201 Cypress Ct

Marion, IN 46953

$155,000F

2 bd · 2.0 ba · 1,404 sqft · Built 2000 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-102/mo
• Annual: $-1,220/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.87
• 1% rule: 0.70%
• Cash to close: $43,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $155k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (30.2% below list).
• It's been on market 21 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (30.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#337 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Eastbrook Community School Corporation (rural): math 42% / reading 46% proficiency, ranked #98 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastbrook North Elementary (math 43% / reading 34%, grade F, #535 of 994 statewide, top 54%, 307 students, 52% FRL); Eastbrook Middle School (math 30% / reading 45%, grade F, #146 of 330 statewide, top 46%, 399 students, 48% FRL); Eastbrook High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 509 students, 38% FRL).
• Market conditions: 114 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• Grant County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask is 72% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $85k; list at $155k implies a 82% gain — meaningful room to come down on a strong offer.
• Cap rate 5.5% vs local median 8.1% in Marion — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.