14017 State Road 120 · Vistula, IN 46507

$120,000

3 bd · 2.0 ba · 1,976 sqft · Manufactured public records · 4 Days on market

Built 2004 1.03 ac lot Est $115k · at est.

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Why this score? — see what drove the C 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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +6.1/10.0
• ARV discount +5.4/15.0
• Schools +4.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bed, 2 bath, 2 car garage home on 1 acre in Middlebury Schools. Cash buyers with proof of funds only. Needs work. Home is in an estate. Seller's are still removing personal property but much of what is left will remain with the home. Sold as-is, where-is.

Key facts

• 1.03 acre lot
• 2 garage spots
• Built 2004

Property features AI

Finance

• Other: Property listed by Realty Group Resources

Exterior

• Parking: Attached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-story manufactured home; Residential property
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot approximately 1.03 acres; Lot dimensions about 167 x 267

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Natural gas heating with forced air; Cooling system present
• Interior features: Fireplace in the living room; 6 total rooms; No basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Middlebury Community Schools (rural): math 42% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: York Elementary School (math 54% / reading 34%, grade F, #379 of 994 statewide, top 41%, 286 students, 38% FRL); Northridge Middle School (math 40% / reading 47%, grade D, #90 of 330 statewide, top 27%, 976 students, 35% FRL); Northridge High School (math 39% / reading 69%, grade C-, #96 of 369 statewide, top 26%, 1,390 students, 30% FRL).
• Market conditions: 103 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $120,000

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: 1.11% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $114,608
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14017 State Road 120	0.00mi	3/2.0	1,976 (0%)	0mo	$115,000	$58	100

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

Projected returns pro-forma

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

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-3,847
• Equity at exit: $17,892

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $16,750
• Equity at exit: $10,375

Cash invested: $33,600 (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 46507

• Home prices YoY: -26.8%
• Active inventory: 103
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,329 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$126 /mo · $1,513/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $245

Break-even live

Break-even rent $1,019

Max offer price $120,000

Occupancy floor 77%

Sensitivity live

Price	-10% $313	-5% $279	+0% $245	+5% $211	+10% $177
Rent	-10% $140	-5% $192	+0% $245	+5% $297	+10% $350
Rate	-1.0pp $305	-0.5pp $275	base $245	+0.5pp $214	+1.0pp $182

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-05-16
   listed $120,000 Active

ⓘ 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: $1,513 · $126/mo
• Projected year-2 tax: $1,513 · $126/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 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,952
• − Mortgage interest: −$6,722
• − Property taxes: −$1,513
• − Insurance: −$600
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$3,491
• Taxable income: $1,074
• Est. tax owed @ 24.0%: −$258
• After-tax cash flow: $2,680/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: Middlebury Community Schools
• NCES district ID: 1806600
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $64,392
• Composite: 40.0/100
• National rank: #3829
• State rank: #84 of 301 in IN

Livability — Vistula

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 9,799

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 12% Hispanic / Latino 11% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Italian 6% Romanian 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 84% English-only · Spanish 10% German/W. Germanic 5% Other Asian/Pacific 1%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.81%
• Current HPI: 242.2526
• 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

2 events — show timeline

• 2026-05-20 Pending — IRMLS
• 2026-05-16 Listed $120,000 IRMLS

Property tax history

+10.9%/yr

Latest (2025): $1,513 · +15.5% YoY. Source: county tax records.