2 bd · 2.0 ba ·
1,216 sqft ·
Built 2024
· Manufactured
· Active
· 72 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,187/mo
Mortgage (P&I)
−$294
Tax + insurance
−$93
HOA
−$0
Vac / Maint / Mgmt
−$249
Net cashflow
$550/mo
Annual
$6,605/yr
Cap rate
18.09%
Cash-on-cash
42.13%
DSCR
2.87
1% rule
2.12%
Cash to close
$15,680
Investor read
This is a 2-bed/2.0-bath manufactured listed at $56k.
At list price, monthly cash flow is $550 ($7k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($1k rent vs $56k).
It's been on market 72 days — a 6% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $53k (6.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
Location reads 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools C-, amenities F, employment F.
Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
At projected returns (-3.0% appreciation + 8.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.
Cap rate 18.1% vs local median 5.3% in Mishawaka — 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.
Questions for listing agent
It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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.
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.
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.
CashFlowRE · CFR-F4JR2X0ZWJTKRF
· Data 1 week agocashflowre.app · 2026-05-29