534 N Manifold St · Ingalls, IN 46048

$139,950

3 bd · 2.0 ba · 2,704 sqft · SingleFamily public records · 13 Days on market

Built 1953 5,200 sqft lot Est $276k · 49% under

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Why this score? — see what drove the A 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.3/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Located in Madison County with convenient access to major roadways for an easy commute, this property offers generous interior and exterior space. Exterior features include a main-level deck and multiple storage sheds. Inside, the home offers three bedrooms, two bathrooms, two kitchens, and multiple living areas, providing flexibility for a variety of living arrangements. Schedule a showing to explore all this home has to offer.

Key facts

• Main-level deck
• 5,200 sq ft lot
• Built 1953

Tags

• MAIN-LEVEL DECK
• MULTIPLE STORAGE SHEDS
• MULTIPLE LIVING AREAS

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected; Separate gas meter
• Home design: Single-family residence; One level; Faces east; Has additional parcels
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch; Deck; Storage shed; Partial fencing; Mature trees; Property has a view

Interior

• Kitchen: Main-level kitchen
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; In-law arrangement; Smart thermostat; Supplemental storage
• Laundry & utility: Laundry with full connections

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 12.4% vs local median 4.0% in Ingalls — 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 64/100 on livability (#391 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maple Ridge Elementary School (math 42% / reading 41%, grade F, #478 of 994 statewide, top 49%, 783 students, 46% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 10 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $116k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,950

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.43% ✓
• Cap rate: 12.35%
• Cash-on-cash: 21.63%
• DSCR: 1.96
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $275,808
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 N Meridian St	0.23mi	3/2.0	2,891 (+7%)	19mo	$240,000	$83	62
7292 W Reformatory Rd	0.50mi	4/2.0 (+1)	2,400 (-11%)	16mo	$245,000	$102	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.5%
• Equity multiple: 4.09×
• Total profit: $121,187
• Equity at exit: $126,078

10-year hold

• IRR: 34.9%
• Equity multiple: 9.20×
• Total profit: $321,439
• Equity at exit: $271,892

Cash invested: $39,186 (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 46048

• Home prices YoY: 14.6%
• Active inventory: 10
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,001 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$82 /mo · $988/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $706

Break-even live

Break-even rent $1,107

Max offer price $139,950

Occupancy floor 60%

Sensitivity live

Price	-10% $786	-5% $746	+0% $706	+5% $667	+10% $627
Rent	-10% $548	-5% $627	+0% $706	+5% $785	+10% $865
Rate	-1.0pp $777	-0.5pp $742	base $706	+0.5pp $670	+1.0pp $633

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: $34,988
• Closing costs: $4,198
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10904 Wymm Ln Ingalls, IN	4.0	2.5	2328	$2,149	$0.92	2d	1	1.28mi
7587 Charlotte Dr Ingalls, IN	3.0	2.5	2328	$1,981	$0.85	2d	1	1.34mi
10891 Rose Ln Ingalls, IN	3.0	2.5	3174	$1,850	$0.58	2d	1	1.49mi

Listing history 3 events

1. 2026-05-07
   status Pending
2. 2026-04-23
   listed $139,950 Active
3. 2025-11-05
   soldstatus $116,450

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $988 · $82/mo
• Projected year-2 tax: $1,089 · $91/mo
• Expected delta: +$101/yr (+$8/mo · 10.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,015
• − Mortgage interest: −$7,839
• − Property taxes: −$988
• − Insurance: −$700
• − Repairs & maintenance: −$1,921
• − Management: −$1,921
• − Depreciation: −$4,071
• Taxable income: $6,574
• Est. tax owed @ 24.0%: −$1,578
• After-tax cash flow: $6,899/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: South Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Ingalls

• Score: 64/100
• State rank: #391
• US rank: #14479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ingalls, IN
• City population: 2,209
• Population (ZIP): 2,209

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 39.30%
• Current HPI: 308.7212
• 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

+20.2% since first listed

3 events — show timeline

• 2026-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $139,950 MIBOR as Distributed by MLS Grid
• 2025-11-05 Sold (Public Records) $116,450 Public Records

Property tax history

+10.4%/yr

Latest (2024): $988 · -8.2% YoY. Source: county tax records.