25012 Old US Highway 52

Lake View, IN 47024

$119,000B+

3 bd · 2.0 ba · 1,568 sqft · Built 2007 · Manufactured · Active · 470 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,364/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $331/mo
• Annual: $3,972/yr
• Cap rate: 9.63%
• Cash-on-cash: 11.92%
• DSCR: 1.53
• 1% rule: 1.15%
• Cash to close: $33,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 470 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($823 loan paydown + $9k appreciation (7.9% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Zoned schools: Franklin County Middle School (math 29% / reading 37%, grade F, #180 of 330 statewide, top 56%, 358 students, 53% FRL); Franklin County High (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 713 students, 44% FRL).
• Market conditions: 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 3y ago; this cycle's ask is 20% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $20k; list at $119k implies a 495% gain — meaningful room to come down on a strong offer.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 470 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.