11045 E Iroquois Rd · Koontz Lake, IN 46574

$119,900

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 209 Days on market

Built 1998 0.37 ac lot Est $212k · 44% under

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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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +6.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 BEDROOM, 2 BATH - 1352 SQ FT HOME WITH 2 CAR DETACHED GARAGE. Walk to public access on Koontz Lake. New roof, new flooring in dining and kitchen. Washer & Dryer hook up.

Key facts

• View of bass lake
• Master ensuite
• Dining area

Tags

• MASTER ENSUITE
• DINING AREA
• BACK DECK
• VIEW OF BASS LAKE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.1% in Koontz Lake — 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 61/100 on livability (#516 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: employment D+, amenities F, commute F.
• Oregon-Davis School Corporation (rural): math 19% / reading 34% proficiency, ranked #257 of 301 in IN (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oregon-Davis Elementary School (math 27% / reading 32%, grade F, #697 of 994 statewide, top 73%, 272 students, 61% FRL); Oregon-Davis Jr-Sr High School (math 8% / reading 37%, grade F, #339 of 369 statewide, top 93%, 224 students, 58% FRL).
• Market conditions: 64 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Starke County population projected at -23% 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 $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $50k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 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 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?
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $212,264
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7404 Shipping Ln Unit W	0.46mi	3/2.0	1,404 (+4%)	23mo	$220,000	$157	53

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,567
• Equity at exit: $17,877

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $30,452
• Equity at exit: $10,367

Cash invested: $33,572 (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 46574

• Home prices YoY: -17.2%
• Active inventory: 64
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,366 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$55 /mo · $655/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $346

Break-even live

Break-even rent $928

Max offer price $119,900

Occupancy floor 70%

Sensitivity live

Price	-10% $414	-5% $380	+0% $346	+5% $312	+10% $278
Rent	-10% $238	-5% $292	+0% $346	+5% $400	+10% $454
Rate	-1.0pp $406	-0.5pp $376	base $346	+0.5pp $315	+1.0pp $283

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-23
   status Pending
2. 2026-03-04
   price $119,900
3. 2026-02-23
   price $125,900
4. 2026-01-16
   price $135,900
5. 2025-09-26
   listed $169,900 Active
6. 2018-07-18
   soldstatus $87,900 177-char remark

   Show marketing remark (177 chars)

   3 BEDROOM, 2 BATH - 1352 SQ FT HOME WITH 2 CAR DETACHED GARAGE. Walk to public access on Koontz Lake. New roof, new flooring in dining and kitchen. Washer & Dryer hook up.

7. 2017-02-24
   listed $87,900 177-char remark

   Show marketing remark (177 chars)

   3 BEDROOM, 2 BATH - 1352 SQ FT HOME WITH 2 CAR DETACHED GARAGE. Walk to public access on Koontz Lake. New roof, new flooring in dining and kitchen. Washer & Dryer hook up.

ⓘ 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: $655 · $55/mo
• Projected year-2 tax: $837 · $70/mo
• Expected delta: +$182/yr (+$15/mo · 27.8%)

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

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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,394
• − Mortgage interest: −$6,716
• − Property taxes: −$655
• − Insurance: −$600
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$3,488
• Taxable income: $2,312
• Est. tax owed @ 24.0%: −$555
• After-tax cash flow: $3,596/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: Oregon-Davis School Corporation
• NCES district ID: 1808460
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $46,674
• Composite: 22.93/100
• National rank: #7991
• State rank: #257 of 301 in IN

Livability — Koontz Lake

• Score: 61/100
• State rank: #516
• US rank: #18383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Koontz Lake, IN
• Population (ZIP): 7,414

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 8% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.04%
• Current HPI: 260.7073
• 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

+36.4% since first listed

7 events — show timeline

• 2026-04-23 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $119,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $125,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-16 Price Changed $135,900 NIRA MLS as Distributed by MLS Grid
• 2025-09-26 Listed $169,900 NIRA MLS as Distributed by MLS Grid
• 2018-07-18 Sold (MLS) $87,900 IRMLS
• 2017-02-24 Listed $87,900 IRMLS

Property tax history

-6.9%/yr

Latest (2024): $655 · +4.3% YoY. Source: county tax records.