1237 N US Highway 27 #28 · Portland, IN 47371

$19,200

3 bd · 1.0 ba · 980 sqft · Manufactured · 34 Days on market

Built 2026 Good condition

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, community events, and a playground, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Basketball court
• Playground
• Built 2026

Tags

• BASKETBALL COURT
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $19k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($837 rent vs $19k).
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• Cap rate 39.3% vs local median 4.7% in Portland — 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 69/100 on livability (#191 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute C-, schools D, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($59k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $133 of loan paydown is wiped out by about $576 of value loss. Plan a longer hold.
• Jay County population projected at -12% 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.

Recommended offer $18,624 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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. 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?
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: 4.36% ✓
• Cap rate: 39.34%
• Cash-on-cash: 118.02%
• DSCR: 6.25
• GRM: 1.9

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: —
• Equity multiple: 6.69×
• Total profit: $30,576
• Equity at exit: $2,863

10-year hold

• IRR: —
• Equity multiple: 14.03×
• Total profit: $70,037
• Equity at exit: $1,660

Cash invested: $5,376 (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 47371

• Home prices YoY: -20.1%
• Active inventory: 38
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $837 medium
• Mortgage (P&I): −$101
• Tax est. 1.5%: −$24 /mo · $288/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $529

Break-even live

Break-even rent $168

Max offer price $19,200

Occupancy floor 32%

Sensitivity live

Price	-10% $542	-5% $535	+0% $529	+5% $522	+10% $515
Rent	-10% $463	-5% $496	+0% $529	+5% $562	+10% $595
Rate	-1.0pp $538	-0.5pp $534	base $529	+0.5pp $524	+1.0pp $519

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: $4,800
• Closing costs: $576
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-23
   listed $19,200 Active 517-char remark

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,047
• − Mortgage interest: −$1,075
• − Property taxes: −$288
• − Insurance: −$96
• − Repairs & maintenance: −$804
• − Management: −$804
• − Depreciation: −$559
• Taxable income: $6,421
• Est. tax owed @ 24.0%: −$1,541
• After-tax cash flow: $4,804/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 · 2 photos

Good 75/100 Cosmetic rehab

This well-maintained 3-bedroom mobile home is ready for a new owner. It features a modern kitchen, good condition throughout, and could benefit from some landscaping and curb appeal improvements to maximize its value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers or renters.
• Both Painting exterior and interior walls — Fresh paint can make the home look more inviting and maintain its value.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers or renters. ↑
• Both Painting exterior and interior walls — Fresh paint can make the home look more inviting and maintain its value. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers or renters. ↑

ⓘ 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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Portland

• Score: 69/100
• State rank: #191
• US rank: #8739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Jay · 12,450 people
• Population (ZIP): 12,450
• Household income: $59,215
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 4.4

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Iranian 4% Serbian 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.09%
• Current HPI: 255.0877
• 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