1469 Cobblestone Cir S · Mishawaka, IN 46544

$55,999

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 39 Days on market

Built 2026 Good condition $46/sqft · 69% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +4.8/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy living in a new home at Village Green in Mishawaka! A family-friendly, well-maintained, professionally managed manufactured housing community. This 2019, 3 bed/2 bath, 1216 sq. ft. is being remodeled and is available soon.

Key facts

• Built 2026
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $56k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• Recommended offer: $54k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.0% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools C-, amenities F, employment F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Recommended offer $54,319 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.85% ✓
• Cap rate: 24.97%
• Cash-on-cash: 66.71%
• DSCR: 3.97
• GRM: 2.9

CMA / ARV

• ARV (median comp): $180,729
• List price: $55,999
• Delta: -69.01%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 71.6%
• Equity multiple: 4.50×
• Total profit: $54,888
• Equity at exit: $8,350

10-year hold

• IRR: 77.0%
• Equity multiple: 11.06×
• Total profit: $157,704
• Equity at exit: $4,842

Cash invested: $15,680 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$294
• Tax est. 1.5%: −$70 /mo · $840/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $872

Break-even live

Break-even rent $490

Max offer price $55,999

Occupancy floor 40%

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	13d	1	0.22mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	43d	1	1.01mi
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	13d	1	1.01mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	21d	1	1.09mi
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$2,755	$1.98	13d	74	1.28mi

Listing history 10 events

1. 2026-06-10
   days on market $55,999 Active 39 DOM
2. 2026-06-09
   days on market $55,999 Active 38 DOM
3. 2026-06-08
   days on market $55,999 Active 37 DOM
4. 2026-06-07
   days on market $55,999 Active 36 DOM
5. 2026-06-02
   days on market $55,999 Active 31 DOM
6. 2026-06-01
   days on market $55,999 Active 30 DOM
7. 2026-05-31
   days on market $55,999 Active 29 DOM
8. 2026-05-30
   days on market $55,999 Active 28 DOM
9. 2026-05-12
   price $55,999 228-char remark
10. 2026-05-02
    listed $54,999 Active 228-char remark

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

Taxation est. · year 1

• Rental income: $19,119
• − Mortgage interest: −$3,137
• − Property taxes: −$840
• − Insurance: −$280
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − Depreciation: −$1,629
• Taxable income: $10,174
• Est. tax owed @ 24.0%: −$2,442
• After-tax cash flow: $8,018/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This 2019 manufactured home in Village Green is in good condition with a cosmetic rehab level, ready for a fresh coat of paint and landscaping to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior — Fresh paint can enhance curb appeal and the home's overall appearance.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers or renters.
• Both Interior updates (paint, minor repairs) — Fresh paint and minor repairs can improve the home's appearance and attract more interest from buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Fresh paint can enhance curb appeal and the home's overall appearance. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers or renters. ↑
• Both Interior updates (paint, minor repairs) — Fresh paint and minor repairs can improve the home's appearance and attract more interest from buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• Metro: South Bend-Mishawaka, IN-MI
• 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