35 Court Rd. Rd · Richmond, IN 47374

$57,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 161 Days on market

Built 2000 Est $57k · at est.

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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 +7.3/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this beautifully maintained double wide mobile home. It features 3 bedrooms and 2 full bathrooms. Located in a quiet, friendly 55 and over community, this home offers comfortable living with modern touches throughout. Step inside to an open-concept layout with a large living area, perfect for relaxing or entertaining. The kitchen comes equipped with ample cabinet space and a breakfast nook, not to mention the nice dining area. The master suite includes a private bath, offering a peaceful retreat at the end of the day. It has a split bedroom plan with the 2 smaller bedrooms and a bath at the opposite end of the home. Outside, enjoy your morning coffee or evening BBQs on the expansive deck, ideal for outdoor living and gatherings. This home is in very nice condition, clean, well cared for, and move-in ready. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

Key facts

• Covered picnic area
• Remodeled home
• Pool

Tags

• REMODELED HOME
• WELL-DESIGNED KITCHEN
• SPARKLING SWIMMING POOL
• WELL-KEPT BASKETBALL COURT
• COVERED PICNIC AREA

Property features AI

Finance

• HOA & community: Homeowners association; Senior community

Exterior

• Parking: Attached parking; Off-street parking; Gravel parking area
• Security: Gated community
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single family residence; One-story home; Residential property
• Construction: Vinyl siding; Shingle roof
• Exterior features: In-ground pool; Shed(s)

Interior

• Kitchen: Range; Oven; Refrigerator; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Electric water heater; Home has a warranty
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $57k.

Deal economics

• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $50k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fairview Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 296 students, 90% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $50,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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 D-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.01% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.46%
• DSCR: 2.71
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $56,784
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Dogwood Dr	0.14mi	3/2.0	1,456 (0%)	1mo	$74,000	$51	93
39 Court Rd	0.09mi	3/2.0	1,456 (0%)	7mo	$56,250	$39	90
26 Hickory Dr	0.15mi	3/2.0	1,352 (-7%)	23mo	$50,000	$37	62
10 Hickory Dr	0.13mi	3/2.0	1,248 (-14%)	18mo	$43,000	$34	55
37 Hickory Dr	0.18mi	3/2.0	1,280 (-12%)	23mo	$33,000	$26	52
227 Lincoln St	0.72mi	3/2.0	1,585 (+9%)	5mo	$85,900	$54	47

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: 34.6%
• Equity multiple: 2.46×
• Total profit: $23,357
• Equity at exit: $8,499

10-year hold

• IRR: 41.4%
• Equity multiple: 4.91×
• Total profit: $62,356
• Equity at exit: $4,928

Cash invested: $15,960 (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 47374

• Active inventory: 273
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,146 medium
• Mortgage (P&I): −$299
• Tax est. 1.5%: −$71 /mo · $855/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $511

Break-even live

Break-even rent $499

Max offer price $57,000

Occupancy floor 50%

Sensitivity live

Price	-10% $551	-5% $531	+0% $511	+5% $492	+10% $472
Rent	-10% $421	-5% $466	+0% $511	+5% $557	+10% $602
Rate	-1.0pp $540	-0.5pp $526	base $511	+0.5pp $497	+1.0pp $482

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	44d	1	0.56mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	1.40mi

Listing history 20 events

1. 2026-06-19
   days on market $57,000 Active 161 DOM
2. 2026-06-18
   days on market $57,000 Active 160 DOM
3. 2026-06-17
   days on market $57,000 Active 159 DOM
4. 2026-06-16
   days on market $57,000 Active 158 DOM
5. 2026-06-15
   days on market $57,000 Active 157 DOM
6. 2026-06-14
   days on market $57,000 Active 155 DOM
7. 2026-06-12
   days on market $57,000 Active 154 DOM
8. 2026-06-09
   days on market $57,000 Active 151 DOM
9. 2026-06-09
   pricedays on market $57,000 Active 150 DOM
10. 2026-06-03
    days on market $67,900 Active 147 DOM
11. 2026-06-03
    price $67,900 Active 146 DOM
12. 2026-06-02
    days on market $72,900 Active 146 DOM
13. 2026-06-01
    days on market $72,900 Active 145 DOM
14. 2026-05-31
    days on market $72,900 Active 144 DOM
15. 2026-05-30
    days on market $72,900 Active 143 DOM
16. 2026-01-07
    listed $72,900 Active
17. 2025-12-07
    listed $72,900 Active
18. 2025-07-21
    soldstatus $57,900 Closed 1502-char remark

    Show marketing remark (1502 chars)

    Don't miss this beautifully maintained double wide mobile home. It features 3 bedrooms and 2 full bathrooms. Located in a quiet, friendly 55 and over community, this home offers comfortable living with modern touches throughout. Step inside to an open-concept layout with a large living area, perfect for relaxing or entertaining. The kitchen comes equipped with ample cabinet space and a breakfast nook, not to mention the nice dining area. The master suite includes a private bath, offering a peaceful retreat at the end of the day. It has a split bedroom plan with the 2 smaller bedrooms and a bath at the opposite end of the home. Outside, enjoy your morning coffee or evening BBQs on the expansive deck, ideal for outdoor living and gatherings. This home is in very nice condition, clean, well cared for, and move-in ready. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

19. 2025-06-18
    status Pending 1502-char remark

    Show marketing remark (1502 chars)

    Don't miss this beautifully maintained double wide mobile home. It features 3 bedrooms and 2 full bathrooms. Located in a quiet, friendly 55 and over community, this home offers comfortable living with modern touches throughout. Step inside to an open-concept layout with a large living area, perfect for relaxing or entertaining. The kitchen comes equipped with ample cabinet space and a breakfast nook, not to mention the nice dining area. The master suite includes a private bath, offering a peaceful retreat at the end of the day. It has a split bedroom plan with the 2 smaller bedrooms and a bath at the opposite end of the home. Outside, enjoy your morning coffee or evening BBQs on the expansive deck, ideal for outdoor living and gatherings. This home is in very nice condition, clean, well cared for, and move-in ready. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

20. 2025-06-13
    listed $57,900 Active 1502-char remark

    Show marketing remark (1502 chars)

    Don't miss this beautifully maintained double wide mobile home. It features 3 bedrooms and 2 full bathrooms. Located in a quiet, friendly 55 and over community, this home offers comfortable living with modern touches throughout. Step inside to an open-concept layout with a large living area, perfect for relaxing or entertaining. The kitchen comes equipped with ample cabinet space and a breakfast nook, not to mention the nice dining area. The master suite includes a private bath, offering a peaceful retreat at the end of the day. It has a split bedroom plan with the 2 smaller bedrooms and a bath at the opposite end of the home. Outside, enjoy your morning coffee or evening BBQs on the expansive deck, ideal for outdoor living and gatherings. This home is in very nice condition, clean, well cared for, and move-in ready. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

ⓘ 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: $13,753
• − Mortgage interest: −$3,193
• − Property taxes: −$855
• − Insurance: −$285
• − Repairs & maintenance: −$1,100
• − Management: −$1,100
• − Depreciation: −$1,658
• Taxable income: $5,561
• Est. tax owed @ 24.0%: −$1,335
• After-tax cash flow: $4,803/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, IN
• 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

+25.9% since first listed

5 events — show timeline

• 2026-01-07 Listed $72,900 SEIBR
• 2025-12-07 Listed $72,900 SEIBR
• 2025-07-21 Sold (MLS) $57,900 RRELMS
• 2025-06-18 Pending — RRELMS
• 2025-06-13 Listed $57,900 RRELMS