9402 W CR 70 N · Hatfield, IN 47634

$65,000

3 bd · 1.0 ba · 1,344 sqft · Manufactured public records · 67 Days on market

Built 1977 0.33 ac lot $48/sqft · 49% below area Est $128k · 49% under ↓ 7% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.2/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 0.33 acre lot
• Garage
• Built 1977

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#438 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, schools F, amenities F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (2.3% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.26% ✓
• Cap rate: 19.26%
• Cash-on-cash: 46.33%
• DSCR: 3.06
• GRM: 3.7

CMA / ARV

• ARV (median comp): $127,630
• List price: $65,000
• Delta: -49.07%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9449 W County Road 70 N	0.05mi	3/2.0	1,400 (+4%)	16mo	$139,900	$100	73
827 N County Road 940 W	0.09mi	3/2.0	1,216 (-10%)	6mo	$134,500	$111	71

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 3.76×
• Total profit: $50,270
• Equity at exit: $26,736

10-year hold

• IRR: 51.0%
• Equity multiple: 7.55×
• Total profit: $119,283
• Equity at exit: $39,362

Cash invested: $18,200 (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 47634

• Home prices YoY: 1.1%
• Active inventory: 40
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,472 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$92 /mo · $1,105/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $703

Break-even live

Break-even rent $582

Max offer price $65,000

Occupancy floor 47%

Sensitivity live

Price	-10% $739	-5% $721	+0% $703	+5% $684	+10% $666
Rent	-10% $586	-5% $645	+0% $703	+5% $761	+10% $819
Rate	-1.0pp $735	-0.5pp $719	base $703	+0.5pp $686	+1.0pp $669

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $65,000 Active 67 DOM
2. 2026-06-17
   days on market $65,000 Active 66 DOM
3. 2026-06-16
   days on market $65,000 Active 65 DOM
4. 2026-06-15
   days on market $65,000 Active 64 DOM
5. 2026-06-14
   days on market $65,000 Active 62 DOM
6. 2026-06-13
   days on market $65,000 Active 61 DOM
7. 2026-06-10
   days on market $65,000 Active 59 DOM
8. 2026-06-09
   days on market $65,000 Active 58 DOM
9. 2026-06-08
   days on market $65,000 Active 57 DOM
10. 2026-06-07
    days on market $65,000 Active 56 DOM
11. 2026-06-05
    days on market $65,000 Active 53 DOM
12. 2026-06-03
    days on market $65,000 Active 52 DOM
13. 2026-06-02
    days on market $65,000 Active 51 DOM
14. 2026-06-01
    days on market $65,000 Active 50 DOM
15. 2026-05-31
    days on market $65,000 Active 49 DOM
16. 2026-05-30
    days on market $65,000 Active 48 DOM
17. 2026-04-12
    listed $65,000 Active
18. 2026-04-01
    status Active
19. 2026-03-17
    status Active
20. 2025-12-05
    listed $69,900 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: $1,105 · $92/mo
• Projected year-2 tax: $1,105 · $92/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,661
• − Mortgage interest: −$3,641
• − Property taxes: −$1,105
• − Insurance: −$325
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$1,891
• Taxable income: $7,873
• Est. tax owed @ 24.0%: −$1,890
• After-tax cash flow: $6,542/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: South Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Hatfield

• Score: 63/100
• State rank: #438
• US rank: #15721

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hatfield, IN
• Population (ZIP): 2,101

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 2% English 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.31%
• Current HPI: 210.8511
• 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

-7.0% since first listed

4 events — show timeline

• 2026-04-12 Listed $65,000 IRMLS
• 2026-04-01 Relisted — IRMLS
• 2026-03-17 Relisted — IRMLS
• 2025-12-05 Listed $69,900 IRMLS

Property tax history

+96.4%/yr

Latest (2024): $1,105 · +23.5% YoY. Source: county tax records.