3000 N Apperson Way #371 · Kokomo, IN 46901

$84,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 194 Days on market

Manufactured home Built 2026 Good condition $70/sqft · 39% below area Est $139k · 39% under

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Why this score? — see what drove the C- 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 +18.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Manufactured-home adj. -4.7

Listing remarks

Brand New 3 Bed, 2 Bath Home in Holiday North Community - Kokomo Be the first to live in this beautiful brand new 3-bedroom, 2-bathroom home located in the desirable Holiday North Community in Kokomo! Designed with comfort and style in mind, this home features modern finishes and a welcoming layout perfect for everyday living.

Key facts

• Stylish finishes
• Brand new kitchen
• Modern appliances

Tags

• OPEN-CONCEPT LIVING SPACE
• COZY FIREPLACE
• CENTERED FRONT PORCH
• BRAND NEW KITCHEN
• MODERN APPLIANCES
• STYLISH FINISHES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($849 rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 5.4% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, schools F, amenities F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.5%/yr); 532 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($60k/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 $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.00% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.25%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $139,000
• List price: $84,900
• Delta: -38.92%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2720 N Locke St	0.40mi	2/1.5 (-1)	1,164 (-4%)	0mo	$83,000	$71	67
916 E Fischer St	0.60mi	3/1.0	1,248 (+3%)	3mo	$162,500	$130	61
342 W 300 N	0.37mi	3/2.0	1,000 (-18%)	3mo	$166,000	$166	55
2000 N Delphos St	1.03mi	3/1.0	1,275 (+5%)	2mo	$149,900	$118	51
1712 Northview Blvd	1.37mi	3/2.0	1,300 (+7%)	4mo	$209,900	$161	51
2301 N Lafountain St	0.74mi	3/1.0	1,050 (-14%)	1mo	$38,000	$36	38
1117 Brentwood Dr	0.74mi	3/1.0	1,008 (-17%)	1mo	$145,000	$144	36
1008 E Spraker St	1.07mi	3/1.0	960 (-21%)	1mo	$115,995	$121	35
1919 N Waugh St	1.02mi	4/2.0 (+1)	1,440 (+18%)	2mo	$390,000	$271	34
1413 N Lafountain St	1.33mi	2/1.0 (-1)	1,040 (-14%)	1mo	$114,000	$110	31
2301 N Waugh St	0.77mi	2/1.0 (-1)	1,014 (-17%)	0mo	$148,000	$146	31
1609 N Webster St	1.33mi	2/1.0 (-1)	1,408 (+16%)	2mo	$30,000	$21	30

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.1%
• Equity multiple: 0.54×
• Total profit: $-10,876
• Equity at exit: $12,659

10-year hold

• IRR: -9.6%
• Equity multiple: 0.49×
• Total profit: $-12,138
• Equity at exit: $7,341

Cash invested: $23,772 (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 →

Active competition Active MLS

• For sale now: 27 active
• Median asking: $49,600 ($41/sqft)
• Median days on market: 88 d
• This list price: 74% of active listings are priced below it
• ARV vs active asking: +176.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 532
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $849 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $84

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 85%

Sensitivity live

Price	-10% $143	-5% $113	+0% $84	+5% $55	+10% $25
Rent	-10% $17	-5% $51	+0% $84	+5% $118	+10% $151
Rate	-1.0pp $127	-0.5pp $106	base $84	+0.5pp $62	+1.0pp $40

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: $21,225
• Closing costs: $2,547
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2864 Amberwood Pl Kokomo, IN	1.0–3.0	1.0–2.0	942	$1,410	$1.50	0d	8	0.40mi
1008 E Fischer St Kokomo, IN	3.0	1.0	864	$1,000	$1.16	9d	1	0.64mi
1020 E Fischer St Kokomo, IN	2.0	1.0	720	$950	$1.32	184d	1	0.66mi
2309 N Jay St Kokomo, IN	3.0	2.0	984	$1,005	$1.02	44d	1	0.74mi
2301 N Armstrong St Kokomo, IN	3.0	1.0	1072	$975	$0.91	9d	1	0.89mi
2301 N Armstrong St Kokomo, IN	3.0	1.0	1072	$975	$0.91	12d	1	0.89mi
2025 N Lafountain St Kokomo, IN	2.0	1.0	936	$1,050	$1.12	0d	1	0.95mi
1910 N Apperson Way Unit 1912 Kokomo, IN	2.0	1.0	720	$829	$1.15	23d	1	1.03mi
1906 N Apperson Way Unit 1908 Kokomo, IN	2.0	1.0	720	$849	$1.18	32d	1	1.04mi
1729 N McCann St Kokomo, IN	3.0	1.0	800	$1,150	$1.44	2d	1	1.42mi

