117 Cottonwood Dr · Cicero, IN 46034

$149,900

3 bd · 1.0 ba · 924 sqft · Manufactured public records · 34 Days on market

Built 1978 8,276 sqft lot Est $115k · 31% over $20/mo HOA · 1% of rent

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Why this score? — see what drove the C 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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

IMMACULATE 2 BR MANUFACTURED HM ON BEAUTIFUL WDED LOT ON QUIET CUL-DE-SAC. LG COV POR W/WOOD DECK & HUGE STOR SHED,CATH CLG & COZY FRPLC IN GR,MANY CAB IN CHERRY KIT,GARDEN TUB & SEP SHWR IN BA.NEWER ROOF,A/C,FURNACE.NI CE CARPETS,FNCD YD INCL:BLUE SPRUCE,MATURE TREES,OVER 20 MUMS & ROSE BUSHES. ENJOY LIVING & VACATIONING ON MORSE LAKE.ALL OFFERS CONSIDERED.HAMILTON HEIGHTS SCHOOL SYSTEM!

Key facts

• Covered deck
• Private yard
• Morse lake reservoir

Tags

• MORSE LAKE RESERVOIR
• WALKING TRAILS
• PRIVATE YARD
• COVERED DECK
• OUTDOOR LIVING

Property features AI

Finance

• Other: Property type: Residential; Property subtype: Manufactured Home; Ownership interest: Mandatory fee
• HOA & community: Has HOA with $20 monthly fee; HOA governed by covenants and restrictions

Exterior

• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Electricity connected (200+ amp service)
• Home design: Manufactured home; One level; Faces east
• Construction: Block foundation; Other construction materials
• Exterior features: Storage shed; Chain link, partial and privacy fencing; Mature trees

Interior

• Kitchen: Microwave; Refrigerator; Range hood
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 1 full bathroom with shower stall and tub/shower combination
• Heating & cooling: Electric forced air heat; Central air conditioning; Electric fireplace in living room
• Interior features: Eat-in kitchen; Covered patio
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.9% in Cicero — 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 67/100 on livability (#242 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hamilton Heights School Corporation (suburban): math 31% / reading 44% proficiency, ranked #154 of 301 in IN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hamilton Heights Elementary School (math 40% / reading 39%, grade F, #500 of 994 statewide, top 53%, 901 students, 33% FRL); Hamilton Heights Middle School (math 27% / reading 40%, grade F, #176 of 330 statewide, top 54%, 695 students, 34% FRL); Hamilton Heights High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 711 students, 31% FRL).
• Market conditions: 71 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 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 $4k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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.
• Current owner paid $43k; list at $150k implies a 249% gain — meaningful room to come down on a strong offer.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.45%
• DSCR: 1.60
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $114,576
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 Morse Ct	0.23mi	3/2.0	924 (0%)	20mo	$115,000	$124	68
15 Morse Ct	0.25mi	2/1.0 (-1)	840 (-9%)	2mo	$69,000	$82	66
71 E Cove Ct	0.14mi	2/2.0 (-1)	1,062 (+15%)	10mo	$154,900	$146	51

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: 3.5%
• Equity multiple: 1.13×
• Total profit: $5,618
• Equity at exit: $22,351

10-year hold

• IRR: 13.0%
• Equity multiple: 2.03×
• Total profit: $43,250
• Equity at exit: $12,961

Cash invested: $41,972 (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 46034

• Active inventory: 71
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,739 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$35 /mo · $417/yr
• Insurance: −$62
• HOA: −$20
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $470

Break-even live

Break-even rent $1,143

Max offer price $149,900

Occupancy floor 68%

Sensitivity live

Price	-10% $555	-5% $513	+0% $470	+5% $428	+10% $386
Rent	-10% $333	-5% $402	+0% $470	+5% $539	+10% $608
Rate	-1.0pp $546	-0.5pp $509	base $470	+0.5pp $432	+1.0pp $392

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
679 Main St Unit C Cicero, IN	2.0	1.0	860	$1,215	$1.41	0d	1	0.92mi

