8629 E Hatchery Rd · Enchanted Hills, IN 46567

$1

3 bd · 2.0 ba · 1,824 sqft · SingleFamily public records · 27 Days on market

Built 1953 6,534 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.7/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Located directly across the street from Indiana's largest natural lake, Lake Wawasee, this home is ready for a new owner! Originally built in 1953, this remodeled two-story home features over 2000 square feet of finished space including 3 bedrooms and 2 baths. On the main floor you have a bedroom, 3/4 bath, laundry room, large living room, dining room, and kitchen with hickory cabinets. On the second floor you have the primary bedroom with two walk-in closets, a second bedroom with a walk-in closet, and a full bath. The basement is partially finished with a custom bar set-up. Step outside the home a fenced area for private outdoor enjoyment, a detached garage and a matching shed. The detached garage is 16 x 24, and the additional storage shed is 10' x 13'. The home and barns set on a 0.15-acre lot. This home would make the perfect guest house for lake homeowner, short term rental property or used as a primary residence. Home is in move in condition and ready for you to be the high bidder at the auction!

Key facts

• Custom bar set-up
• Matching shed
• Hickory cabinets

Tags

• REMODELED TWO-STORY HOME
• HICKORY CABINETS
• TWO WALK-IN CLOSETS
• CUSTOM BAR SET-UP
• DETACHED GARAGE
• MATCHING SHED

Property features AI

Exterior

• Parking: Detached garage with garage door opener (1 garage space)
• Security: Security system installed
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One-story layout; Located in the Lake Papakeechie subdivision; Entry faces hatchery road area (see directions)
• Construction: Vinyl siding; Metal roof; Partial basement, partially finished
• Exterior features: Deck; Shed(s); Landscaped yard; Lake frontage / lake nearby (Lake Wawasee); Property offers views

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range; Kitchen island; Breakfast bar
• Bedrooms: Primary bedroom located on the main level
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Vaulted ceilings; Breakfast bar; Kitchen island; Primary bedroom on main level; Partial finished basement with walk-up access and crawl space; Sump pump installed
• Laundry & utility: Washer and dryer included; Main-level laundry; Water softener (owned); Electric water heater

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $339,572 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 1.7% vs local median 0.3% in Enchanted Hills — 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: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Syracuse Elementary School (math 49% / reading 38%, grade F, #411 of 994 statewide, top 42%, 533 students, 52% FRL); Wawasee Middle School (math 24% / reading 34%, grade F, #222 of 330 statewide, top 67%, 507 students, 50% FRL); Wawasee High School (math 27% / reading 56%, grade F, #211 of 369 statewide, top 58%, 909 students, 44% FRL).
• Market conditions: 87 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: property tax is 509358.3% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. 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?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.39% ✗
• Cap rate: 1.70%
• Cash-on-cash: -16.41%
• DSCR: 0.27
• GRM: 21.4

CMA / ARV

• ARV (median comp): $339,572
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9730 N Marine Key Dr	0.20mi	3/2.0	2,028 (+11%)	6mo	$205,000	$101	67
9876 N Lincoln Rd	0.32mi	3/2.0	1,792 (-2%)	23mo	$355,000	$198	63
9061 E Hatchery Rd	0.46mi	3/2.0	2,021 (+11%)	2mo	$450,000	$223	59
8648 E Koher Rd	0.16mi	2/1.0 (-1)	1,628 (-11%)	16mo	$300,000	$184	52
9800 N Denzel Dr	0.34mi	3/2.0	2,019 (+11%)	23mo	$259,900	$129	47
10327 N Leeland Ln	0.74mi	3/3.0	2,016 (+10%)	0mo	$825,000	$409	44

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: -48.5%
• Equity multiple: -0.45×
• Total profit: $-137,829
• Equity at exit: $50,631

10-year hold

• IRR: -94.1%
• Equity multiple: -1.38×
• Total profit: $-226,588
• Equity at exit: $29,360

Cash invested: $95,080 (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 46567

• Home prices YoY: -21.4%
• Active inventory: 87

Monthly cashflow live

• Estimated rent: $1,324 medium
• Mortgage (P&I): −$1,781
• Tax est. 1.5%: −$424 /mo · $5,094/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $-1,300

Break-even live

Break-even rent $2,971

Max offer price $151,400

Occupancy floor —

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: $84,893
• Closing costs: $10,187
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-31
   statusdays on marketlisting id $1 Pending 27 DOM

   Show marketing remark (1066 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Located directly across the street from Indiana's largest natural lake, Lake Wawasee, this home is ready for a new owner! Originally built in 1953, this remodeled two-story home features over 2000 square feet of finished space including 3 bedrooms and 2 baths. On the main floor you have a bedroom, 3/4 bath, laundry room, large living room, dining room, and kitchen with hickory cabinets. On the second floor you have the primary bedroom with two walk-in closets, a second bedroom with a walk-in closet, and a full bath. The basement is partially finished with a custom bar set-up. Step outside the home a fenced area for private outdoor enjoyment, a detached garage and a matching shed. The detached garage is 16 x 24, and the additional storage shed is 10' x 13'. The home and barns set on a 0.15-acre lot. This home would make the perfect guest house for lake homeowner, short term rental property or used as a primary residence. Home is in move in condition and ready for you to be the high bidder at the auction!

