3402 W Moore Rd · Spencer, IN 47460

$50,000

3 bd · 1.0 ba · 840 sqft · Manufactured public records · 256 Days on market

Built 1974 1.00 ac lot $60/sqft · 75% below area ↓ 27% since listing

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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 +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks to escape to your own slice of serenity with this 1-acre wooded lot nestled just 10 minutes from Spencer, Indiana. Tucked away on a private road that dead-ends into the state forest, this property offers unmatched privacy and natural beauty. Enjoy nearby adventures at McCormick's Creek State Park, Cataract Falls, and Horseman's Campgroundplus golf just minutes away. The 2-bed, 1-bath mobile home needs some work but comes equipped with a wood stove, electric heat, metal roof, and a cozy covered porch. A barn, lean-to, and gravel circular drive complete the picture. Pond-ready area adds value. Perfect for investors, weekend warriors, or nature enthusiasts, bring your vision and make it your own. Sold AS ISpriced to move!

Key facts

• Private road
• State forest
• Wooded lot

Tags

• WOODED LOT
• PRIVATE ROAD
• STATE FOREST
• MCCORMICK'S CREEK STATE PARK
• CATARACT FALLS
• HORSEMAN'S CAMPGROUND

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($999 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 2.2% in Spencer — 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 77/100 on livability (#39 in IN, #3,005 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, employment F.
• Spencer-Owen Community Schools (rural): math 38% / reading 40% proficiency, ranked #155 of 301 in IN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spencer Elementary School (math 42% / reading 33%, grade F, #543 of 994 statewide, top 55%, 557 students, 62% FRL); Owen Valley Middle School (math 22% / reading 36%, grade F, #222 of 330 statewide, top 67%, 344 students, 55% FRL); Owen Valley Community High School (math 42% / reading 62%, grade D+, #106 of 369 statewide, top 31%, 671 students, 51% FRL).
• Market conditions: 84 active listings in the ZIP; 120 units permitted in Owen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Owen County population projected at -30% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 2.00% ✓
• Cap rate: 18.15%
• Cash-on-cash: 42.35%
• DSCR: 2.88
• GRM: 4.2

CMA / ARV

• ARV (median comp): $203,880
• List price: $50,000
• Delta: -75.48%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 39.0%
• Equity multiple: 2.67×
• Total profit: $23,350
• Equity at exit: $7,455

10-year hold

• IRR: 45.5%
• Equity multiple: 5.34×
• Total profit: $60,789
• Equity at exit: $4,323

Cash invested: $14,000 (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 47460

• Home prices YoY: -13.2%
• Active inventory: 84
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $999 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$12 /mo · $143/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $494

Break-even live

Break-even rent $373

Max offer price $50,000

Occupancy floor 46%

Sensitivity live

Price	-10% $522	-5% $508	+0% $494	+5% $480	+10% $466
Rent	-10% $415	-5% $455	+0% $494	+5% $534	+10% $573
Rate	-1.0pp $519	-0.5pp $507	base $494	+0.5pp $481	+1.0pp $468

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $50,000 Active 256 DOM
2. 2026-06-19
   days on market $50,000 Active 254 DOM
3. 2026-06-18
   days on market $50,000 Active 253 DOM
4. 2026-06-17
   days on market $50,000 Active 252 DOM
5. 2026-06-16
   days on market $50,000 Active 251 DOM
6. 2026-06-15
   days on market $50,000 Active 250 DOM
7. 2026-06-14
   days on market $50,000 Active 248 DOM
8. 2026-06-13
   days on market $50,000 Active 247 DOM
9. 2026-06-10
   days on market $50,000 Active 245 DOM
10. 2026-06-09
    days on market $50,000 Active 244 DOM
11. 2026-06-08
    days on market $50,000 Active 243 DOM
12. 2026-06-07
    pricedays on market $50,000 Active 242 DOM
13. 2026-06-05
    days on market $60,000 Active 239 DOM
14. 2026-06-03
    days on market $60,000 Active 238 DOM
15. 2026-06-02
    days on market $60,000 Active 237 DOM
16. 2026-06-01
    days on market $60,000 Active 236 DOM
17. 2026-05-31
    days on market $60,000 Active 235 DOM
18. 2026-05-30
    days on market $60,000 Active 234 DOM
19. 2026-04-28
    price $60,000 747-char remark

