4660 S Calloway Dr

Hardinsburg, IN 47125

$70,000B

3 bd · 2.0 ba · 1,232 sqft · Built 2006 · Manufactured · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,193/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $495/mo
• Annual: $5,943/yr
• Cap rate: 14.78%
• Cash-on-cash: 30.32%
• DSCR: 2.35
• 1% rule: 1.70%
• Cash to close: $19,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 42 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($484 loan paydown + $2k appreciation (2.7% local appreciation)).
• Location reads 60/100 on livability (#535 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, amenities F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Throop Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 712 students, 61% FRL); Paoli Jr & Sr High School (math 19% / reading 50%, grade F, #270 of 369 statewide, top 77%, 561 students, 55% FRL).
• Market conditions: 11 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.