11154 N Landing Rd · Monticello, IN 47960

$85,000

3 bd · 2.0 ba · 1,128 sqft · Manufactured public records · 37 Days on market

Built 1984 3,005 sqft lot $75/sqft · 29% below area Est $120k · 29% under $137/mo HOA · 10% of rent

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ranch manufactured home has 3 bedrooms, in a split bedroom plan. The center of the home is a living area with sliding glass doors on both ends of the home. A kitchen/dining area adjoins this space and there is a vaulted ceiling that opens up this space. The HOA offers usage of an inground pool/clubhouse, hillside mowing, water, sewer, and trash service. 24x24 2 car carport plus a garden shed for your tools. A large deck looks out over the lawn/water. All of this is located on a canal at Lake Freeman. 28' of assigned canal frontage, ample space if you want to put in a boat lift.

Key facts

• Large deck
• Clubhouse
• Vaulted ceiling

Tags

• SLIDING GLASS DOORS
• VAULTED CEILING
• INGROUND POOL
• CLUBHOUSE
• GARDEN SHED
• LARGE DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 3.4% in Monticello — 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 71/100 on livability (#141 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 224 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.61% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.62%
• DSCR: 2.01
• GRM: 5.2

CMA / ARV

• ARV (median comp): $120,000
• List price: $85,000
• Delta: -29.17%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11154 N Landing Rd	0.00mi	3/2.0	1,128 (0%)	0mo	$65,000	$58	100
11129 N Quiet Water Rd	0.11mi	2/1.0 (-1)	1,210 (+7%)	0mo	$183,000	$151	74
11131 N Quiet Water Rd	0.09mi	2/2.0 (-1)	1,088 (-4%)	15mo	$140,000	$129	72
11080 N Landing Rd	0.26mi	2/2.0 (-1)	1,088 (-4%)	13mo	$125,000	$115	66
11086 N Landing Rd	0.24mi	2/2.0 (-1)	980 (-13%)	2mo	$128,000	$131	60
11134 N Landing Rd	0.06mi	2/1.0 (-1)	1,072 (-5%)	24mo	$30,500	$28	60
11011 N Lower Lakeshore Dr	0.41mi	3/2.0	1,296 (+15%)	19mo	$280,000	$216	40

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: 15.5%
• Equity multiple: 1.62×
• Total profit: $14,855
• Equity at exit: $12,674

10-year hold

• IRR: 24.2%
• Equity multiple: 3.10×
• Total profit: $49,938
• Equity at exit: $7,349

Cash invested: $23,800 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 224
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$17 /mo · $204/yr
• Insurance: −$35
• HOA: −$137
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $449

Break-even live

Break-even rent $804

Max offer price $85,000

Occupancy floor 62%

Sensitivity live

Price	-10% $497	-5% $473	+0% $449	+5% $425	+10% $401
Rent	-10% $340	-5% $395	+0% $449	+5% $503	+10% $557
Rate	-1.0pp $492	-0.5pp $470	base $449	+0.5pp $427	+1.0pp $404

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $137 · $1,644/yr
• Likely covers: watersewertrashpool

Listing history 12 events

1. 2026-05-19
   status Pending 589-char remark

   Show marketing remark (589 chars)

   This ranch manufactured home has 3 bedrooms, in a split bedroom plan. The center of the home is a living area with sliding glass doors on both ends of the home. A kitchen/dining area adjoins this space and there is a vaulted ceiling that opens up this space. The HOA offers usage of an inground pool/clubhouse, hillside mowing, water, sewer, and trash service. 24x24 2 car carport plus a garden shed for your tools. A large deck looks out over the lawn/water. All of this is located on a canal at Lake Freeman. 28' of assigned canal frontage, ample space if you want to put in a boat lift.

2. 2026-04-30
   status Active 589-char remark

   Show marketing remark (589 chars)

   This ranch manufactured home has 3 bedrooms, in a split bedroom plan. The center of the home is a living area with sliding glass doors on both ends of the home. A kitchen/dining area adjoins this space and there is a vaulted ceiling that opens up this space. The HOA offers usage of an inground pool/clubhouse, hillside mowing, water, sewer, and trash service. 24x24 2 car carport plus a garden shed for your tools. A large deck looks out over the lawn/water. All of this is located on a canal at Lake Freeman. 28' of assigned canal frontage, ample space if you want to put in a boat lift.

