11491 W 875 S · Johnson, IN 47665

$185,500

4 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 75 Days on market

Built 1984 1.60 ac lot $110/sqft · 11% below area Est $208k · 11% under

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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).

• ARV discount +12.4/15.0
• Cash flow +11.2/30.0
• Schools +4.7/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

Key facts

• New drywall
• New siding
• New flooring

Tags

• REMODELED MANUFACTURED HOME
• NEW DRYWALL
• NEW ELECTRICAL
• NEW FLOORING
• NEW SIDING
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $-72 ($-868/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (30.8% below list).
• Recommended offer: $128k (30.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• South Gibson School Corporation (rural): math 50% / reading 58% proficiency, ranked #31 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owensville Community School (math 43% / reading 51%, grade D-, #325 of 994 statewide, top 36%, 415 students, 41% FRL); Gibson Southern High School (math 62% / reading 77%, grade B, #18 of 369 statewide, top 5%, 726 students, 23% FRL).
• Market conditions: 17 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $24k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $186k implies a 336% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,458 (30.8% below list)

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. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.69% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• GRM: 12.0

CMA / ARV

• ARV (median comp): $208,335
• List price: $185,500
• Delta: -10.96%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.1%
• Equity multiple: 0.33×
• Total profit: $-34,765
• Equity at exit: $27,659

10-year hold

• IRR: -11.9%
• Equity multiple: 0.30×
• Total profit: $-36,612
• Equity at exit: $16,039

Cash invested: $51,940 (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 47665

• Home prices YoY: -4.6%
• Active inventory: 17
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,285 medium
• Mortgage (P&I): −$973
• Tax from tax record: −$37 /mo · $445/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-72

Break-even live

Break-even rent $1,376

Max offer price $172,725

Occupancy floor —

Sensitivity live

Price	-10% $33	-5% $-20	+0% $-72	+5% $-125	+10% $-177
Rent	-10% $-174	-5% $-123	+0% $-72	+5% $-22	+10% $29
Rate	-1.0pp $21	-0.5pp $-25	base $-72	+0.5pp $-120	+1.0pp $-169

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: $46,375
• Closing costs: $5,565
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-07
   status Active 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

2. 2026-05-07
   historical 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

3. 2026-05-06
   status Active 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

4. 2026-05-06
   price $185,500 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

5. 2026-03-17
   status Pending 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

6. 2026-03-12
   price $199,900 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

7. 2026-02-10
   price $205,000 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

8. 2026-01-17
   listed $210,000 Active 945-char remark

   Show marketing remark (945 chars)

   COUNTRY LIVING! This beautifully remodeled 3-bedroom manufactured home sits on 1.6 peaceful acres and has been updated from top to bottom. Featuring new drywall, electrical, flooring, siding, kitchen cabinets, butcher block counter tops—just about everything has been re-done, making this home truly move-in ready. The split-bedroom floor plan offers privacy, complemented by two full bathrooms. Outside, you’ll find a 26’ x 65’ pole barn with electric, perfect for storage, a workshop, or hobby space. The 10’ x 10’ well house includes a 6 ft below-ground block room, ideal for storm shelter and added peace of mind. Enjoy quiet country living with room to roam along with modern updates you’re looking for. A rare find with land, upgrades, and outbuildings—don’t miss it! Per seller: Septic pumped in summer of 2025, new well dug in 2024. Spectrum internet available. Home is all electric.

9. 2019-03-11
   soldstatus $42,500

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $445 · $37/mo
• Projected year-2 tax: $1,011 · $84/mo
• Expected delta: +$566/yr (+$47/mo · 127.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,415
• − Mortgage interest: −$10,391
• − Property taxes: −$445
• − Insurance: −$928
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$5,396
• Taxable loss: −$4,211
• Est. tax savings @ 24.0%: +$1,011
• After-tax cash flow: $143/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: South Gibson School Corporation
• NCES district ID: 1810350
• Math proficiency: 50% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $60,560
• Composite: 47.09/100
• National rank: #2334
• State rank: #31 of 301 in IN

Livability — Johnson

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

Census & demographics

• Population (ZIP): 4,053

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5%
• Common ancestry: Slovak 2% Romanian 2% Portuguese 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.27%
• Current HPI: 212.1149
• 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

+336.5% since first listed

9 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-05-06 Relisted — IRMLS
• 2026-05-06 Price Changed $185,500 IRMLS
• 2026-03-17 Pending — IRMLS
• 2026-03-12 Price Changed $199,900 IRMLS
• 2026-02-10 Price Changed $205,000 IRMLS
• 2026-01-17 Listed $210,000 IRMLS
• 2019-03-11 Sold (Public Records) $42,500 Public Records

Property tax history

-6.2%/yr

Latest (2024): $445 · -42.1% YoY. Source: county tax records.