active 343 DOM
14. 2026-05-31
    days on market $125,000 Active 342 DOM
15. 2026-05-30
    days on market $125,000 Active 341 DOM
16. 2025-09-04
    price $125,000 304-char remark

    Show marketing remark (304 chars)

    4 - 5 bedroom 2 bath manufactured home on the Tippecanoe river near Winamac. This home is situated a dead-end road on 2 100ft lots of high-bank wooded frontage w/ easy in and easy out access !! Updates include roof, deep well & extra bedrooms. 1.5 car attached garage. CASH/CONVENTIONAL BUYERS ONLY

17. 2025-06-23
    listed $140,000 Active 304-char remark

    Show marketing remark (304 chars)

    4 - 5 bedroom 2 bath manufactured home on the Tippecanoe river near Winamac. This home is situated a dead-end road on 2 100ft lots of high-bank wooded frontage w/ easy in and easy out access !! Updates include roof, deep well & extra bedrooms. 1.5 car attached garage. CASH/CONVENTIONAL BUYERS ONLY

18. 2024-02-28
    historical
19. 2014-09-09
    historical
20. 2014-09-09
    historical
21. 2014-09-09
    historical
22. 2014-09-09
    historical
23. 2012-01-28
    listed $64,000
24. 2012-01-28
    listed $64,000
25. 2011-08-16
    historical
26. 2011-02-25
    listed $67,900
27. 2011-02-15
    historical
28. 2010-08-14
    listed $67,900
29. 2010-02-14
    listed $67,900
30. 2008-08-28
    listed $56,900
31. 2002-03-21
    listed $59,900
32. 2002-02-21
    listed $59,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,210
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,217
• − Management: −$1,217
• − Depreciation: −$3,636
• Taxable loss: −$362
• Est. tax savings @ 24.0%: +$87
• After-tax cash flow: $1,736/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Winamac

• Score: 69/100
• State rank: #194
• US rank: #8790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,231

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 11,942 people
• By 2030: 11,394 · -4.6%
• By 2040: 10,274 · -14.0%
• By 2050: 9,209 · -22.9%
• By 2075: 7,182 · -39.9%
• By 2100: 5,365 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+53.7) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -15.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+47.9 2016: R+46.5 2012: R+27.2 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.99%
• Current HPI: 229.9497
• 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

+108.7% since first listed

17 events — show timeline

• 2025-09-04 Price Changed $125,000 IRMLS
• 2025-06-23 Listed $140,000 IRMLS
• 2024-02-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-01-28 Listed $64,000 NIRA MLS as Distributed by MLS Grid
• 2012-01-28 Listed $64,000 NIRA MLS as Distributed by MLS Grid
• 2011-08-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-02-25 Listed $67,900 NIRA MLS as Distributed by MLS Grid
• 2011-02-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-08-14 Listed $67,900 NIRA MLS as Distributed by MLS Grid
• 2010-02-14 Listed $67,900 NIRA MLS as Distributed by MLS Grid
• 2008-08-28 Listed $56,900 NIRA MLS as Distributed by MLS Grid
• 2002-03-21 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2002-02-21 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2024): $138 · +8.0% YoY. Source: county tax records.