707 Hawkes St

Rockville, IN 47872

$54,900B-

2 bd · 1.0 ba · 1,132 sqft · Built 1971 · Manufactured · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,457/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$33
• HOA: −$0
• Vac / Maint / Mgmt: −$306
• Net cashflow: $830/mo
• Annual: $9,961/yr
• Cap rate: 24.44%
• Cash-on-cash: 64.80%
• DSCR: 3.88
• 1% rule: 2.65%
• Cash to close: $15,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $830 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 37 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#372 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.
• North Central Parke Comm School Corporation (town): math 30% / reading 39% proficiency, ranked #198 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockville Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 341 students, 64% FRL); Parke Heritage Middle School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 263 students, 61% FRL); Parke Heritage High School (math 12% / reading 57%, grade F, #270 of 369 statewide, top 77%, 341 students, 57% FRL) — zoned schools average 61% FRL vs 45% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 84 active listings in the ZIP; 61 units permitted in Parke County in 2024 (0 in 5+ unit buildings).
• Parke County population projected at -10% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.