60076 County Road 9 · Dunlap, IN 46517

$175,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 41 Days on market

Built 1997 5.14 ac lot ↓ 39% since listing

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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 +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PHONE BID AND ONLINE AUCTION ending May 27 at 5pm. OPEN HOUSES May 6, 13, and 20 from 3-5pm. Country home in Concord School District situated on 5.14± acres. Property has two deeded parcels, offering flexibility and future potential. This 3-bedroom, 2 bath home offers open concept living, updated bath and flooring, new roof (2024), fenced pasture, and convenient access to US 20 and local amenities. This is a great opportunity to build equity or potentially build another home on the back parcel. STARTING BID IS NOT THE BUY IT NOW PRICE.

Key facts

• Open concept living
• Updated bath
• 5.14 acres

Tags

• CONCORD SCHOOL DISTRICT
• 5.14 ACRES
• TWO DEEDED PARCELS
• OPEN CONCEPT LIVING
• UPDATED BATH
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $60 ($718/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 $144k (17.5% below list).
• Recommended offer: $144k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.9% in Dunlap — 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 73/100 on livability (#97 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety D-.
• Concord Community Schools (suburban): math 24% / reading 39% proficiency, ranked #226 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 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.
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago 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.

Recommended offer $144,407 (17.5% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 17% 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.83% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.0%
• Equity multiple: 0.50×
• Total profit: $-24,601
• Equity at exit: $26,093

10-year hold

• IRR: -5.3%
• Equity multiple: 0.66×
• Total profit: $-16,744
• Equity at exit: $15,131

Cash invested: $49,000 (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 46517

• Active inventory: 73
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $60

Break-even live

Break-even rent $1,368

Max offer price $175,000

Occupancy floor 91%

Sensitivity live

Price	-10% $159	-5% $109	+0% $60	+5% $10	+10% $-39
Rent	-10% $-54	-5% $3	+0% $60	+5% $117	+10% $174
Rate	-1.0pp $148	-0.5pp $104	base $60	+0.5pp $15	+1.0pp $-32

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-16
   listed $175,000 Active 548-char remark

   Show marketing remark (548 chars)

   PHONE BID AND ONLINE AUCTION ending May 27 at 5pm. OPEN HOUSES May 6, 13, and 20 from 3-5pm. Country home in Concord School District situated on 5.14± acres. Property has two deeded parcels, offering flexibility and future potential. This 3-bedroom, 2 bath home offers open concept living, updated bath and flooring, new roof (2024), fenced pasture, and convenient access to US 20 and local amenities. This is a great opportunity to build equity or potentially build another home on the back parcel. STARTING BID IS NOT THE BUY IT NOW PRICE.

2. 2025-09-03
   listed $249,900 Active
3. 2025-07-08
   price $249,900
4. 2025-03-18
   price $275,000
5. 2024-11-13
   listed $285,000 Active
6. 2024-09-03
   listed $285,000 Active

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$202/yr (+$17/mo · 18.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $17,329
• − Mortgage interest: −$9,803
• − Property taxes: −$1,084
• − Insurance: −$875
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$5,091
• Taxable loss: −$2,296
• Est. tax savings @ 24.0%: +$551
• After-tax cash flow: $1,270/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: Concord Community Schools
• NCES district ID: 1802400
• Math proficiency: 24% ▼ -21.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,133
• Composite: 27.02/100
• National rank: #7057
• State rank: #226 of 301 in IN

Livability — Dunlap

• Score: 73/100
• State rank: #97
• US rank: #5396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 25,438

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Hispanic / Latino 30% Two or more races 12% Black 12% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 1%
• Foreign-born: 12% · Canada
• Languages at home: 75% English-only · Spanish 23% German/W. Germanic 1%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.54%
• Current HPI: 214.9881
• 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

-38.6% since first listed

6 events — show timeline

• 2026-04-16 Listed $175,000 IRMLS
• 2025-09-03 Listed $249,900 IRMLS
• 2025-07-08 Price Changed $249,900 IRMLS
• 2025-03-18 Price Changed $275,000 IRMLS
• 2024-11-13 Listed $285,000 IRMLS
• 2024-09-03 Listed $285,000 IRMLS

Property tax history

+4.2%/yr

Latest (2025): $1,084 · +6.7% YoY. Source: county tax records.