2. 2026-05-31
   days on market $1 Active 17 DOM

   Show marketing remark (1066 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Located directly across the street from Indiana's largest natural lake, Lake Wawasee, this home is ready for a new owner! Originally built in 1953, this remodeled two-story home features over 2000 square feet of finished space including 3 bedrooms and 2 baths. On the main floor you have a bedroom, 3/4 bath, laundry room, large living room, dining room, and kitchen with hickory cabinets. On the second floor you have the primary bedroom with two walk-in closets, a second bedroom with a walk-in closet, and a full bath. The basement is partially finished with a custom bar set-up. Step outside the home a fenced area for private outdoor enjoyment, a detached garage and a matching shed. The detached garage is 16 x 24, and the additional storage shed is 10' x 13'. The home and barns set on a 0.15-acre lot. This home would make the perfect guest house for lake homeowner, short term rental property or used as a primary residence. Home is in move in condition and ready for you to be the high bidder at the auction!

3. 2026-05-30
   days on market $1 Active 16 DOM
4. 2026-05-11
   listed $1 Active 1066-char remark

   Show marketing remark (1066 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Located directly across the street from Indiana's largest natural lake, Lake Wawasee, this home is ready for a new owner! Originally built in 1953, this remodeled two-story home features over 2000 square feet of finished space including 3 bedrooms and 2 baths. On the main floor you have a bedroom, 3/4 bath, laundry room, large living room, dining room, and kitchen with hickory cabinets. On the second floor you have the primary bedroom with two walk-in closets, a second bedroom with a walk-in closet, and a full bath. The basement is partially finished with a custom bar set-up. Step outside the home a fenced area for private outdoor enjoyment, a detached garage and a matching shed. The detached garage is 16 x 24, and the additional storage shed is 10' x 13'. The home and barns set on a 0.15-acre lot. This home would make the perfect guest house for lake homeowner, short term rental property or used as a primary residence. Home is in move in condition and ready for you to be the high bidder at the auction!

5. 2026-05-01
   listed $1 Active 1066-char remark
6. 2025-11-21
   price $324,900
7. 2025-10-16
   price $329,900
8. 2025-09-02
   price $339,900
9. 2025-08-12
   listed $347,500 Active
10. 2025-06-18
    price $349,900
11. 2025-05-10
    price $359,900
12. 2025-03-28
    price $369,900
13. 2025-02-28
    listed $379,900 Active
14. 2024-10-26
    price $379,900
15. 2024-09-27
    listed $389,900 Active
16. 2019-09-11
    soldstatus $168,900
17. 2019-05-29
    listed $169,900
18. 2018-02-02
    soldstatus $45,000
19. 2017-11-26
    listed $65,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,893
• − Mortgage interest: −$19,021
• − Property taxes: −$5,094
• − Insurance: −$1,698
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$9,878
• Taxable loss: −$22,341
• Est. tax savings @ 24.0%: +$5,362
• After-tax cash flow: $-10,243/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: Wawasee Community School Corporation
• NCES district ID: 1805550
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $52,439
• Composite: 30.97/100
• National rank: #6100
• State rank: #179 of 301 in IN

Livability — Enchanted Hills

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 9,371

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.32%
• Current HPI: 276.7243
• 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

+399.8% since first listed

18 events — show timeline

• 2026-05-31 Pending — IRMLS
• 2026-05-31 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-11 Listed $1 NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $1 IRMLS
• 2025-11-21 Price Changed $324,900 IRMLS
• 2025-10-16 Price Changed $329,900 IRMLS
• 2025-09-02 Price Changed $339,900 IRMLS
• 2025-08-12 Listed $347,500 IRMLS
• 2025-06-18 Price Changed $349,900 IRMLS
• 2025-05-10 Price Changed $359,900 IRMLS
• 2025-03-28 Price Changed $369,900 IRMLS
• 2025-02-28 Listed $379,900 IRMLS
• 2024-10-26 Price Changed $379,900 IRMLS
• 2024-09-27 Listed $389,900 IRMLS
• 2019-09-11 Sold (MLS) $168,900 IRMLS
• 2019-05-29 Listed $169,900 IRMLS
• 2018-02-02 Sold (MLS) $45,000 IRMLS
• 2017-11-26 Listed $65,000 IRMLS

Property tax history

+35.8%/yr

Latest (2024): $2,380 · +145.9% YoY. Source: county tax records.