1831 Hylander Dr · Country Squire Lakes, IN 47265

$89,000

3 bd · 1.0 ba · 938 sqft · Manufactured public records · 84 Days on market

Built 1987 8,398 sqft lot $95/sqft · 43% below area Est $156k · 43% under

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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
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller has never occupied the property and has no firsthand knowledge of its condition. Buyer and/or buyer’s agent to verify all information. Property is being sold as-is with no warranties expressed or implied.

Key facts

• 8,398 sq ft lot
• Built 1987
• Listed 83 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 6.0% in Country Squire Lakes — 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 59/100 on livability (#566 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sand Creek Elementary School (math 33% / reading 29%, grade F, #682 of 994 statewide, top 69%, 389 students, 85% FRL); Jennings County Middle School (math 28% / reading 36%, grade F, #190 of 330 statewide, top 59%, 626 students, 62% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL) — zoned schools average 66% FRL vs 49% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jennings 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.50% ✓
• Cap rate: 12.22%
• Cash-on-cash: 21.18%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

• ARV (median comp): $156,336
• List price: $89,000
• Delta: -43.07%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1880 Londondary Way	0.09mi	3/2.0	938 (0%)	11mo	$74,900	$80	83
319 Honeylocust Pl	0.65mi	2/1.0 (-1)	980 (+4%)	3mo	$23,000	$23	55
3503 Penny Ln	0.73mi	2/2.0 (-1)	952 (+2%)	12mo	$55,000	$58	44

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: 13.7%
• Equity multiple: 1.55×
• Total profit: $13,616
• Equity at exit: $13,270

10-year hold

• IRR: 22.5%
• Equity multiple: 2.93×
• Total profit: $48,016
• Equity at exit: $7,695

Cash invested: $24,920 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,335 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $440

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 62%

Sensitivity live

Price	-10% $501	-5% $471	+0% $440	+5% $409	+10% $378
Rent	-10% $334	-5% $387	+0% $440	+5% $493	+10% $545
Rate	-1.0pp $485	-0.5pp $463	base $440	+0.5pp $417	+1.0pp $393

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $89,000 Active 84 DOM
2. 2026-06-18
   days on market $89,000 Active 83 DOM
3. 2026-06-17
   days on market $89,000 Active 82 DOM
4. 2026-06-16
   days on market $89,000 Active 81 DOM
5. 2026-06-15
   days on market $89,000 Active 80 DOM
6. 2026-06-14
   days on market $89,000 Active 78 DOM
7. 2026-06-12
   days on market $89,000 Active 77 DOM
8. 2026-06-09
   days on market $89,000 Active 74 DOM
9. 2026-06-08
   days on market $89,000 Active 73 DOM
10. 2026-06-07
    remarks 302-char remark
11. 2026-06-07
    days on market $89,000 Active 72 DOM
12. 2026-06-02
    days on market $89,000 Active 67 DOM
13. 2026-06-01
    days on market $89,000 Active 66 DOM
14. 2026-05-31
    days on market $89,000 Active 65 DOM
15. 2026-05-30
    days on market $89,000 Active 64 DOM
16. 2026-05-15
    status Active 217-char remark

    Show marketing remark (217 chars)

    Seller has never occupied the property and has no firsthand knowledge of its condition. Buyer and/or buyer’s agent to verify all information. Property is being sold as-is with no warranties expressed or implied.

17. 2026-05-13
    historical 217-char remark

    Show marketing remark (217 chars)

    Seller has never occupied the property and has no firsthand knowledge of its condition. Buyer and/or buyer’s agent to verify all information. Property is being sold as-is with no warranties expressed or implied.

18. 2026-03-24
    listed $89,000 Active 217-char remark

    Show marketing remark (217 chars)

    Seller has never occupied the property and has no firsthand knowledge of its condition. Buyer and/or buyer’s agent to verify all information. Property is being sold as-is with no warranties expressed or implied.

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,025
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$2,589
• Taxable income: $4,106
• Est. tax owed @ 24.0%: −$986
• After-tax cash flow: $4,293/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Country Squire Lakes

• Score: 59/100
• State rank: #566
• US rank: #20238

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Country Squire Lakes, IN
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

3 events — show timeline

• 2026-05-15 Relisted — SIRA
• 2026-05-13 Delisted — SIRA
• 2026-03-24 Listed $89,000 SIRA

Property tax history

-10.5%/yr

Latest (2024): $44 · -43.2% YoY. Source: county tax records.