212 Delaware St · Shirley, IN 47384

$155,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records

Built 2004 0.26 ac lot Est $159k · at est.

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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 +20.7/30.0
• ARV discount +8.7/15.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.3/5.0
• Appreciation +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome Home! Nestled in Shirley, this home is ready to move in. With new flooring and fresh paint throughout. With three well-proportioned bedrooms and two full bathrooms, this property provides ample space for personal comfort and convenience. Embrace a lifestyle of comfort and convenience in this thoughtfully designed residence.

Key facts

• 0.26 acre lot
• Built 2004

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $155k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (6.5% below list).
• Recommended offer: $145k (6.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#287 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Eastern Hancock County Community School Corporation (rural): math 48% / reading 50% proficiency, ranked #49 of 301 in IN (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastern Hancock Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 533 students, 32% FRL); Eastern Hancock High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 378 students, 31% FRL).
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y ago 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.
• Current owner paid $58k; list at $155k implies a 167% gain — meaningful room to come down on a strong offer.

Recommended offer $145,000 (6.5% below list)

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. 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?
3. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $159,408
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 S Railroad St	0.16mi	3/2.0	1,296 (0%)	16mo	$160,000	$123	79

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-11,757
• Equity at exit: $23,111

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $6,793
• Equity at exit: $13,402

Cash invested: $43,400 (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 47384

• Home prices YoY: -1.7%
• Active inventory: 18
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $211

Break-even live

Break-even rent $1,183

Max offer price $155,000

Occupancy floor 80%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
226 Walnut St Wilkinson, IN	2.0	1.0	1010	$1,450	$1.44	2d	1	1.36mi

Listing history 2 events

1. 2026-06-07
   remarks 333-char remark
2. 2026-06-07
   listed $155,000 Pending

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $1,003 · $84/mo
• Expected delta: +$315/yr (+$26/mo · 45.7%)

ⓘ 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 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,400
• − Mortgage interest: −$8,682
• − Property taxes: −$688
• − Insurance: −$775
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$4,509
• Taxable loss: −$39
• Est. tax savings @ 24.0%: +$9
• After-tax cash flow: $2,538/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: Eastern Hancock County Community School Corporation
• NCES district ID: 1803120
• Math proficiency: 48% ▼ -15.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $62,582
• Composite: 43.16/100
• National rank: #3071
• State rank: #49 of 301 in IN

Livability — Shirley

• Score: 66/100
• State rank: #287
• US rank: #11700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shirley, IN
• Population (ZIP): 2,038

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Slovak 4% Lithuanian 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.77%
• Current HPI: 220.022
• 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

+90.2% since first listed

7 events — show timeline

• 2026-06-04 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2026-06-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-07-20 Sold (Public Records) $58,000 Public Records
• 2008-07-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-01-07 Listed $72,500 MIBOR as Distributed by MLS Grid
• 2007-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-18 Listed $81,500 MIBOR as Distributed by MLS Grid

Property tax history

-5.5%/yr

Latest (2025): $688 · -10.3% YoY. Source: county tax records.