1237 N US Highway 27 #20 · Portland, IN 47371

$12,900

3 bd · 1.0 ba · 896 sqft · Manufactured · 531 Days on market

Built 2024 ↓ 47% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2024
• Listed 531 days

Tags

• ONSITE COMMUNITY MANAGEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $13k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($815 rent vs $13k).
• Recommended offer: $11k (12.0% below list) — sets the bar for market timing.
• Cap rate 57.9% vs local median 4.7% in Portland — 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 69/100 on livability (#191 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute C-, schools D, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($59k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $89 of loan paydown is wiped out by about $387 of value loss. Plan a longer hold.
• Jay County population projected at -12% 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 531 days — a 12% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago; this cycle's ask has dropped $11k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $11,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 531 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 6.32% ✓
• Cap rate: 57.92%
• Cash-on-cash: 184.37%
• DSCR: 9.20
• GRM: 1.3

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: —
• Equity multiple: 10.21×
• Total profit: $33,267
• Equity at exit: $1,923

10-year hold

• IRR: —
• Equity multiple: 21.63×
• Total profit: $74,530
• Equity at exit: $1,115

Cash invested: $3,612 (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 47371

• Home prices YoY: -20.1%
• Active inventory: 38
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $815 medium
• Mortgage (P&I): −$68
• Tax est. 1.5%: −$16 /mo · $194/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $555

Break-even live

Break-even rent $113

Max offer price $12,900

Occupancy floor 27%

Sensitivity live

Price	-10% $564	-5% $559	+0% $555	+5% $550	+10% $546
Rent	-10% $491	-5% $523	+0% $555	+5% $587	+10% $619
Rate	-1.0pp $561	-0.5pp $558	base $555	+0.5pp $552	+1.0pp $548

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

Listing history 33 events

1. 2026-06-21
   days on market $12,900 Active 531 DOM
2. 2026-06-18
   days on market $12,900 Active 529 DOM
3. 2026-06-17
   days on market $12,900 Active 528 DOM
4. 2026-06-16
   days on market $12,900 Active 527 DOM
5. 2026-06-15
   days on market $12,900 Active 526 DOM
6. 2026-06-13
   days on market $12,900 Active 524 DOM
7. 2026-06-12
   days on market $12,900 Active 523 DOM
8. 2026-06-09
   days on market $12,900 Active 520 DOM
9. 2026-06-08
   days on market $12,900 Active 519 DOM
10. 2026-06-07
    days on market $12,900 Active 518 DOM
11. 2026-06-05
    days on market $12,900 Active 516 DOM
12. 2026-06-04
    days on market $12,900 Active 514 DOM
13. 2026-06-02
    days on market $12,900 Active 513 DOM
14. 2026-06-01
    price $12,900 Active 512 DOM
15. 2026-06-01
    days on market $12,400 Active 512 DOM
16. 2026-05-31
    days on market $12,400 Active 511 DOM
17. 2026-05-31
    days on market $12,400 Active 510 DOM
18. 2026-03-21
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2026-02-20
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2026-02-01
    price $12,400 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2025-12-05
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

22. 2025-12-05
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

23. 2025-11-01
    price $12,900 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

24. 2025-02-12
    price $17,900 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

25. 2024-12-23
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

26. 2024-08-24
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

27. 2024-08-20
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

28. 2024-08-20
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

29. 2024-08-19
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

30. 2024-08-19
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

31. 2024-08-17
    status Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

32. 2024-08-17
    historical 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

33. 2024-08-06
    listed $23,500 Active 517-char remark

    Show marketing remark (517 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, a playground, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,784
• − Mortgage interest: −$723
• − Property taxes: −$194
• − Insurance: −$64
• − Repairs & maintenance: −$783
• − Management: −$783
• − Depreciation: −$375
• Taxable income: $6,862
• Est. tax owed @ 24.0%: −$1,647
• After-tax cash flow: $5,012/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Portland

• Score: 69/100
• State rank: #191
• US rank: #8739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Jay · 12,450 people
• Population (ZIP): 12,450
• Household income: $59,215
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 4.4

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Iranian 4% Serbian 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.09%
• Current HPI: 255.0877
• 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

-47.2% since first listed

16 events — show timeline

• 2026-03-21 Relisted — Zillow
• 2026-02-20 Delisted — Zillow
• 2026-02-01 Price Changed $12,400 Zillow
• 2025-12-05 Relisted — Zillow
• 2025-12-05 Delisted — Zillow
• 2025-11-01 Price Changed $12,900 Zillow
• 2025-02-12 Price Changed $17,900 Zillow
• 2024-12-23 Relisted — Zillow
• 2024-08-24 Delisted — Zillow
• 2024-08-20 Relisted — Zillow
• 2024-08-20 Delisted — Zillow
• 2024-08-19 Relisted — Zillow
• 2024-08-19 Delisted — Zillow
• 2024-08-17 Relisted — Zillow
• 2024-08-17 Delisted — Zillow
• 2024-08-06 Listed $23,500 Zillow