705 E 4th St #62 · Rochester, IN 46975

$22,200

2 bd · 1.0 ba · 980 sqft · Manufactured · 51 Days on market

Built 2026 Good condition

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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
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 2 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 community events, , and , 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 2026
• Listed 51 days

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $21,700

Exterior

• Utilities: Natural gas heating; Central air conditioning
• Home design: Spec inventory type; Plan name 91575
• Exterior features: Address: 705 E 4th St #62, Rochester, IN 46975

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Living area of 980

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $22k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $22k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.0% vs local median 2.4% in Rochester — 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 (#206 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, amenities F, commute F.
• Rochester Community School Corporation (town): math 31% / reading 41% proficiency, ranked #188 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: George M Riddle Elementary School (math 37% / reading 34%, grade F, #584 of 994 statewide, top 59%, 364 students, 58% FRL); Rochester Community Middle School (math 28% / reading 42%, grade F, #164 of 330 statewide, top 50%, 317 students, 58% FRL); Rochester Community High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 610 students, 57% FRL) — zoned schools average 58% FRL vs 41% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 100 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $153 of loan paydown is wiped out by about $666 of value loss. Plan a longer hold.
• Fulton County population projected at -13% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Recommended offer $21,534 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.53% ✓
• Cap rate: 40.95%
• Cash-on-cash: 123.79%
• DSCR: 6.51
• GRM: 1.8

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: 6.99×
• Total profit: $37,259
• Equity at exit: $3,310

10-year hold

• IRR: —
• Equity multiple: 14.69×
• Total profit: $85,095
• Equity at exit: $1,919

Cash invested: $6,216 (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 46975

• Home prices YoY: -28.7%
• Active inventory: 100
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,006 medium
• Mortgage (P&I): −$116
• Tax est. 1.5%: −$28 /mo · $333/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $641

Break-even live

Break-even rent $194

Max offer price $22,200

Occupancy floor 31%

Sensitivity live

Price	-10% $657	-5% $649	+0% $641	+5% $634	+10% $626
Rent	-10% $562	-5% $602	+0% $641	+5% $681	+10% $721
Rate	-1.0pp $652	-0.5pp $647	base $641	+0.5pp $635	+1.0pp $630

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: $5,550
• Closing costs: $666
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1707 Madison St Rochester, IN	2.0	1.0	1000	$1,195	$1.20	25d	1	1.14mi
2203 E State Road 14 Unit 3 Rochester, IN	2.0	1.0	650	$950	$1.46	46d	1	1.19mi
2203 Indiana 14 Rochester, IN	2.0	1.0	650	$950	$1.46	46d	1	1.20mi
421 Westwood Ln Rochester, IN	2.0	1.0	657	$910	$1.38	25d	1	1.27mi

Listing history 16 events

1. 2026-06-22
   days on market $22,200 Active 51 DOM
2. 2026-06-18
   days on market $22,200 Active 48 DOM
3. 2026-06-17
   days on market $22,200 Active 47 DOM
4. 2026-06-16
   days on market $22,200 Active 46 DOM
5. 2026-06-15
   days on market $22,200 Active 45 DOM
6. 2026-06-14
   days on market $22,200 Active 43 DOM
7. 2026-06-10
   days on market $22,200 Active 40 DOM
8. 2026-06-09
   days on market $22,200 Active 39 DOM
9. 2026-06-08
   days on market $22,200 Active 38 DOM
10. 2026-06-07
    days on market $22,200 Active 37 DOM
11. 2026-06-03
    days on market $22,200 Active 33 DOM
12. 2026-06-02
    days on market $22,200 Active 32 DOM
13. 2026-06-01
    pricedays on market $22,200 Active 31 DOM
14. 2026-05-31
    days on market $21,700 Active 30 DOM
15. 2026-05-31
    days on market $21,700 Active 29 DOM
16. 2026-05-02
    listed $21,700 Active 487-char remark

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

Taxation est. · year 1

• Rental income: $12,071
• − Mortgage interest: −$1,244
• − Property taxes: −$333
• − Insurance: −$111
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$646
• Taxable income: $7,806
• Est. tax owed @ 24.0%: −$1,873
• After-tax cash flow: $5,821/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.

Condition & rehab AI · 8 photos

Good 80/100 Cosmetic rehab

This well-maintained 2-bedroom, 1-bathroom mobile home is ready for immediate move-in. It features new flooring, appliances, and fixtures, with a good exterior and landscaping. Minor exterior painting and interior updates would further enhance its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value.
• Both Replace carpet in bedrooms — Freshens up the interior and adds value.
• Both Install new window treatments — Improves energy efficiency and aesthetics.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value. ↑
• Both Replace carpet in bedrooms — Freshens up the interior and adds value. ↑
• Both Install new window treatments — Improves energy efficiency and aesthetics. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rochester Community School Corporation
• NCES district ID: 1809630
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $42,645
• Composite: 30.44/100
• National rank: #6231
• State rank: #188 of 301 in IN

Livability — Rochester

• Score: 69/100
• State rank: #206
• US rank: #9060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, IN
• County: Fulton County · 13,824 people
• City population: 13,824
• Metro: nan
• Population (ZIP): 13,824
• Household income: $61,185
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 238.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 19,537 people
• By 2030: 19,013 · -2.7%
• By 2040: 17,959 · -8.1%
• By 2050: 17,038 · -12.8%
• By 2075: 15,117 · -22.6%
• By 2100: 13,179 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Iranian 2% Scottish 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+51.2) · D 23.7% · R 74.9% · Other 1.4%
• 2008→2024 swing: -35.2pp toward R · 2008: -16.0pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+48.2 2016: R+48.4 2012: R+33.2 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.72%
• Current HPI: 212.9033
• Rent YoY: —
• Metro: nan
• 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