115 S Hickman St

Wheatland, IN 47597

$123,000B-

4 bd · 2.0 ba · 1,680 sqft · Built 1997 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,237/mo
• Mortgage (P&I): −$645
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $252/mo
• Annual: $3,022/yr
• Cap rate: 8.75%
• Cash-on-cash: 8.77%
• DSCR: 1.39
• 1% rule: 1.01%
• Cash to close: $34,440

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $123k.
• 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).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $13k of equity ($850 loan paydown + $12k appreciation (10.0% local appreciation)).
• 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).
• Knox County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $56k; list at $123k implies a 118% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.