1532 North Springs St · Kramer, IN 47918

$98,000

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 17 Days on market

Built 1998 0.48 ac lot

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NO SHOWING APPOINTMENT NECESSARY - HUD HOME - SOLD IN AS IS CONDITION. FOR MORE INFORMATION ON HUD FORMS, EARNEST MONEY, AND ON-LINE BIDDING PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL EST ATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER:151-619439 INSURED STATUS:UI NOTES:PLUMBING INSPECTION RECOMMENDED, REPLACE INTERIOR DOOR HINGES,REPAIR FRONT STEPS, SECURE HANDRAILS

Key facts

• Split floor plan
• Eat-in kitchen
• 0.48 acre lot

Tags

• SPLIT FLOOR PLAN
• EAT-IN KITCHEN
• GENEROUSLY SIZED YARD

Property features AI

Exterior

• Parking: Gravel parking; RV access/parking
• Utilities: Well water; Septic system
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Fire pit; Storm door(s); Level lot

Interior

• Kitchen: Gas range; Refrigerator; Exhaust fan
• Bedrooms: Master bedroom on main level
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas and propane available); Central air conditioning; Attic fan
• Interior features: Open floorplan; Laminate countertops; Master bedroom on main level; One fireplace
• Laundry & utility: Washer hookup on main level; Electric dryer hookup; Washer included; Dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $98k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 22 active listings in the ZIP; 27 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Warren County population projected at -24% 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 $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 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 $31k; list at $98k implies a 218% gain — meaningful room to come down on a strong offer.

Recommended offer $96,530 (1.5% 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. 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.
3. 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.
4. 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: 1.19% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 7.0

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: 1.9%
• Equity multiple: 1.07×
• Total profit: $2,023
• Equity at exit: $14,612

10-year hold

• IRR: 11.5%
• Equity multiple: 1.90×
• Total profit: $24,794
• Equity at exit: $8,473

Cash invested: $27,440 (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 47918

• Home prices YoY: -13.4%
• Active inventory: 22
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$514
• Tax from tax record: −$82 /mo · $978/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $281

Break-even live

Break-even rent $805

Max offer price $98,000

Occupancy floor 71%

Sensitivity live

Price	-10% $337	-5% $309	+0% $281	+5% $253	+10% $226
Rent	-10% $189	-5% $235	+0% $281	+5% $327	+10% $373
Rate	-1.0pp $331	-0.5pp $306	base $281	+0.5pp $256	+1.0pp $230

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   days on market $98,000 Active 17 DOM
2. 2026-06-18
   days on market $98,000 Active 16 DOM
3. 2026-06-17
   days on market $98,000 Active 15 DOM
4. 2026-06-16
   days on market $98,000 Active 14 DOM
5. 2026-06-15
   days on market $98,000 Active 13 DOM
6. 2026-06-14
   days on market $98,000 Active 11 DOM
7. 2026-06-13
   days on market $98,000 Active 10 DOM
8. 2026-06-10
   days on market $98,000 Active 8 DOM
9. 2026-06-09
   days on market $98,000 Active 7 DOM
10. 2026-06-08
    days on market $98,000 Active 6 DOM
11. 2026-06-07
    days on market $98,000 Active 5 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $98,000 Active 1 DOM

ⓘ 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: $978 · $82/mo
• Projected year-2 tax: $978 · $82/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,937
• − Mortgage interest: −$5,490
• − Property taxes: −$978
• − Insurance: −$490
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$2,851
• Taxable income: $1,898
• Est. tax owed @ 24.0%: −$456
• After-tax cash flow: $2,919/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)

No district data.

Livability — Kramer

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Kramer, IN
• Population (ZIP): 5,159

Population outlook (Warren County) Hauer SSP2

• Today (2025): 7,692 people
• By 2030: 7,331 · -4.7%
• By 2040: 6,581 · -14.4%
• By 2050: 5,853 · -23.9%
• By 2075: 4,692 · -39.0%
• By 2100: 3,985 · -48.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Slovak 3% Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+57.3) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -47.0pp toward R · 2008: -10.3pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+54.3 2016: R+52.5 2012: R+27.7 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.64%
• Current HPI: 237.0598
• 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

+122.7% since first listed

3 events — show timeline

• 2026-06-02 Listed $98,000 IRMLS
• 2006-11-27 Sold (MLS) $30,777 MIBOR as Distributed by MLS Grid
• 2006-07-06 Listed $44,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.7%/yr

Latest (2024): $978 · -9.1% YoY. Source: county tax records.