14156 Jim Run Rd

Blooming Grove, IN 47024

$190,000D+

3 bd · 2.0 ba · 1,296 sqft · Built 1900 · Manufactured · Pending · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,306/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $-80/mo
• Annual: $-957/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• 1% rule: 0.69%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-80 ($-957/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (31.3% below list).
• It's been on market 73 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (31.3% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask is 31% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.