185 Ivy Ct · Cloverdale, IN 46120

$99,500

3 bd · 1.5 ba · 1,456 sqft · Manufactured public records · 13 Days on market

Built 1994 10,280 sqft lot $68/sqft · 30% below area Est $141k · 30% under

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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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +7.1/10.0
• Appreciation +4.4/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1994

Property features AI

Finance

• Other: Property listed as fixer

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Municipal sewer connected
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot under 1/4 acre (0.24 acre)

Interior

• Kitchen: Refrigerator included
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Living room with fireplace (family room); Five total rooms
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 8.8% vs local median 3.5% in Cloverdale — 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 70/100 on livability (#156 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $688 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-1.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $62k; list at $100k implies a 59% gain — meaningful room to come down on a strong offer.

Recommended offer $99,500

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.21% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 6.9

CMA / ARV

• ARV (median comp): $141,352
• List price: $99,500
• Delta: -29.61%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
623 Shooting Star Way	0.08mi	3/2.0	1,431 (-2%)	0mo	$187,000	$131	91
180 Lazy River Ct	0.05mi	3/2.0	1,404 (-4%)	3mo	$80,000	$57	88
608 Pumpkin Pl	0.21mi	3/2.0	1,404 (-4%)	9mo	$185,000	$132	75
586 Cool Evening Dr	0.21mi	3/2.0	1,608 (+10%)	15mo	$212,000	$132	59
443 Stardust Way	0.58mi	3/2.0	1,323 (-9%)	15mo	$150,000	$113	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.18×
• Total profit: $4,925
• Equity at exit: $22,980

10-year hold

• IRR: 10.8%
• Equity multiple: 2.03×
• Total profit: $28,787
• Equity at exit: $23,258

Cash invested: $27,860 (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 46120

• Home prices YoY: -0.5%
• Active inventory: 65
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,206 medium
• Mortgage (P&I): −$522
• Tax from tax record: −$180 /mo · $2,156/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $209

Break-even live

Break-even rent $940

Max offer price $99,500

Occupancy floor 78%

Sensitivity live

Price	-10% $266	-5% $238	+0% $209	+5% $181	+10% $153
Rent	-10% $114	-5% $162	+0% $209	+5% $257	+10% $305
Rate	-1.0pp $260	-0.5pp $235	base $209	+0.5pp $184	+1.0pp $157

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-13
   status Pending 645-char remark
2. 2026-04-30
   listed $99,500 Active 645-char remark
3. 2022-06-07
   soldstatus $62,500 Closed 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

4. 2022-05-18
   status Pending 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

5. 2022-04-21
   price $67,900 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

6. 2022-03-03
   price $74,900 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

7. 2022-02-16
   price $79,900 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

8. 2022-02-02
   listed $89,900 Active 380-char remark

   Show marketing remark (380 chars)

   See this 3 bedroom 2 bath home with 2 all season rooms and a massive living area. Take note of the oversized garage and large wooded lot. This property is located on a cul-de-sac. Feels like the country, but close to town and I-70. Enjoy access to 5 maintained fishing ponds, clubhouse, pool, playground, and large common grounds. It wont take much to make it shine! See it today!

ⓘ 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: $2,156 · $180/mo
• Projected year-2 tax: $2,156 · $180/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,466
• − Mortgage interest: −$5,574
• − Property taxes: −$2,156
• − Insurance: −$498
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$2,895
• Taxable income: $1,030
• Est. tax owed @ 24.0%: −$247
• After-tax cash flow: $2,266/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: Cloverdale Community Schools
• NCES district ID: 1802220
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 40% ▼ -14.00%
• Median HH income: $44,267
• Composite: 32.28/100
• National rank: #5753
• State rank: #167 of 301 in IN

Livability — Cloverdale

• Score: 70/100
• State rank: #156
• US rank: #7715

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: Cloverdale, IN
• City population: 6,138
• Population (ZIP): 6,138

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1% Black 1%
• Common ancestry: Slovak 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.22%
• Current HPI: 235.6828
• 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

+10.7% since first listed

8 events — show timeline

• 2026-05-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $99,500 MIBOR as Distributed by MLS Grid
• 2022-06-07 Sold (MLS) $62,500 MIBOR as Distributed by MLS Grid
• 2022-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-21 Price Changed $67,900 MIBOR as Distributed by MLS Grid
• 2022-03-03 Price Changed $74,900 MIBOR as Distributed by MLS Grid
• 2022-02-16 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2022-02-02 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+24.6%/yr

Latest (2024): $2,156 · +439.0% YoY. Source: county tax records.