1632 Cobblestone Cir S · Mishawaka, IN 46544

$86,100

2 bd · 2.0 ba · 784 sqft · Manufactured · 32 Days on market

Built 2026 Poor condition

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this brand new, 2 bed/2 bath home that offers the perfect blend of comfort, affordability, and modern living. This home boasts an open floor plan, new appliances, and access to community amenities. Don't miss out on the chance to make this charming and affordable residence your own. Schedule a showing today! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

Key facts

• Private lake
• Rv boat storage
• Built 2026

Tags

• PRIVATE LAKE
• OUTDOOR SWIMMING POOL
• RV BOAT STORAGE
• PET FRIENDLY COMMUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $86k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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.

Location & tenants

• 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); 140 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $595 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,517 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.40% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.69%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.62×
• Total profit: $15,060
• Equity at exit: $12,838

10-year hold

• IRR: 26.9%
• Equity multiple: 3.96×
• Total profit: $71,272
• Equity at exit: $7,444

Cash invested: $24,108 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,203 medium
• Mortgage (P&I): −$452
• Tax est. 1.5%: −$108 /mo · $1,292/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $355

Break-even live

Break-even rent $753

Max offer price $86,100

Occupancy floor 65%

Sensitivity live

Price	-10% $415	-5% $385	+0% $355	+5% $326	+10% $296
Rent	-10% $260	-5% $308	+0% $355	+5% $403	+10% $450
Rate	-1.0pp $399	-0.5pp $377	base $355	+0.5pp $333	+1.0pp $310

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: $21,525
• Closing costs: $2,583
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,029	$0.88	14d	1	0.17mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	44d	1	1.12mi
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	14d	1	1.12mi
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$1,940	$1.39	14d	74	1.41mi

Listing history 10 events

1. 2026-06-10
   days on market $86,100 Active 32 DOM
2. 2026-06-09
   days on market $86,100 Active 31 DOM
3. 2026-06-08
   days on market $86,100 Active 30 DOM
4. 2026-06-07
   remarks 412-char remark
5. 2026-06-07
   days on market $86,100 Active 29 DOM
6. 2026-06-02
   days on market $86,100 Active 24 DOM
7. 2026-06-01
   days on market $86,100 Active 23 DOM
8. 2026-05-31
   days on market $86,100 Active 22 DOM
9. 2026-05-30
   days on market $86,100 Active 21 DOM
10. 2026-05-09
    listed $86,100 Active 335-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: $14,437
• − Mortgage interest: −$4,823
• − Property taxes: −$1,292
• − Insurance: −$430
• − Repairs & maintenance: −$1,155
• − Management: −$1,155
• − Depreciation: −$2,505
• Taxable income: $3,077
• Est. tax owed @ 24.0%: −$739
• After-tax cash flow: $3,526/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 · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates to its roof, exterior, interior, HVAC, and landscaping to improve its condition and value.

Repairs flagged

• Major roof — No visible photos of the roof.
• Major exterior siding — No visible photos of the exterior siding.
• Major interior walls/paint — No visible photos of the interior walls/paint.
• Major HVAC/mechanicals — No visible photos of the HVAC/mechanicals.
• Major landscaping — No visible photos of the landscaping/curb appeal.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and value.
• Both exterior siding repair — Repairing the siding would enhance the home's curb appeal and value.
• Both interior paint — Fresh paint would make the interior look new and improve the home's value.
• Both HVAC system upgrade — Upgrading the HVAC system would improve comfort and energy efficiency, enhancing both resale and rental value.
• Both landscaping and curb appeal — A well-maintained landscape would significantly boost the home's curb appeal and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible photos of the roof.	Major	$15,000–50,000
exterior siding · No visible photos of the exterior siding.	Major	$15,000–50,000
interior walls/paint · No visible photos of the interior walls/paint.	Major	$15,000–50,000
HVAC/mechanicals · No visible photos of the HVAC/mechanicals.	Major	$15,000–50,000
landscaping · No visible photos of the landscaping/curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and value. ↑
• Both exterior siding repair — Repairing the siding would enhance the home's curb appeal and value. ↑
• Both interior paint — Fresh paint would make the interior look new and improve the home's value. ↑
• Both HVAC system upgrade — Upgrading the HVAC system would improve comfort and energy efficiency, enhancing both resale and rental value. ↑
• Both landscaping and curb appeal — A well-maintained landscape would significantly boost the home's curb appeal and value. ↑

ⓘ 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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• Metro: South Bend-Mishawaka, IN-MI
• 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