1632 Cobblestone Cir S

Mishawaka, IN 46544

$86,100B

2 bd · 2.0 ba · 784 sqft · Built 2026 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,203/mo
• Mortgage (P&I): −$452
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $355/mo
• Annual: $4,265/yr
• Cap rate: 11.25%
• Cash-on-cash: 17.69%
• DSCR: 1.79
• 1% rule: 1.40%
• Cash to close: $24,108

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $86k. Condition is rated poor.
• 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).
• It's been on market 32 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• 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.
• 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: 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.
• Zoned schools: Elm Road Elementary School (math 52% / reading 49%, grade D+, #269 of 994 statewide, top 27%, 513 students, 43% FRL); Virgil I Grissom Middle School (math 25% / reading 45%, grade F, #164 of 330 statewide, top 50%, 678 students, 46% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools average 39% FRL vs 21% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 4 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 $24k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• 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.