120 N Manifold St · Ingalls, IN 46048

$90,000

2 bd · 2.0 ba · 952 sqft · Manufactured public records · 83 Days on market

Built 1987 5,200 sqft lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nice manufactured home located on a double lot in Ingalls. This two bedroom is spacious with an open concept with the living room open to the the kitchen. The kitchen has a dining area, center island and large pantry. The master suite has a walk in closet and a full bath. The second bedroom has ample closet space and shares a second full bath. The property also has a detached two car garage with an attached dog kennel and a storage shed.

Key facts

• Interior office room
• Storage shed
• Built in bookshelves

Tags

• KITCHEN ISLAND WITH RANGE HOOD
• BUILT IN BOOKSHELVES
• PRIMARY BEDROOM EN SUITE
• OVERSIZED DETACHED GARAGE
• INTERIOR OFFICE ROOM
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $764 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.5% vs local median 4.0% in Ingalls — 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 64/100 on livability (#391 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 10 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $90k implies a 125% gain — meaningful room to come down on a strong offer.

Recommended offer $84,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
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: 1.88% ✓
• Cap rate: 16.48%
• Cash-on-cash: 36.38%
• DSCR: 2.62
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.2%
• Equity multiple: 4.88×
• Total profit: $97,670
• Equity at exit: $81,079

10-year hold

• IRR: 45.8%
• Equity multiple: 10.89×
• Total profit: $249,350
• Equity at exit: $174,850

Cash invested: $25,200 (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 46048

• Home prices YoY: 14.6%
• Active inventory: 10
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$65 /mo · $776/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $764

Break-even live

Break-even rent $727

Max offer price $90,000

Occupancy floor 50%

Sensitivity live

Price	-10% $815	-5% $789	+0% $764	+5% $738	+10% $713
Rent	-10% $630	-5% $697	+0% $764	+5% $831	+10% $898
Rate	-1.0pp $809	-0.5pp $787	base $764	+0.5pp $741	+1.0pp $717

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-08
   status Pending
2. 2026-02-13
   price $90,000
3. 2026-02-03
   price $110,000
4. 2026-01-15
   listed $120,000 Active
5. 2021-12-29
   soldstatus $40,000 Closed 441-char remark

   Show marketing remark (441 chars)

   Nice manufactured home located on a double lot in Ingalls. This two bedroom is spacious with an open concept with the living room open to the the kitchen. The kitchen has a dining area, center island and large pantry. The master suite has a walk in closet and a full bath. The second bedroom has ample closet space and shares a second full bath. The property also has a detached two car garage with an attached dog kennel and a storage shed.

6. 2021-12-11
   status Pending 441-char remark

   Show marketing remark (441 chars)

   Nice manufactured home located on a double lot in Ingalls. This two bedroom is spacious with an open concept with the living room open to the the kitchen. The kitchen has a dining area, center island and large pantry. The master suite has a walk in closet and a full bath. The second bedroom has ample closet space and shares a second full bath. The property also has a detached two car garage with an attached dog kennel and a storage shed.

7. 2021-12-10
   listed $19,900 Active 441-char remark

   Show marketing remark (441 chars)

   Nice manufactured home located on a double lot in Ingalls. This two bedroom is spacious with an open concept with the living room open to the the kitchen. The kitchen has a dining area, center island and large pantry. The master suite has a walk in closet and a full bath. The second bedroom has ample closet space and shares a second full bath. The property also has a detached two car garage with an attached dog kennel and a storage shed.

ⓘ 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: $776 · $65/mo
• Projected year-2 tax: $776 · $65/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 ≥101°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,325
• − Mortgage interest: −$5,041
• − Property taxes: −$776
• − Insurance: −$450
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$2,618
• Taxable income: $8,188
• Est. tax owed @ 24.0%: −$1,965
• After-tax cash flow: $7,202/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: South Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Ingalls

• Score: 64/100
• State rank: #391
• US rank: #14479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ingalls, IN
• City population: 2,209
• Population (ZIP): 2,209

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Black 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Slovak 2% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 39.30%
• Current HPI: 308.7212
• 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

+352.3% since first listed

7 events — show timeline

• 2026-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-13 Price Changed $90,000 MIBOR as Distributed by MLS Grid
• 2026-02-03 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2026-01-15 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2021-12-29 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2021-12-11 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-10 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2024): $776 · +158.4% YoY. Source: county tax records.