1237 N US Highway 27 #41 · Portland, IN 47371

$12,700

2 bd · 1.0 ba · 552 sqft · Manufactured · 165 Days on market

Built 2023 ↓ 35% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2023
• Listed 164 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $13k.

Deal economics

• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($749 rent vs $13k).
• Recommended offer: $11k (12.0% below list) — sets the bar for market timing.
• Cap rate 53.9% vs local median 4.7% in Portland — 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 69/100 on livability (#191 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute C-, schools D, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% of the median local income ($59k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $88 of loan paydown is wiped out by about $381 of value loss. Plan a longer hold.
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 3y ago; this cycle's ask has dropped $6k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $11,176 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 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 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?
5. 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?
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: 5.90% ✓
• Cap rate: 53.94%
• Cash-on-cash: 170.17%
• DSCR: 8.57
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.46×
• Total profit: $30,070
• Equity at exit: $1,894

10-year hold

• IRR: —
• Equity multiple: 20.01×
• Total profit: $67,585
• Equity at exit: $1,098

Cash invested: $3,556 (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 47371

• Home prices YoY: -20.1%
• Active inventory: 39
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $749 medium
• Mortgage (P&I): −$67
• Tax est. 1.5%: −$16 /mo · $190/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$157
• Net cashflow: $504

Break-even live

Break-even rent $111

Max offer price $12,700

Occupancy floor 28%

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: $3,175
• Closing costs: $381
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $12,700 Active 165 DOM
2. 2026-06-17
   days on market $12,700 Active 164 DOM
3. 2026-06-16
   days on market $12,700 Active 163 DOM
4. 2026-06-15
   days on market $12,700 Active 162 DOM
5. 2026-06-13
   days on market $12,700 Active 160 DOM
6. 2026-06-12
   days on market $12,700 Active 159 DOM
7. 2026-06-09
   days on market $12,700 Active 156 DOM
8. 2026-06-08
   days on market $12,700 Active 155 DOM
9. 2026-06-07
   days on market $12,700 Active 154 DOM
10. 2026-06-05
    days on market $12,700 Active 152 DOM
11. 2026-06-04
    days on market $12,700 Active 150 DOM
12. 2026-06-02
    days on market $12,700 Active 149 DOM
13. 2026-06-01
    price $12,700 Active 148 DOM
14. 2026-06-01
    days on market $12,200 Active 148 DOM
15. 2026-05-31
    days on market $12,200 Active 147 DOM
16. 2026-05-31
    days on market $12,200 Active 146 DOM
17. 2026-05-07
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

18. 2026-05-07
    price $12,200 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2024-08-29
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2024-08-20
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2024-08-20
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

22. 2024-08-19
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

23. 2024-08-19
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

24. 2024-08-17
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

25. 2024-08-17
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

26. 2024-08-06
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

27. 2024-07-30
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

28. 2024-07-27
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

29. 2024-07-20
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

30. 2024-07-18
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

31. 2024-07-18
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

32. 2024-07-15
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

33. 2024-07-13
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

34. 2024-07-12
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

35. 2024-07-12
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

36. 2024-07-09
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

37. 2024-07-09
    price $13,000 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

38. 2024-05-01
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

39. 2024-04-07
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

40. 2024-04-06
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

41. 2024-03-29
    status Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

42. 2024-01-06
    historical 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

43. 2023-11-08
    listed $18,800 Active 406-char remark

    Show marketing remark (406 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as community events, a basketball court, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,993
• − Mortgage interest: −$711
• − Property taxes: −$190
• − Insurance: −$64
• − Repairs & maintenance: −$719
• − Management: −$719
• − Depreciation: −$369
• Taxable income: $6,219
• Est. tax owed @ 24.0%: −$1,493
• After-tax cash flow: $4,559/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Portland

• Score: 69/100
• State rank: #191
• US rank: #8739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Jay · 12,450 people
• Population (ZIP): 12,450
• Household income: $59,215
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 4.4

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Iranian 4% Serbian 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.09%
• Current HPI: 255.0877
• 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

-35.1% since first listed

27 events — show timeline

• 2026-05-07 Relisted — Zillow
• 2026-05-07 Price Changed $12,200 Zillow
• 2024-08-29 Delisted — Zillow
• 2024-08-20 Relisted — Zillow
• 2024-08-20 Delisted — Zillow
• 2024-08-19 Relisted — Zillow
• 2024-08-19 Delisted — Zillow
• 2024-08-17 Relisted — Zillow
• 2024-08-17 Delisted — Zillow
• 2024-08-06 Relisted — Zillow
• 2024-07-30 Delisted — Zillow
• 2024-07-27 Relisted — Zillow
• 2024-07-20 Delisted — Zillow
• 2024-07-18 Relisted — Zillow
• 2024-07-18 Delisted — Zillow
• 2024-07-15 Relisted — Zillow
• 2024-07-13 Delisted — Zillow
• 2024-07-12 Relisted — Zillow
• 2024-07-12 Delisted — Zillow
• 2024-07-09 Relisted — Zillow
• 2024-07-09 Price Changed $13,000 Zillow
• 2024-05-01 Delisted — Zillow
• 2024-04-07 Relisted — Zillow
• 2024-04-06 Delisted — Zillow
• 2024-03-29 Relisted — Zillow
• 2024-01-06 Delisted — Zillow
• 2023-11-08 Listed $18,800 Zillow