3120 Van Bibber Lake Inc Ests · Van Bibber Lake, IN 46135

$70,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 463 Days on market

Built 1998 3,485 sqft lot $58/sqft · 46% below area Est $130k · 46% under ↓ 12% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located within The Van Bibber Lake Retreat/Recreational Area! Add your own floor coverings as you desire to make this 'permanent or seasonal vacation property' feel like home! Neat & clean, fresh property, finish as you desire. Master Bathroom 9 x 16, has Garden Bathtub Plus Separate Shower

Key facts

• Separate shower
• Garden bathtub
• 3,485 sq ft lot

Tags

• VAN BIBBER LAKE RETREAT
• GARDEN BATHTUB
• SEPARATE SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 43/100 on livability (#670 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: employment D, amenities F, commute F.
• North Putnam Community Schools (rural): math 47% / reading 48% proficiency, ranked #73 of 301 in IN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bainbridge Elementary School (math 62% / reading 47%, grade C, #197 of 994 statewide, top 22%, 419 students, 52% FRL); North Putnam Middle School (math 38% / reading 42%, grade F, #120 of 330 statewide, top 37%, 309 students, 52% FRL); North Putnam Sr High School (math 52% / reading 67%, grade C+, #49 of 369 statewide, top 16%, 437 students, 43% FRL).
• Market conditions: 99 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 463 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 463 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.13% ✓
• Cap rate: 19.08%
• Cash-on-cash: 45.66%
• DSCR: 3.03
• GRM: 3.9

CMA / ARV

• ARV (median comp): $130,253
• List price: $70,000
• Delta: -46.26%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3102 A Van Bibber Lake Est	0.24mi	2/2.0 (-1)	1,292 (+6%)	4mo	$130,000	$101	70
3101 Van Bibber Lake Estate A-34	0.16mi	3/2.0	1,106 (-9%)	11mo	$176,000	$159	68

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: 42.8%
• Equity multiple: 2.84×
• Total profit: $36,145
• Equity at exit: $10,437

10-year hold

• IRR: 48.9%
• Equity multiple: 5.72×
• Total profit: $92,596
• Equity at exit: $6,052

Cash invested: $19,600 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 99
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,490 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$35 /mo · $419/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $746

Break-even live

Break-even rent $546

Max offer price $70,000

Occupancy floor 45%

Sensitivity live

Price	-10% $785	-5% $766	+0% $746	+5% $726	+10% $706
Rent	-10% $628	-5% $687	+0% $746	+5% $805	+10% $863
Rate	-1.0pp $781	-0.5pp $764	base $746	+0.5pp $728	+1.0pp $709

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $70,000 Active 463 DOM
2. 2026-06-21
   days on market $70,000 Active 462 DOM
3. 2026-06-21
   days on market $70,000 Active 461 DOM
4. 2026-06-18
   days on market $70,000 Active 459 DOM
5. 2026-06-17
   days on market $70,000 Active 458 DOM
6. 2026-06-16
   days on market $70,000 Active 457 DOM
7. 2026-06-15
   days on market $70,000 Active 456 DOM
8. 2026-06-13
   days on market $70,000 Active 454 DOM
9. 2026-06-12
   days on market $70,000 Active 453 DOM
10. 2026-06-09
    days on market $70,000 Active 450 DOM
11. 2026-06-08
    days on market $70,000 Active 449 DOM
12. 2026-06-07
    days on market $70,000 Active 448 DOM
13. 2026-06-05
    days on market $70,000 Active 446 DOM
14. 2026-06-04
    days on market $70,000 Active 444 DOM
15. 2026-06-02
    days on market $70,000 Active 443 DOM
16. 2026-06-01
    days on market $70,000 Active 442 DOM
17. 2026-05-31
    days on market $70,000 Active 441 DOM
18. 2026-05-31
    days on market $70,000 Active 440 DOM
19. 2026-03-23
    price $70,000 297-char remark

    Show marketing remark (297 chars)

    Located within The Van Bibber Lake Retreat/Recreational Area! Add your own floor coverings as you desire to make this 'permanent or seasonal vacation property' feel like home! Neat & clean, fresh property, finish as you desire. Master Bathroom 9 x 16, has Garden Bathtub Plus Separate Shower

20. 2025-12-22
    price $75,404 297-char remark

    Show marketing remark (297 chars)

    Located within The Van Bibber Lake Retreat/Recreational Area! Add your own floor coverings as you desire to make this 'permanent or seasonal vacation property' feel like home! Neat & clean, fresh property, finish as you desire. Master Bathroom 9 x 16, has Garden Bathtub Plus Separate Shower

21. 2025-09-05
    price $75,905 297-char remark

    Show marketing remark (297 chars)

    Located within The Van Bibber Lake Retreat/Recreational Area! Add your own floor coverings as you desire to make this 'permanent or seasonal vacation property' feel like home! Neat & clean, fresh property, finish as you desire. Master Bathroom 9 x 16, has Garden Bathtub Plus Separate Shower

22. 2025-03-17
    listed $79,900 Active 297-char remark

    Show marketing remark (297 chars)

    Located within The Van Bibber Lake Retreat/Recreational Area! Add your own floor coverings as you desire to make this 'permanent or seasonal vacation property' feel like home! Neat & clean, fresh property, finish as you desire. Master Bathroom 9 x 16, has Garden Bathtub Plus Separate Shower

ⓘ 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: $419 · $35/mo
• Projected year-2 tax: $507 · $42/mo
• Expected delta: +$88/yr (+$7/mo · 21.0%)

ⓘ 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 ≥104°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: $17,878
• − Mortgage interest: −$3,921
• − Property taxes: −$419
• − Insurance: −$350
• − Repairs & maintenance: −$1,430
• − Management: −$1,430
• − Depreciation: −$2,036
• Taxable income: $8,291
• Est. tax owed @ 24.0%: −$1,990
• After-tax cash flow: $6,959/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: North Putnam Community Schools
• NCES district ID: 1807980
• Math proficiency: 47% ▼ -12.00%
• Reading proficiency: 48% ▼ -8.00%
• Median HH income: $54,825
• Composite: 41.18/100
• National rank: #3549
• State rank: #73 of 301 in IN

Livability — Van Bibber Lake

• Score: 43/100
• State rank: #670
• US rank: #26940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Van Bibber Lake, IN
• Population (ZIP): 19,639

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · China, Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.66%
• Current HPI: 222.8815
• 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

-12.4% since first listed

4 events — show timeline

• 2026-03-23 Price Changed $70,000 IRMLS
• 2025-12-22 Price Changed $75,404 IRMLS
• 2025-09-05 Price Changed $75,905 IRMLS
• 2025-03-17 Listed $79,900 IRMLS

Property tax history

+4.5%/yr

Latest (2024): $419 · +5.4% YoY. Source: county tax records.