    Show marketing remark (747 chars)

    Opportunity knocks to escape to your own slice of serenity with this 1-acre wooded lot nestled just 10 minutes from Spencer, Indiana. Tucked away on a private road that dead-ends into the state forest, this property offers unmatched privacy and natural beauty. Enjoy nearby adventures at McCormick's Creek State Park, Cataract Falls, and Horseman's Campgroundplus golf just minutes away. The 2-bed, 1-bath mobile home needs some work but comes equipped with a wood stove, electric heat, metal roof, and a cozy covered porch. A barn, lean-to, and gravel circular drive complete the picture. Pond-ready area adds value. Perfect for investors, weekend warriors, or nature enthusiasts, bring your vision and make it your own. Sold AS ISpriced to move!

20. 2026-01-14
    price $72,500 747-char remark

    Show marketing remark (747 chars)

    Opportunity knocks to escape to your own slice of serenity with this 1-acre wooded lot nestled just 10 minutes from Spencer, Indiana. Tucked away on a private road that dead-ends into the state forest, this property offers unmatched privacy and natural beauty. Enjoy nearby adventures at McCormick's Creek State Park, Cataract Falls, and Horseman's Campgroundplus golf just minutes away. The 2-bed, 1-bath mobile home needs some work but comes equipped with a wood stove, electric heat, metal roof, and a cozy covered porch. A barn, lean-to, and gravel circular drive complete the picture. Pond-ready area adds value. Perfect for investors, weekend warriors, or nature enthusiasts, bring your vision and make it your own. Sold AS ISpriced to move!

21. 2025-10-06
    listed $82,500 Active 747-char remark

    Show marketing remark (747 chars)

    Opportunity knocks to escape to your own slice of serenity with this 1-acre wooded lot nestled just 10 minutes from Spencer, Indiana. Tucked away on a private road that dead-ends into the state forest, this property offers unmatched privacy and natural beauty. Enjoy nearby adventures at McCormick's Creek State Park, Cataract Falls, and Horseman's Campgroundplus golf just minutes away. The 2-bed, 1-bath mobile home needs some work but comes equipped with a wood stove, electric heat, metal roof, and a cozy covered porch. A barn, lean-to, and gravel circular drive complete the picture. Pond-ready area adds value. Perfect for investors, weekend warriors, or nature enthusiasts, bring your vision and make it your own. Sold AS ISpriced to move!

ⓘ 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: $143 · $12/mo
• Projected year-2 tax: $284 · $24/mo
• Expected delta: +$141/yr (+$12/mo · 98.2%)

ⓘ 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: $11,986
• − Mortgage interest: −$2,801
• − Property taxes: −$143
• − Insurance: −$250
• − Repairs & maintenance: −$959
• − Management: −$959
• − Depreciation: −$1,455
• Taxable income: $5,419
• Est. tax owed @ 24.0%: −$1,301
• After-tax cash flow: $4,628/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: Spencer-Owen Community Schools
• NCES district ID: 1810950
• Math proficiency: 38% ▼ -6.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $45,258
• Composite: 33.21/100
• National rank: #5529
• State rank: #155 of 301 in IN

Livability — Spencer

• Score: 77/100
• State rank: #39
• US rank: #3005

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,395

Population outlook (Owen County) Hauer SSP2

• Today (2025): 19,045 people
• By 2030: 17,930 · -5.9%
• By 2040: 15,507 · -18.6%
• By 2050: 13,253 · -30.4%
• By 2075: 9,364 · -50.8%
• By 2100: 6,686 · -64.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 1% · China

Political lean MEDSL · Owen

• 2024 margin: Solid R (+50.7) · D 23.8% · R 74.5% · Other 1.6%
• 2008→2024 swing: -40.3pp toward R · 2008: -10.3pp · 2024: -50.7pp
• All cycles: 2024: R+50.7 2020: R+49.1 2016: R+49.4 2012: R+27.6 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.98%
• Current HPI: 237.6087
• 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

-27.3% since first listed

3 events — show timeline

• 2026-04-28 Price Changed $60,000 SEIBR
• 2026-01-14 Price Changed $72,500 SEIBR
• 2025-10-06 Listed $82,500 SEIBR

Property tax history

+2.6%/yr

Latest (2024): $143 · -18.0% YoY. Source: county tax records.