3. 2026-03-23
   status Pending 589-char remark

   Show marketing remark (589 chars)

   This ranch manufactured home has 3 bedrooms, in a split bedroom plan. The center of the home is a living area with sliding glass doors on both ends of the home. A kitchen/dining area adjoins this space and there is a vaulted ceiling that opens up this space. The HOA offers usage of an inground pool/clubhouse, hillside mowing, water, sewer, and trash service. 24x24 2 car carport plus a garden shed for your tools. A large deck looks out over the lawn/water. All of this is located on a canal at Lake Freeman. 28' of assigned canal frontage, ample space if you want to put in a boat lift.

4. 2026-03-05
   listed $85,000 Active 589-char remark

   Show marketing remark (589 chars)

   This ranch manufactured home has 3 bedrooms, in a split bedroom plan. The center of the home is a living area with sliding glass doors on both ends of the home. A kitchen/dining area adjoins this space and there is a vaulted ceiling that opens up this space. The HOA offers usage of an inground pool/clubhouse, hillside mowing, water, sewer, and trash service. 24x24 2 car carport plus a garden shed for your tools. A large deck looks out over the lawn/water. All of this is located on a canal at Lake Freeman. 28' of assigned canal frontage, ample space if you want to put in a boat lift.

5. 2022-04-18
   soldstatus $115,000 406-char remark

   Show marketing remark (406 chars)

   Come and enjoy the Lake with this 3 bedroom, 2 bath home with a split floor plan. It is located on a Lake Freeman canal in the Landings. This home features a large deck overlooking the canal, temporary boatlift, carport, and shed. Additionally, a kayak and all furnishings are included with this sale. The HOA covers water, sewage, trash, lawn mowing, and gives you access to the community center and pool.

6. 2022-03-01
   listed $109,900 406-char remark

   Show marketing remark (406 chars)

   Come and enjoy the Lake with this 3 bedroom, 2 bath home with a split floor plan. It is located on a Lake Freeman canal in the Landings. This home features a large deck overlooking the canal, temporary boatlift, carport, and shed. Additionally, a kayak and all furnishings are included with this sale. The HOA covers water, sewage, trash, lawn mowing, and gives you access to the community center and pool.

7. 2020-06-26
   historical
8. 2020-06-15
   listed $93,000
9. 2020-06-15
   listed $93,000
10. 2018-03-14
    soldstatus $82,900
11. 2017-11-25
    listed $84,900
12. 2013-04-30
    soldstatus $73,500

ⓘ 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: $204 · $17/mo
• Projected year-2 tax: $463 · $39/mo
• Expected delta: +$259/yr (+$22/mo · 127.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 87% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 17 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: $16,464
• − Mortgage interest: −$4,761
• − Property taxes: −$204
• − Insurance: −$425
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − HOA: −$1,644
• − Depreciation: −$2,473
• Taxable income: $4,323
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $4,347/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: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Monticello

• Score: 71/100
• State rank: #141
• US rank: #7278

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment F Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 15,313

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

+15.6% since first listed

12 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-04-30 Relisted — IRMLS
• 2026-03-23 Pending — IRMLS
• 2026-03-05 Listed $85,000 IRMLS
• 2022-04-18 Sold (MLS) $115,000 IRMLS
• 2022-03-01 Listed $109,900 IRMLS
• 2020-06-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-06-15 Listed $93,000 MIBOR as Distributed by MLS Grid
• 2020-06-15 Listed $93,000 IRMLS
• 2018-03-14 Sold (MLS) $82,900 IRMLS
• 2017-11-25 Listed $84,900 IRMLS
• 2013-04-30 Sold (Public Records) $73,500 Public Records

Property tax history

-10.3%/yr

Latest (2024): $204 · +23.6% YoY. Source: county tax records.