115 S Hickman St · Wheatland, IN 47597

$123,000

4 bd · 2.0 ba · 1,680 sqft · Manufactured public records

Built 1997 0.25 ac lot

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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 +24.5/30.0
• Appreciation +10.0/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Manufactured home located at the end of S. Hickman St. Property features a 2.5 attached garage, 4 bedrooms and 2 bathrooms.

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1997

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $123k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).

Location & tenants

• Location reads 59/100 on livability (#560 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: health & safety C-, employment D+, crime D.
• South Knox School Corporation (rural): math 46% / reading 51% proficiency, ranked #66 of 301 in IN (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Knox Elementary School (math 48% / reading 48%, grade D, #314 of 994 statewide, top 32%, 662 students, 41% FRL); South Knox Middle-High School (math 43% / reading 54%, grade D, #139 of 369 statewide, top 38%, 585 students, 36% FRL) — zoned schools average 39% FRL vs 22% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 4 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($850 loan paydown + $12k appreciation (10.0% local appreciation)).
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $56k; list at $123k implies a 118% gain — meaningful room to come down on a strong offer.

Recommended offer $123,000

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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.01% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.77%
• DSCR: 1.39
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 3.41×
• Total profit: $82,970
• Equity at exit: $110,808

10-year hold

• IRR: 26.5%
• Equity multiple: 7.72×
• Total profit: $231,606
• Equity at exit: $238,962

Cash invested: $34,440 (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 47597

• Home prices YoY: 5.2%
• Active inventory: 4
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,237 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $252

Break-even live

Break-even rent $919

Max offer price $123,000

Occupancy floor 75%

Sensitivity live

Price	-10% $321	-5% $287	+0% $252	+5% $217	+10% $182
Rent	-10% $154	-5% $203	+0% $252	+5% $301	+10% $350
Rate	-1.0pp $314	-0.5pp $283	base $252	+0.5pp $220	+1.0pp $188

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: $30,750
• Closing costs: $3,690
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-18
   listed $123,000
2. 2026-05-18
   historical
3. 2010-08-25
   soldstatus $56,500

ⓘ 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: $353 · $29/mo
• Projected year-2 tax: $699 · $58/mo
• Expected delta: +$346/yr (+$29/mo · 97.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,849
• − Mortgage interest: −$6,890
• − Property taxes: −$353
• − Insurance: −$615
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$3,578
• Taxable income: $1,037
• Est. tax owed @ 24.0%: −$249
• After-tax cash flow: $2,773/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: South Knox School Corporation
• NCES district ID: 1810410
• Math proficiency: 46% ▼ -5.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $55,585
• Composite: 42.06/100
• National rank: #3325
• State rank: #66 of 301 in IN

Livability — Wheatland

• Score: 59/100
• State rank: #560
• US rank: #20051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheatland, IN
• Population (ZIP): 849

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Lithuanian 5% Slovak 2% Serbian 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.92%
• Current HPI: 219.3286
• 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

+117.7% since first listed

3 events — show timeline

• 2026-05-18 Delisted — IRMLS
• 2026-05-18 Listed $123,000 IRMLS
• 2010-08-25 Sold (Public Records) $56,500 Public Records

Property tax history

+3.6%/yr

Latest (2024): $353 · -23.0% YoY. Source: county tax records.