6 Dogwood Dr · Richmond, IN 47374

$78,900

3 bd · 2.0 ba · 1,792 sqft · Manufactured · 88 Days on market

Built 2003 Fair condition

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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
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is located on a shaded lot at the back of a cul-de-sac. There is a large tip out that greatly expands the living space. Floors in the main living area are a newer laminate. A corner fireplace appears to have burned something. Better have it checked out. There is a nice walk in shower in the main bath and the master has very nice new tile work and flooring. The main deck is covered and this even has a second deck accessible by patio doors. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot included water, sewer, and trash removal. Cable is also included!! It also includes use of the community swimming pool, basketball court and a nice meeting building with kitchen. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard, you can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

Key facts

• Covered front porch
• Open floor plan
• Walk-in closet

Tags

• OPEN FLOOR PLAN
• COVERED FRONT PORCH
• PRIVATE EN-SUITE
• LUXURIOUS TUB
• SEPARATE SHOWER
• WALK-IN CLOSET

Property features AI

Exterior

• Parking: Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-story manufactured home; Residential zoning
• Construction: Vinyl siding
• Exterior features: Shingle roof; Lot is rented

Interior

• Kitchen: Disposal; Refrigerator
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Disposal; Refrigerator; Electric water heater; Seven total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $79k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D-, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $545 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $12k; list at $79k implies a 558% gain — meaningful room to come down on a strong offer.

Recommended offer $74,166 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.59% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.29%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 17.6%
• Equity multiple: 1.71×
• Total profit: $15,717
• Equity at exit: $11,764

10-year hold

• IRR: 26.1%
• Equity multiple: 3.28×
• Total profit: $50,439
• Equity at exit: $6,822

Cash invested: $22,092 (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 47374

• Active inventory: 273
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,256 medium
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,184/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $447

Break-even live

Break-even rent $690

Max offer price $78,900

Occupancy floor 59%

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: $19,725
• Closing costs: $2,367
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	44d	1	0.44mi

Listing history 19 events

1. 2026-06-19
   days on market $78,900 Active 88 DOM
2. 2026-06-18
   days on market $78,900 Active 87 DOM
3. 2026-06-17
   days on market $78,900 Active 86 DOM
4. 2026-06-16
   days on market $78,900 Active 85 DOM
5. 2026-06-15
   days on market $78,900 Active 84 DOM
6. 2026-06-14
   days on market $78,900 Active 82 DOM
7. 2026-06-12
   days on market $78,900 Active 81 DOM
8. 2026-06-09
   days on market $78,900 Active 78 DOM
9. 2026-06-08
   days on market $78,900 Active 77 DOM
10. 2026-06-07
    days on market $78,900 Active 76 DOM
11. 2026-06-03
    days on market $78,900 Active 72 DOM
12. 2026-06-02
    days on market $78,900 Active 71 DOM
13. 2026-06-01
    days on market $78,900 Active 70 DOM
14. 2026-05-31
    days on market $78,900 Active 69 DOM
15. 2026-05-30
    days on market $78,900 Active 68 DOM
16. 2026-05-13
    price $78,900
17. 2026-03-23
    listed $79,900 Active
18. 2020-12-03
    soldstatus $12,000 1091-char remark

    Show marketing remark (1091 chars)

    This home is located on a shaded lot at the back of a cul-de-sac. There is a large tip out that greatly expands the living space. Floors in the main living area are a newer laminate. A corner fireplace appears to have burned something. Better have it checked out. There is a nice walk in shower in the main bath and the master has very nice new tile work and flooring. The main deck is covered and this even has a second deck accessible by patio doors. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot included water, sewer, and trash removal. Cable is also included!! It also includes use of the community swimming pool, basketball court and a nice meeting building with kitchen. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard, you can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

19. 2020-09-28
    listed $13,500 1091-char remark

    Show marketing remark (1091 chars)

    This home is located on a shaded lot at the back of a cul-de-sac. There is a large tip out that greatly expands the living space. Floors in the main living area are a newer laminate. A corner fireplace appears to have burned something. Better have it checked out. There is a nice walk in shower in the main bath and the master has very nice new tile work and flooring. The main deck is covered and this even has a second deck accessible by patio doors. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot included water, sewer, and trash removal. Cable is also included!! It also includes use of the community swimming pool, basketball court and a nice meeting building with kitchen. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard, you can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

ⓘ 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: $15,075
• − Mortgage interest: −$4,420
• − Property taxes: −$1,184
• − Insurance: −$394
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$2,295
• Taxable income: $4,371
• Est. tax owed @ 24.0%: −$1,049
• After-tax cash flow: $4,318/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

Fair 45/100 Moderate rehab

This home requires moderate repairs and maintenance to improve its condition and value. Fresh paint, new carpet, and landscaping can significantly enhance its appeal.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls/paint — Worn and peeling paint
• Major flooring — Worn carpet in living areas

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can significantly improve curb appeal
• Resale Replace carpet in living areas — Fresh carpet can make the home more appealing to potential buyers
• Resale Paint interior walls/paint — Fresh paint can improve the overall appearance of the home
• Both Landscaping and curb appeal — A well-maintained lawn and landscaping can improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls/paint · Worn and peeling paint	Major	$15,000–50,000
flooring · Worn carpet in living areas	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can significantly improve curb appeal ↑
• Resale Replace carpet in living areas — Fresh carpet can make the home more appealing to potential buyers ↑
• Resale Paint interior walls/paint — Fresh paint can improve the overall appearance of the home ↑
• Both Landscaping and curb appeal — A well-maintained lawn and landscaping can improve both resale and rental value ↑

ⓘ 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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, IN
• 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

+484.4% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $78,900 RRELMS
• 2026-03-23 Listed $79,900 RRELMS
• 2020-12-03 Sold (MLS) $12,000 RRELMS
• 2020-09-28 Listed $13,500 RRELMS