1620 Pheasant Run · Mishawaka, IN 46544

$50,999

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 8 Days on market

Built 2026 Good condition

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

What?s better than an apartment? Renting a home at Village Green, a family-friendly, well-maintained, professionally managed manufactured home community. Village Green, has a beautiful, 3 bed/2 bath, 1216 sq. ft. home available! Call today to schedule a viewing and find out how easy it is to move into a new home!

Key facts

• Built 2026
• Listed 7 days

Property features AI

Finance

• Financial info: List price $50,999

Exterior

• Home design: Spec home — Plan: Village Green (IN)
• Construction: Newer construction (listing year 2026)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Living area approximately 1,056 (listed)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $51k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $899 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $51k).
• Cap rate 27.4% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools C-, amenities F, employment F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $352 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $50,999

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 3.11% ✓
• Cap rate: 27.45%
• Cash-on-cash: 75.55%
• DSCR: 4.36
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 81.1%
• Equity multiple: 5.02×
• Total profit: $57,390
• Equity at exit: $7,604

10-year hold

• IRR: 85.7%
• Equity multiple: 12.34×
• Total profit: $161,904
• Equity at exit: $4,409

Cash invested: $14,280 (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 46544

• Rents YoY: 9.1%
• Active inventory: 141
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,584 high
• Mortgage (P&I): −$267
• Tax est. 1.5%: −$64 /mo · $765/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $899

Break-even live

Break-even rent $446

Max offer price $50,999

Occupancy floor 38%

Sensitivity live

Price	-10% $934	-5% $917	+0% $899	+5% $881	+10% $864
Rent	-10% $774	-5% $836	+0% $899	+5% $962	+10% $1,024
Rate	-1.0pp $925	-0.5pp $912	base $899	+0.5pp $886	+1.0pp $872

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: $12,750
• Closing costs: $1,530
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	14d	1	0.21mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	45d	1	1.11mi
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	14d	1	1.11mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	22d	1	1.18mi
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$2,755	$1.98	14d	74	1.33mi

Listing history 6 events

1. 2026-06-10
   days on market $50,999 Active 8 DOM
2. 2026-06-09
   days on market $50,999 Active 7 DOM
3. 2026-06-08
   days on market $50,999 Active 6 DOM
4. 2026-06-07
   days on market $50,999 Active 5 DOM
5. 2026-06-03
   remarks 314-char remark
6. 2026-06-03
   listed $50,999 Active 1 DOM

ⓘ 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: $19,009
• − Mortgage interest: −$2,857
• − Property taxes: −$765
• − Insurance: −$255
• − Repairs & maintenance: −$1,521
• − Management: −$1,521
• − Depreciation: −$1,484
• Taxable income: $10,608
• Est. tax owed @ 24.0%: −$2,546
• After-tax cash flow: $8,242/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

Good 75/100 Cosmetic rehab

This manufactured home at Village Green is in good condition with cosmetic updates needed to enhance its curb appeal and value. The home is move-in ready with a well-maintained exterior and interior.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring increases value and is easier to maintain
• Both Install smart home features — Smart home features improve convenience and appeal to potential buyers/renters

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring increases value and is easier to maintain ↑
• Both Install smart home features — Smart home features improve convenience and appeal to potential buyers/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• Metro: South Bend-Mishawaka, IN-MI
• 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