185 Ivy Ct

Cloverdale, IN 46120

$99,500B

3 bd · 1.5 ba · 1,456 sqft · Built 1994 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,206/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $209/mo
• Annual: $2,513/yr
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• 1% rule: 1.21%
• Cash to close: $27,860

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $100k.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• Cap rate 8.8% vs local median 3.7% 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.

Questions for listing agent

• 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.