249 Ole Rocking Chair Way · Cloverdale, IN 46120

$51,999

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 59 Days on market

Built 1971 7,928 sqft lot $39/sqft · 63% below area

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Opportunity is knocking ??? Bring your tools and vision—this one has all the potential to become something truly special. Featuring two HUGE bedrooms, two full bathrooms, plus a bonus room perfect for added living space, an office, or flex use. Whether you're looking to expand your investment portfolio or step into expanding your rentals, this property checks the boxes. Located in Stardust Hills, where homeowners enjoy FIVE stocked ponds ??, a pool ??, clubhouse, and park—it’s more than a home, it’s a lifestyle. And you’re just minutes from local favorites like Lou’s Diner and C Bar C! ?? Ready to see the potential in person? Reach out today to schedule your private showing!

Key facts

• Clubhouse
• Bonus room
• Pool

Tags

• BONUS ROOM
• FIVE STOCKED PONDS
• POOL
• CLUBHOUSE
• PARK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $52k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• Recommended offer: $50k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.7% 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 $359 of loan paydown is wiped out by about $633 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.

Recommended offer $50,439 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.11% ✓
• Cap rate: 16.68%
• Cash-on-cash: 37.08%
• DSCR: 2.65
• GRM: 3.9

CMA / ARV

• ARV (median comp): $141,626
• List price: $51,999
• Delta: -63.28%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
94 Small Fry Ave	0.29mi	2/2.0	1,216 (-10%)	4mo	$125,000	$103	67
157 Lazy River Rd	0.39mi	2/2.0	1,216 (-10%)	0mo	$130,000	$107	66
180 Lazy River Ct	0.50mi	3/2.0 (+1)	1,404 (+4%)	3mo	$80,000	$57	62
384 Cool Evening Ct	0.36mi	3/2.0 (+1)	1,232 (-8%)	6mo	$92,000	$75	59
289 Bubble Loo Rd	0.19mi	3/2.0 (+1)	1,216 (-10%)	14mo	$157,000	$129	59
334 Small Fry Ave	0.27mi	3/2.0 (+1)	1,188 (-12%)	6mo	$172,900	$146	58
608 Pumpkin Pl	0.47mi	3/2.0 (+1)	1,404 (+4%)	9mo	$185,000	$132	58
443 Stardust Way	0.48mi	3/2.0 (+1)	1,323 (-2%)	15mo	$150,000	$113	58
125 Oriole Ct	0.35mi	3/1.0 (+1)	1,216 (-10%)	2mo	$142,900	$118	58
623 Shooting Star Way	0.60mi	3/2.0 (+1)	1,431 (+6%)	0mo	$187,000	$131	56
597 Lazy River Rd	0.42mi	3/2.0 (+1)	1,188 (-12%)	9mo	$165,000	$139	49
179 Lazy River Ct	0.49mi	2/1.5	1,152 (-14%)	11mo	$139,900	$121	42

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: 36.0%
• Equity multiple: 2.67×
• Total profit: $24,284
• Equity at exit: $12,010

10-year hold

• IRR: 40.7%
• Equity multiple: 5.26×
• Total profit: $61,975
• Equity at exit: $12,155

Cash invested: $14,560 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,099 medium
• Mortgage (P&I): −$273
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $450

Break-even live

Break-even rent $530

Max offer price $51,999

Occupancy floor 54%

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: $13,000
• Closing costs: $1,560
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $51,999 Active 59 DOM
2. 2026-06-17
   days on market $51,999 Active 58 DOM
3. 2026-06-16
   days on market $51,999 Active 57 DOM
4. 2026-06-15
   days on market $51,999 Active 56 DOM
5. 2026-06-13
   days on market $51,999 Active 54 DOM
6. 2026-06-09
   days on market $51,999 Active 50 DOM
7. 2026-06-08
   days on market $51,999 Active 49 DOM
8. 2026-06-07
   days on market $51,999 Active 48 DOM
9. 2026-06-03
   days on market $51,999 Active 44 DOM
10. 2026-06-02
    days on market $51,999 Active 43 DOM
11. 2026-06-01
    days on market $51,999 Active 42 DOM
12. 2026-05-31
    days on market $51,999 Active 41 DOM
13. 2026-04-17
    listed $51,999 Active 719-char remark

    Show marketing remark (719 chars)

    Opportunity is knocking ??? Bring your tools and vision—this one has all the potential to become something truly special. Featuring two HUGE bedrooms, two full bathrooms, plus a bonus room perfect for added living space, an office, or flex use. Whether you're looking to expand your investment portfolio or step into expanding your rentals, this property checks the boxes. Located in Stardust Hills, where homeowners enjoy FIVE stocked ponds ??, a pool ??, clubhouse, and park—it’s more than a home, it’s a lifestyle. And you’re just minutes from local favorites like Lou’s Diner and C Bar C! ?? Ready to see the potential in person? Reach out today to schedule your private showing!

14. 2026-04-16
    listed $51,999 Active 683-char remark

    Show marketing remark (683 chars)

    Opportunity is knocking ??? Bring your tools and vision-this one has all the potential to become something truly special. Featuring two HUGE bedrooms, two full bathrooms, plus a bonus room perfect for added living space, an office, or flex use. Whether you're looking to expand your investment portfolio or step into expanding your rentals, this property checks the boxes. Located in Stardust Hills, where homeowners enjoy FIVE stocked ponds ??, a pool ??, clubhouse, and park-it's more than a home, it's a lifestyle. And you're just minutes from local favorites like Lou's Diner and C Bar C! ?? Ready to see the potential in person? Reach out today to schedule your private showing!

ⓘ 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: $1,490 · $124/mo
• Projected year-2 tax: $1,490 · $124/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 1/10 Low
• 🌡 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: $13,192
• − Mortgage interest: −$2,913
• − Property taxes: −$1,490
• − Insurance: −$260
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − Depreciation: −$1,513
• Taxable income: $4,906
• Est. tax owed @ 24.0%: −$1,177
• After-tax cash flow: $4,222/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

+0.0% since first listed

2 events — show timeline

• 2026-04-17 Listed $51,999 THAAR
• 2026-04-16 Listed $51,999 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2024): $1,490 · +217.1% YoY. Source: county tax records.