384 Honey Locust Pl · Country Squire Lakes, IN 47265

$159,900

3 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 22 Days on market

Built 1992 10,053 sqft lot $130/sqft · 39% above area Est $128k · 25% over $27/mo HOA · 2% of rent

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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).

• Cash flow +18.7/30.0
• DSCR +5.9/10.0
• 1% rule +3.9/10.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom, 2 bath ranch, large garage large 20 x 40 heated garage with concrete floor, overhead lighting and insulation, backyard has a gazebo, extra lot adjoining the property, Hurry won't last long.

Key facts

• New propane furnace
• Central air
• 0.23 acre lot

Tags

• OVERSIZED HEATED GARAGE
• ENCLOSED SUNROOM PORCH
• NEW PROPANE FURNACE
• CENTRAL AIR
• UPDATED ELECTRICAL PANEL
• NEW ELECTRIC WATER HEATER

Property features AI

Finance

• Other: Mandatory fee ownership interest
• HOA & community: Homeowners association with an annual fee of $325

Exterior

• Parking: Detached 3-car garage (approximately 816 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Crawl space and block foundation
• Exterior features: Sun room; Dining room (main level); Family room (main level); Lot under 1/4 acre; Located in Country Squire Lake neighborhood (lot 384, section 2)

Interior

• Kitchen: Electric oven; Range hood; Refrigerator; Kitchen island; Pantry
• Bedrooms: Primary bedroom with walk-in closet and bedroom split; Three bedrooms on main level
• Bathrooms: Two full bathrooms; Primary bathroom with double sinks and full shower stall
• Heating & cooling: Propane heating; Central air conditioning
• Interior features: Cathedral ceilings; Kitchen island; Pantry; Walk-in closet(s); Painted woodwork
• Laundry & utility: Laundry room on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (10.7% below list).
• Recommended offer: $143k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 6.0% in Country Squire Lakes — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 59/100 on livability (#566 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sand Creek Elementary School (math 33% / reading 29%, grade F, #682 of 994 statewide, top 69%, 389 students, 85% FRL); Jennings County Middle School (math 28% / reading 36%, grade F, #190 of 330 statewide, top 59%, 626 students, 62% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL) — zoned schools average 66% FRL vs 49% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 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 $5k of value loss. Plan a longer hold.
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.
• Current owner paid $50k; list at $160k implies a 220% gain — meaningful room to come down on a strong offer.

Recommended offer $142,868 (10.7% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.89% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 9.3

CMA / ARV

• ARV (median comp): $127,795
• List price: $159,900
• Delta: 25.12%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3517 Country Manor St	0.65mi	3/2.0	1,232 (0%)	5mo	$76,900	$62	65
3410 Rothshire Cir	0.66mi	3/2.0	1,279 (+4%)	0mo	$145,000	$113	63
1810 Heatherlan Ln	0.42mi	3/2.0	1,216 (-1%)	19mo	$72,000	$59	62
3409 Rothshire Cir	0.64mi	3/2.0	1,160 (-6%)	5mo	$129,000	$111	56
2758 Dorydown Ct	0.58mi	3/1.0	1,260 (+2%)	12mo	$10,000	$8	55
1550 Foxmoor Dr	0.57mi	3/2.0	1,152 (-6%)	22mo	$120,500	$105	44
899 Wildwood Rd	0.73mi	2/2.0 (-1)	1,056 (-14%)	23mo	$153,000	$145	18

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-15,896
• Equity at exit: $23,842

10-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,117
• Equity at exit: $13,825

Cash invested: $44,772 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$67
• HOA: −$27
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $158

Break-even live

Break-even rent $1,228

Max offer price $159,900

Occupancy floor 84%

Sensitivity live

Price	-10% $249	-5% $203	+0% $158	+5% $113	+10% $68
Rent	-10% $45	-5% $102	+0% $158	+5% $215	+10% $271
Rate	-1.0pp $239	-0.5pp $199	base $158	+0.5pp $117	+1.0pp $75

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $27 · $324/yr

Listing history 21 events

1. 2026-06-19
   days on market $159,900 Active 22 DOM
2. 2026-06-18
   days on market $159,900 Active 21 DOM
3. 2026-06-17
   days on market $159,900 Active 20 DOM
4. 2026-06-16
   days on market $159,900 Active 19 DOM
5. 2026-06-15
   days on market $159,900 Active 18 DOM
6. 2026-06-14
   days on market $159,900 Active 16 DOM
7. 2026-06-12
   days on market $159,900 Active 15 DOM
8. 2026-06-09
   days on market $159,900 Active 12 DOM
9. 2026-06-08
   days on market $159,900 Active 11 DOM
10. 2026-06-07
    days on market $159,900 Active 10 DOM
11. 2026-06-02
    days on market $159,900 Active 5 DOM
12. 2026-06-01
    days on market $159,900 Active 4 DOM
13. 2026-05-31
    days on market $159,900 Active 3 DOM
14. 2026-05-30
    days on market $159,900 Active 2 DOM
15. 2026-05-18
    historical
16. 2026-04-18
    price $159,900
17. 2026-02-27
    listed $174,500 Active
18. 2026-01-21
    soldstatus $50,000 Closed 201-char remark

    Show marketing remark (201 chars)

    3 bedroom, 2 bath ranch, large garage large 20 x 40 heated garage with concrete floor, overhead lighting and insulation, backyard has a gazebo, extra lot adjoining the property, Hurry won't last long.

19. 2026-01-12
    status Pending 201-char remark

    Show marketing remark (201 chars)

    3 bedroom, 2 bath ranch, large garage large 20 x 40 heated garage with concrete floor, overhead lighting and insulation, backyard has a gazebo, extra lot adjoining the property, Hurry won't last long.

20. 2026-01-08
    price $75,000 201-char remark

    Show marketing remark (201 chars)

    3 bedroom, 2 bath ranch, large garage large 20 x 40 heated garage with concrete floor, overhead lighting and insulation, backyard has a gazebo, extra lot adjoining the property, Hurry won't last long.

21. 2025-11-21
    listed $89,000 Active 201-char remark

    Show marketing remark (201 chars)

    3 bedroom, 2 bath ranch, large garage large 20 x 40 heated garage with concrete floor, overhead lighting and insulation, backyard has a gazebo, extra lot adjoining the property, Hurry won't last long.

ⓘ 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: $460 · $38/mo
• Projected year-2 tax: $909 · $76/mo
• Expected delta: +$450/yr (+$37/mo · 97.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,144
• − Mortgage interest: −$8,957
• − Property taxes: −$460
• − Insurance: −$800
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − HOA: −$324
• − Depreciation: −$4,652
• Taxable loss: −$791
• Est. tax savings @ 24.0%: +$190
• After-tax cash flow: $2,088/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Country Squire Lakes

• Score: 59/100
• State rank: #566
• US rank: #20238

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Country Squire Lakes, IN
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

+79.7% since first listed

8 events — show timeline

• 2026-05-27 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2026-05-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-18 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2026-02-27 Listed $174,500 MIBOR as Distributed by MLS Grid
• 2026-01-21 Sold (MLS) $50,000 MIBOR as Distributed by MLS Grid
• 2026-01-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-08 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2025-11-21 Listed $89,000 MIBOR as Distributed by MLS Grid

Property tax history

+238.6%/yr

Latest (2024): $460 · +7.0% YoY. Source: county tax records.