3820 W Us Highway 40 · Spring Lake, IN 46140

$239,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 217 Days on market

Built 1981 2.15 ac lot ↓ 4% 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 +12.2/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• DSCR +3.6/10.0
• Rent growth +3.2/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Livability +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

Key facts

• Natural light
• Peaceful setting
• Top-rated schools

Tags

• DETACHED GARAGE
• TOP-RATED SCHOOLS
• NATURAL LIGHT
• PEACEFUL SETTING

Property features AI

Finance

• Other: Property on approximately 2.15 acres; Lot features include mature trees and not in a subdivision; GPS-friendly directions

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic system; 200+ amp electric service; Cable available; Natural gas available; Electricity connected
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch

Interior

• Kitchen: Electric oven; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; Primary bath with double sinks, suite layout, combination of tub and separate shower, and garden tub
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Vaulted ceilings; Pantry; Smoke alarm
• Laundry & utility: Main level laundry; Washer and dryer included; Electric water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $240k.

Deal economics

• At list price, monthly cash flow is $-49 ($-582/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (19.2% below list).
• Recommended offer: $194k (19.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 44/100 on livability (#669 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Southern Hancock County Community School Corporation (rural): math 56% / reading 62% proficiency, ranked #17 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Sugar Creek Elementary Sch (math 57% / reading 52%, grade C, #197 of 994 statewide, top 22%, 565 students, 30% FRL); New Palestine High School (math 41% / reading 76%, grade C, #60 of 369 statewide, top 16%, 1,195 students, 23% FRL).
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Recommended offer $193,947 (19.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
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 F-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. 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?
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: 0.81% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-42,216
• Equity at exit: $35,770

10-year hold

• IRR: -10.3%
• Equity multiple: 0.38×
• Total profit: $-41,770
• Equity at exit: $20,742

Cash invested: $67,172 (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 46140

• Rents YoY: 2.9%
• Active inventory: 481
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,939 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$223 /mo · $2,672/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $-49

Break-even live

Break-even rent $2,001

Max offer price $231,331

Occupancy floor 98%

Sensitivity live

Price	-10% $87	-5% $19	+0% $-49	+5% $-116	+10% $-184
Rent	-10% $-202	-5% $-125	+0% $-49	+5% $28	+10% $105
Rate	-1.0pp $72	-0.5pp $13	base $-49	+0.5pp $-111	+1.0pp $-174

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4211 W Potomac Dr Greenfield, IN	1.0–3.0	1.0–2.0	1000	$1,729	$1.73	2d	41	0.58mi
2274 W US Highway 40 Greenfield, IN	3.0	1.0	1348	$2,000	$1.48	2d	1	1.50mi

Listing history 23 events

1. 2026-06-18
   days on market $239,900 Active 217 DOM
2. 2026-06-17
   days on market $239,900 Active 216 DOM
3. 2026-06-16
   days on market $239,900 Active 215 DOM
4. 2026-06-15
   days on market $239,900 Active 214 DOM
5. 2026-06-13
   days on market $239,900 Active 212 DOM
6. 2026-06-13
   days on market $239,900 Active 211 DOM
7. 2026-06-09
   days on market $239,900 Active 208 DOM
8. 2026-06-08
   days on market $239,900 Active 207 DOM
9. 2026-06-07
   days on market $239,900 Active 206 DOM
10. 2026-06-03
    days on market $239,900 Active 202 DOM
11. 2026-06-02
    days on market $239,900 Active 201 DOM
12. 2026-06-01
    days on market $239,900 Active 200 DOM
13. 2026-05-31
    days on market $239,900 Active 199 DOM
14. 2026-03-28
    historical Active Under Contract 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

15. 2026-03-09
    price $239,900 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

16. 2026-03-09
    price $239,900

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

17. 2025-12-12
    status Active 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

18. 2025-12-12
    status Active

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

19. 2025-11-25
    status Pending

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

20. 2025-11-25
    historical Active Under Contract 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

21. 2025-10-26
    listed $249,900 Active 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

22. 2025-10-24
    historical $249,900 648-char remark

    Show marketing remark (648 chars)

    Welcome to this well maintained 3-bedroom, 2-bath home nestled on 2.15 acres in a prime location! Enjoy the perfect blend of country space and everyday convenience with room to roam and top-rated schools nearby. The property features a detached 2-car garage, offering plenty of storage or hobby space. Inside, you’ll find comfortable living areas filled with natural light, a functional kitchen, and spacious bedrooms. Whether you’re relaxing outdoors or entertaining friends and family, this property offers endless potential and a peaceful setting that’s hard to beat. Perfect for those looking for privacy, location, and value!

23. 2025-10-22
    listed $249,900 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: $2,672 · $223/mo
• Projected year-2 tax: $2,672 · $223/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 100% 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: $23,274
• − Mortgage interest: −$13,438
• − Property taxes: −$2,672
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − Depreciation: −$6,979
• Taxable loss: −$4,739
• Est. tax savings @ 24.0%: +$1,137
• After-tax cash flow: $555/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: Southern Hancock County Community School Corporation
• NCES district ID: 1810710
• Math proficiency: 56% ▼ -5.00%
• Reading proficiency: 62% ▼ -1.00%
• Median HH income: $67,373
• Composite: 51.89/100
• National rank: #1650
• State rank: #17 of 301 in IN

Livability — Spring Lake

• Score: 44/100
• State rank: #669
• US rank: #26710

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hancock County · 59,521 people
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 43,511
• Household income: $83,056
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 795.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.67%
• Current HPI: 225.0367
• Rent YoY: ▲ 2.88%
• Metro: Indianapolis-Carmel-Anderson, 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

-4.0% since first listed

10 events — show timeline

• 2026-03-28 Contingent — IRMLS
• 2026-03-09 Price Changed $239,900 IRMLS
• 2026-03-09 Price Changed $239,900 MIBOR as Distributed by MLS Grid
• 2025-12-12 Relisted — IRMLS
• 2025-12-12 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-25 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-25 Contingent — IRMLS
• 2025-10-26 Listed $249,900 IRMLS
• 2025-10-24 Coming Soon $249,900 IRMLS
• 2025-10-22 Listed $249,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $2,672 · +40.8% YoY. Source: county tax records.