5129 W State Road 32 · Lake Holiday, IN 47933

$189,900

3 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 4 Days on market

Built 1999 0.79 ac lot

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Why this score? — see what drove the D 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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• DSCR +4.1/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

Key facts

• Move-in ready
• Renovated
• Open layout

Tags

• RENOVATED
• MOVE-IN READY
• RURAL SETTING
• OPEN LAYOUT
• LARGE KITCHEN
• CENTER ISLAND

Property features AI

Finance

• Other: Approximately 0.792-acre lot (about 1/2–1 acre); Rural, not in a subdivision; Has additional parcel(s)

Exterior

• Utilities: Private water; Private sewer
• Home design: Single-family residence; Updated/remodeled condition; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Deck; Storage shed; Additional unspecified exterior feature

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms with a split layout; Primary bedroom includes a suite
• Bathrooms: 2 full bathrooms (primary is a suite)
• Heating & cooling: Forced air heating (propane); Central air conditioning
• Interior features: Attic access; Breakfast bar; Vaulted ceilings; Kitchen island; Pantry
• Laundry & utility: Main-level laundry; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $8 ($91/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 $145k (23.8% below list).
• Recommended offer: $145k (23.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#106 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• South Montgomery Community School Corporation (rural): math 52% / reading 49% proficiency, ranked #46 of 301 in IN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: New Market Elementary School (math 67% / reading 49%, grade C+, #160 of 994 statewide, top 17%, 471 students, 42% FRL); Southmont Jr High School (math 42% / reading 47%, grade D, #84 of 330 statewide, top 26%, 376 students, 40% FRL); Southmont Sr High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 477 students, 39% FRL).
• Market conditions: Rents rising (+3.3%/yr); 210 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

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

Recommended offer $144,714 (23.8% below list)

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 D-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.76% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.28% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-29,964
• Equity at exit: $28,315

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-24,133
• Equity at exit: $16,419

Cash invested: $53,172 (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 47933

• Home prices YoY: -27.1%
• Rents YoY: 3.3%
• Active inventory: 210
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,447 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $8

Break-even live

Break-even rent $1,437

Max offer price $189,900

Occupancy floor 94%

Sensitivity live

Price	-10% $115	-5% $61	+0% $8	+5% $-46	+10% $-100
Rent	-10% $-107	-5% $-50	+0% $8	+5% $65	+10% $122
Rate	-1.0pp $103	-0.5pp $56	base $8	+0.5pp $-42	+1.0pp $-92

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-21
   status Pending 781-char remark

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

2. 2026-05-21
   status Pending

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

3. 2026-05-19
   status Active 781-char remark

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

4. 2026-05-19
   status Active

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

5. 2026-05-17
   status Pending 781-char remark

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

6. 2026-05-17
   status Pending

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

7. 2026-05-15
   listed $189,900 Active 781-char remark

   Show marketing remark (781 chars)

   Completely renovated and move-in ready, this 3-bedroom, 2-bath ranch-style manufactured home offers 1,680 square feet of updated living space on nearly 0.8 acres in a peaceful rural setting just outside Crawfordsville. Inside, you'll find vaulted ceilings, an open layout, and a large kitchen with center island, large pantry and new appliances. The split-bedroom floorplan provides added privacy, while recent improvements including a new roof, HVAC system, flooring, lighting, updated bathrooms, and fresh interior paint give buyers confidence and convenience from day one. Outside, enjoy the open yard, main-level deck, and a large dry storage container offering exceptional storage or workshop potential. The only thing missing here is your name on the mailbox. Let's fix that!

8. 2026-05-14
   listed $189,900 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: $728 · $61/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: +$443/yr (+$37/mo · 60.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $17,366
• − Mortgage interest: −$10,637
• − Property taxes: −$728
• − Insurance: −$950
• − Repairs & maintenance: −$1,389
• − Management: −$1,389
• − Depreciation: −$5,524
• Taxable loss: −$3,252
• Est. tax savings @ 24.0%: +$780
• After-tax cash flow: $872/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 Montgomery Community School Corporation
• NCES district ID: 1810450
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $55,952
• Composite: 43.79/100
• National rank: #2935
• State rank: #46 of 301 in IN

Livability — Lake Holiday

• Score: 73/100
• State rank: #106
• US rank: #5603

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 28,357 people
• Metro: Crawfordsville, IN
• Population (ZIP): 28,357
• Household income: $68,130
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 464.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.91%
• Current HPI: 211.6864
• Rent YoY: ▲ 3.28%
• Metro: Crawfordsville, IN
• 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

+0.0% since first listed

8 events — show timeline

• 2026-05-21 Pending — IRMLS
• 2026-05-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-19 Relisted — IRMLS
• 2026-05-19 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-17 Pending — IRMLS
• 2026-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $189,900 IRMLS
• 2026-05-14 Listed $189,900 MIBOR as Distributed by MLS Grid

Property tax history

+22.6%/yr

Latest (2025): $728 · +81.2% YoY. Source: county tax records.