HOA detail

• Monthly dues: $20 · $240/yr

Listing history 18 events

1. 2026-06-21
   days on market $149,900 Active 34 DOM
2. 2026-06-18
   days on market $149,900 Active 31 DOM
3. 2026-06-17
   days on market $149,900 Active 30 DOM
4. 2026-06-16
   days on market $149,900 Active 29 DOM
5. 2026-06-15
   days on market $149,900 Active 28 DOM
6. 2026-06-13
   days on market $149,900 Active 26 DOM
7. 2026-06-13
   days on market $149,900 Active 25 DOM
8. 2026-06-09
   days on market $149,900 Active 22 DOM
9. 2026-06-08
   days on market $149,900 Active 21 DOM
10. 2026-06-07
    days on market $149,900 Active 20 DOM
11. 2026-06-05
    days on market $149,900 Active 17 DOM
12. 2026-06-03
    days on market $149,900 Active 16 DOM
13. 2026-06-02
    days on market $149,900 Active 15 DOM
14. 2026-06-01
    days on market $149,900 Active 14 DOM
15. 2026-05-31
    days on market $149,900 Active 13 DOM
16. 2026-05-18
    listed $149,900 Active
17. 2001-06-22
    soldstatus $42,900 411-char remark

    Show marketing remark (411 chars)

    IMMACULATE 2 BR MANUFACTURED HM ON BEAUTIFUL WDED LOT ON QUIET CUL-DE-SAC. LG COV POR W/WOOD DECK & HUGE STOR SHED,CATH CLG & COZY FRPLC IN GR,MANY CAB IN CHERRY KIT,GARDEN TUB & SEP SHWR IN BA.NEWER ROOF,A/C,FURNACE.NI CE CARPETS,FNCD YD INCL:BLUE SPRUCE,MATURE TREES,OVER 20 MUMS & ROSE BUSHES. ENJOY LIVING & VACATIONING ON MORSE LAKE.ALL OFFERS CONSIDERED.HAMILTON HEIGHTS SCHOOL SYSTEM!

18. 2001-03-09
    listed $44,200 411-char remark

    Show marketing remark (411 chars)

    IMMACULATE 2 BR MANUFACTURED HM ON BEAUTIFUL WDED LOT ON QUIET CUL-DE-SAC. LG COV POR W/WOOD DECK & HUGE STOR SHED,CATH CLG & COZY FRPLC IN GR,MANY CAB IN CHERRY KIT,GARDEN TUB & SEP SHWR IN BA.NEWER ROOF,A/C,FURNACE.NI CE CARPETS,FNCD YD INCL:BLUE SPRUCE,MATURE TREES,OVER 20 MUMS & ROSE BUSHES. ENJOY LIVING & VACATIONING ON MORSE LAKE.ALL OFFERS CONSIDERED.HAMILTON HEIGHTS SCHOOL SYSTEM!

ⓘ 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: $417 · $35/mo
• Projected year-2 tax: $846 · $70/mo
• Expected delta: +$429/yr (+$36/mo · 102.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,867
• − Mortgage interest: −$8,397
• − Property taxes: −$417
• − Insurance: −$750
• − Repairs & maintenance: −$1,669
• − Management: −$1,669
• − HOA: −$240
• − Depreciation: −$4,361
• Taxable income: $3,364
• Est. tax owed @ 24.0%: −$807
• After-tax cash flow: $4,838/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: Hamilton Heights School Corporation
• NCES district ID: 1804260
• Math proficiency: 31% ▼ -15.00%
• Reading proficiency: 44% ▼ -10.00%
• Median HH income: $60,360
• Composite: 33.37/100
• National rank: #5481
• State rank: #154 of 301 in IN

Livability — Cicero

• Score: 67/100
• State rank: #242
• US rank: #10345

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cicero, IN
• County: Hamilton County · 337,479 people
• City population: 7,531
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 7,531
• Household income: $91,466
• Rent vs Own: 12.1% rent · 87.9% own
• Severe rent burden: 188.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Slovak 3% Iranian 3% Romanian 2%
• Foreign-born: 1% · Canada, Vietnam
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.85%
• Current HPI: 243.572
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, 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

+239.1% since first listed

3 events — show timeline

• 2026-05-18 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2001-06-22 Sold (MLS) $42,900 MIBOR as Distributed by MLS Grid
• 2001-03-09 Listed $44,200 MIBOR as Distributed by MLS Grid

Property tax history

-2.5%/yr

Latest (2025): $417 · -13.9% YoY. Source: county tax records.