Property features AI

Finance

• Other: Living area approximately 1216Listing status: ActiveList price: $84,900Address: 3000 N Apperson Way #371, Kokomo, IN 46901

Exterior

• Utilities: Forced air heatingCentral air conditioning
• Home design: Condo/Apartment unit (Spec plan 369)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Refrigerator

Listing history 50 events

1. 2026-10-20
   days on market $84,900 Active 194 DOM
2. 2026-10-19
   days on market $84,900 Active 193 DOM
3. 2026-10-18
   days on market $84,900 Active 192 DOM
4. 2026-10-17
   days on market $84,900 Active 191 DOM
5. 2026-10-16
   days on market $84,900 Active 190 DOM
6. 2026-10-15
   days on market $84,900 Active 189 DOM
7. 2026-10-14
   days on market $84,900 Active 188 DOM
8. 2026-10-13
   days on market $84,900 Active 187 DOM
9. 2026-10-12
   days on market $84,900 Active 186 DOM
10. 2026-10-11
    days on market $84,900 Active 185 DOM
11. 2026-10-10
    days on market $84,900 Active 184 DOM
12. 2026-10-09
    days on market $84,900 Active 183 DOM
13. 2026-10-08
    days on market $84,900 Active 182 DOM
14. 2026-10-07
    days on market $84,900 Active 181 DOM
15. 2026-10-06
    days on market $84,900 Active 180 DOM
16. 2026-10-05
    days on market $84,900 Active 179 DOM
17. 2026-10-04
    days on market $84,900 Active 178 DOM
18. 2026-10-04
    days on market $84,900 Active 177 DOM
19. 2026-10-02
    days on market $84,900 Active 176 DOM
20. 2026-10-01
    days on market $84,900 Active 175 DOM
21. 2026-09-30
    days on market $84,900 Active 174 DOM
22. 2026-09-29
    days on market $84,900 Active 173 DOM
23. 2026-09-28
    days on market $84,900 Active 172 DOM
24. 2026-09-27
    days on market $84,900 Active 171 DOM
25. 2026-09-26
    days on market $84,900 Active 170 DOM
26. 2026-09-25
    days on market $84,900 Active 169 DOM
27. 2026-09-24
    days on market $84,900 Active 168 DOM
28. 2026-09-24
    days on market $84,900 Active 167 DOM
29. 2026-09-22
    days on market $84,900 Active 166 DOM
30. 2026-09-21
    days on market $84,900 Active 165 DOM
31. 2026-09-20
    days on market $84,900 Active 164 DOM
32. 2026-09-18
    days on market $84,900 Active 162 DOM
33. 2026-09-17
    days on market $84,900 Active 161 DOM
34. 2026-09-16
    days on market $84,900 Active 160 DOM
35. 2026-09-15
    days on market $84,900 Active 159 DOM
36. 2026-09-14
    days on market $84,900 Active 158 DOM
37. 2026-09-13
    days on market $84,900 Active 157 DOM
38. 2026-09-12
    days on market $84,900 Active 156 DOM
39. 2026-09-11
    days on market $84,900 Active 155 DOM
40. 2026-09-05
    days on market $84,900 Active 149 DOM
41. 2026-09-04
    days on market $84,900 Active 148 DOM
42. 2026-09-03
    days on market $84,900 Active 147 DOM
43. 2026-09-02
    days on market $84,900 Active 146 DOM
44. 2026-08-30
    days on market $84,900 Active 143 DOM
45. 2026-08-29
    days on market $84,900 Active 142 DOM
46. 2026-08-28
    days on market $84,900 Active 141 DOM
47. 2026-08-27
    days on market $84,900 Active 140 DOM
48. 2026-08-26
    days on market $84,900 Active 139 DOM
49. 2026-08-25
    days on market $84,900 Active 138 DOM
50. 2026-08-24
    days on market $84,900 Active 137 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: $10,190
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$815
• − Management: −$815
• − Depreciation: −$2,470
• Taxable loss: −$364
• Est. tax savings @ 24.0%: +$87
• After-tax cash flow: $1,097/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 80/100 None rehab

This brand new 3-bedroom, 2-bathroom home in Kokomo's Holiday North Community is move-in ready with modern finishes and a welcoming layout. It's in excellent condition with no visible repairs needed.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Painting exterior — Freshens up the home's appearance ↑
• Both Landscaping around front porch — Enhances curb appeal and adds value ↑

Schools (NCES district)

• District: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

C Composite livability gradescore 68/100

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 81,522 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 8% of renters

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Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

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Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• Other: Living area approximately 1216Listing status: ActiveList price: $84,900Address: 3000 N Apperson Way #371, Kokomo, IN 46901

Exterior

• Utilities: Forced air heatingCentral air conditioning
• Home design: Condo/Apartment unit (Spec plan 369)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Refrigerator