15 Lane 420 Jimmerson Lk

Jimmerson Lake, IN 46737

$135,000C-

3 bd · 2.0 ba · 1,064 sqft · Built 1996 · Manufactured · Pending · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,284/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$21
• Vac / Maint / Mgmt: −$270
• Net cashflow: $61/mo
• Annual: $727/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.92%
• DSCR: 1.09
• 1% rule: 0.95%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $61 ($727/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (4.9% below list).
• It's been on market 53 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (4.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Fremont Community Schools (rural): math 42% / reading 48% proficiency, ranked #94 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fremont Elementary School (math 47% / reading 42%, grade F, #379 of 994 statewide, top 41%, 395 students, 47% FRL); Fremont Middle School (math 35% / reading 41%, grade F, #136 of 330 statewide, top 44%, 298 students, 46% FRL); Fremont High School (math 57% / reading 87%, grade B+, #12 of 369 statewide, top 4%, 292 students, 34% FRL).
• Market conditions: 61 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.