374 Worthington St · Worthington, IN 47471

$112,900

3 bd · 2.0 ba · 990 sqft · Manufactured · 51 Days on market

Built 1996 0.39 ac lot $114/sqft · 13% below area Est $130k · 13% under ↓ 13% since listing

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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 +13.7/30.0
• ARV discount +13.3/15.0
• Appreciation +5.8/10.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Immaculate and well maintained, this manufactured home, setting on nearly 4/10th of an acre, features 3 bedrooms, 2 baths, laminate hardwood flooring, carpeted bedrooms, beautiful covered deck with stylish balusters, nice patio, and mini-barn. All Appliances stay! Hard to find "Move-In Ready" at this price. Located in the charming town of Worthington, whose motto is " A Small Town With a Big Heart" is like stepping back in time with quaint shops, where community matters. The amazing Town Park, is just a few minutes from the home. It features a large full service Community Building, a second smaller building, the Hinchman building, a Band Stand, a Shelter House, walking

Key facts

• Covered deck
• Mini-barn
• Walking paths

Tags

• COVERED DECK
• MINI-BARN
• WALKING PATHS
• LANDSCAPED GARDEN AREAS

Property features AI

Finance

• Other: Property type: Residential; Lot size approximately 0.39 acres (about 1/4–1/2 acre); Living area reported as 990

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Other foundation
• Exterior features: Deck; Storage shed; Mature trees on the lot

Interior

• Kitchen: Gas oven; Range hood; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Vaulted ceilings; Painted woodwork
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $113k.

Deal economics

• At list price, monthly cash flow is $9 ($104/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 $85k (25.1% below list).
• Recommended offer: $85k (25.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#174 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• White River Valley School District (rural): math 33% / reading 39% proficiency, ranked #187 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: White River Valley Elementary Sch (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 326 students, 64% FRL); White River Valley High School (math 22% / reading 47%, grade F, #270 of 369 statewide, top 77%, 210 students, 56% FRL) — zoned schools average 60% FRL vs 42% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($781 loan paydown + $2k appreciation (1.5% local appreciation)).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $95k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $84,525 (25.1% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.75% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.33%
• DSCR: 1.01
• GRM: 11.1

CMA / ARV

• ARV (median comp): $129,742
• List price: $112,900
• Delta: -12.98%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
374 Worthington St	0.02mi	3/2.0	990 (0%)	13mo	$95,000	$96	88
406 W Main St	0.23mi	3/2.0	1,080 (+9%)	6mo	$129,000	$119	69

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

Projected returns pro-forma

1.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.17×
• Total profit: $5,443
• Equity at exit: $41,567

10-year hold

• IRR: 7.4%
• Equity multiple: 1.95×
• Total profit: $29,976
• Equity at exit: $57,658

Cash invested: $31,612 (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 47471

• Home prices YoY: 0.8%
• Active inventory: 17
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $845 medium
• Mortgage (P&I): −$592
• Tax from tax record: −$20 /mo · $240/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $9

Break-even live

Break-even rent $834

Max offer price $112,900

Occupancy floor 94%

Sensitivity live

Price	-10% $73	-5% $41	+0% $9	+5% $-23	+10% $-191
Rent	-10% $-58	-5% $-25	+0% $9	+5% $42	+10% $75
Rate	-1.0pp $66	-0.5pp $37	base $9	+0.5pp $-21	+1.0pp $-50

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $112,900 Active 51 DOM
2. 2026-06-18
   days on market $112,900 Active 50 DOM
3. 2026-06-17
   days on market $112,900 Active 49 DOM
4. 2026-06-16
   days on market $112,900 Active 48 DOM
5. 2026-06-15
   days on market $112,900 Active 47 DOM
6. 2026-06-14
   days on market $112,900 Active 45 DOM
7. 2026-06-12
   days on market $112,900 Active 44 DOM
8. 2026-06-09
   days on market $112,900 Active 41 DOM
9. 2026-06-08
   days on market $112,900 Active 40 DOM
10. 2026-06-07
    days on market $112,900 Active 39 DOM
11. 2026-06-05
    days on market $112,900 Active 36 DOM
12. 2026-06-03
    days on market $112,900 Active 35 DOM
13. 2026-06-02
    days on market $112,900 Active 34 DOM
14. 2026-06-01
    days on market $112,900 Active 33 DOM
15. 2026-05-31
    days on market $112,900 Active 32 DOM
16. 2026-05-30
    days on market $112,900 Active 31 DOM
17. 2026-04-29
    listed $115,000 Active 1015-char remark
18. 2026-02-25
    price $114,000
19. 2026-02-25
    price $114,000
20. 2025-11-24
    listed $115,000 Active

ⓘ 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: $240 · $20/mo
• Projected year-2 tax: $600 · $50/mo
• Expected delta: +$360/yr (+$30/mo · 149.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,143
• − Mortgage interest: −$6,324
• − Property taxes: −$240
• − Insurance: −$564
• − Repairs & maintenance: −$811
• − Management: −$811
• − Depreciation: −$3,284
• Taxable loss: −$1,893
• Est. tax savings @ 24.0%: +$454
• After-tax cash flow: $558/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: White River Valley School District
• NCES district ID: 1800008
• Math proficiency: 33% ▼ -19.00%
• Reading proficiency: 39% ▼ -15.00%
• Median HH income: $44,074
• Composite: 30.59/100
• National rank: #6199
• State rank: #187 of 301 in IN

Livability — Worthington

• Score: 70/100
• State rank: #174
• US rank: #8138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worthington, IN
• Population (ZIP): 3,116

Population outlook (Greene County) Hauer SSP2

• Today (2025): 30,724 people
• By 2030: 29,506 · -4.0%
• By 2040: 26,744 · -13.0%
• By 2050: 23,879 · -22.3%
• By 2075: 18,341 · -40.3%
• By 2100: 13,976 · -54.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Polish 7% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 82% English-only · German/W. Germanic 12% Spanish 6%

Political lean MEDSL · Greene

• 2024 margin: Solid R (+53.7) · D 22.4% · R 76.1% · Other 1.6%
• 2008→2024 swing: -39.2pp toward R · 2008: -14.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.2 2016: R+53.4 2012: R+31.4 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.51%
• Current HPI: 200.6511
• 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

-13.2% since first listed

14 events — show timeline

• 2026-05-28 Price Changed $112,900 MIBOR as Distributed by MLS Grid
• 2026-04-29 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2026-02-25 Price Changed $114,000 IRMLS
• 2026-02-25 Price Changed $114,000 SIRA
• 2025-11-24 Listed $115,000 IRMLS
• 2025-05-30 Sold (MLS) $95,000 IRMLS
• 2025-05-02 Pending — IRMLS
• 2025-03-31 Relisted — IRMLS
• 2025-03-24 Pending — IRMLS
• 2025-03-20 Price Changed $99,500 IRMLS
• 2024-12-23 Price Changed $100,000 IRMLS
• 2024-11-26 Price Changed $110,000 IRMLS
• 2024-11-07 Price Changed $120,000 IRMLS
• 2024-09-25 Listed $130,000 IRMLS

Property tax history

+7.9%/yr

Latest (2024): $240 · +185.7% YoY. Source: county tax records.