Clark's Landing Co Op 36 · Hamilton, IN 46742

$139,000

2 bd · 1.0 ba · 840 sqft · Manufactured · 57 Days on market

Built 2009 Good condition $170/mo HOA

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Why this score? — see what drove the C+ 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 +25.7/30.0
• DSCR +8.5/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to effortless lake living! This beautifully maintained 2-bedroom, 2-bathroom manufactured home is turn-key and move-in ready, nestled in a desirable co-op community on scenic Hamilton Lake, Indiana. Enjoy a low-maintenance lifestyle with all the perks of lake access including your very own pier spot with a pontoon shore station. This charming home features an open-concept layout, a spacious living room with abundant natural light, and a well-equipped kitchen with ample cabinetry and counter space. The primary suite includes a private bath and generous closet space, while the second bedroom is perfect for guests. Relax outdoors on your sun porch or take a short walk to the private community lakefront, ideal for swimming, fishing, or launching your kayak or boat. Additional highlights include central air conditioning, in-unit laundry, and dedicated parking. This immaculate home is fully furnished and ready to enjoy the 802 acre all sports lake! Whether you’re looking for a peaceful year-round residence or a weekend getaway, this home offers the perfect combination of comfort, convenience, and community. Affordable lake life awaits

Key facts

• Channel front
• Well insulated
• Community beach

Tags

• CHANNEL FRONT
• COMMUNITY BEACH
• PRIVATE PATIO
• CHANNEL FRONTAGE
• WELL INSULATED
• PREMIUM WINDOWS

Property features AI

Finance

• HOA & community: Homeowners association with annual fee (approximately $2,040); Community playground

Exterior

• Utilities: Public water; Public sewer
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding
• Exterior features: Level lot; Waterfront lot on Hamilton Lake; Canal front

Interior

• Kitchen: Microwave; Refrigerator; Electric oven
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Breakfast bar
• Laundry & utility: Washer hookup; Electric dryer hookup (main level)

🏢 Co-op / cooperative unit. The $139,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $139k. Condition is rated good.

Deal economics

• 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 ($2k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Community Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 166 students, 48% FRL); Hamilton Community High School (math 17% / reading 32%, grade F, #325 of 369 statewide, top 91%, 186 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($135k) 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $134,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.33% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.20%
• DSCR: 1.45
• GRM: 6.3

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: -0.9%
• Equity multiple: 0.97×
• Total profit: $-1,316
• Equity at exit: $20,725

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $26,530
• Equity at exit: $12,018

Cash invested: $38,920 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$170
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $331

Break-even live

Break-even rent $1,431

Max offer price $139,000

Occupancy floor 77%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 Lane 150H Hamilton Lk Hamilton, IN	3.0	1.0	774	$1,850	$2.39	23d	1	0.85mi

HOA detail

• Monthly dues: $170 · $2,040/yr

Listing history 22 events

1. 2026-06-19
   days on market $139,000 Active 57 DOM
2. 2026-06-18
   days on market $139,000 Active 56 DOM
3. 2026-06-17
   days on market $139,000 Active 55 DOM
4. 2026-06-16
   days on market $139,000 Active 54 DOM
5. 2026-06-15
   days on market $139,000 Active 53 DOM
6. 2026-06-14
   days on market $139,000 Active 51 DOM
7. 2026-06-12
   days on market $139,000 Active 50 DOM
8. 2026-06-09
   days on market $139,000 Active 47 DOM
9. 2026-06-08
   days on market $139,000 Active 46 DOM
10. 2026-06-07
    days on market $139,000 Active 45 DOM
11. 2026-06-07
    days on market $139,000 Active 44 DOM
12. 2026-06-04
    days on market $139,000 Active 41 DOM
13. 2026-06-02
    days on market $139,000 Active 40 DOM
14. 2026-06-01
    days on market $139,000 Active 39 DOM
15. 2026-05-31
    days on market $139,000 Active 38 DOM
16. 2026-05-31
    days on market $139,000 Active 37 DOM
17. 2026-04-23
    listed $139,000 Active 657-char remark
18. 2025-08-05
    price $129,000
19. 2025-07-28
    soldstatus $160,000 Closed

    Show marketing remark (1161 chars)

    Welcome to effortless lake living! This beautifully maintained 2-bedroom, 2-bathroom manufactured home is turn-key and move-in ready, nestled in a desirable co-op community on scenic Hamilton Lake, Indiana. Enjoy a low-maintenance lifestyle with all the perks of lake access including your very own pier spot with a pontoon shore station. This charming home features an open-concept layout, a spacious living room with abundant natural light, and a well-equipped kitchen with ample cabinetry and counter space. The primary suite includes a private bath and generous closet space, while the second bedroom is perfect for guests. Relax outdoors on your sun porch or take a short walk to the private community lakefront, ideal for swimming, fishing, or launching your kayak or boat. Additional highlights include central air conditioning, in-unit laundry, and dedicated parking. This immaculate home is fully furnished and ready to enjoy the 802 acre all sports lake! Whether you’re looking for a peaceful year-round residence or a weekend getaway, this home offers the perfect combination of comfort, convenience, and community. Affordable lake life awaits

20. 2025-07-07
    status Pending

    Show marketing remark (1161 chars)

    Welcome to effortless lake living! This beautifully maintained 2-bedroom, 2-bathroom manufactured home is turn-key and move-in ready, nestled in a desirable co-op community on scenic Hamilton Lake, Indiana. Enjoy a low-maintenance lifestyle with all the perks of lake access including your very own pier spot with a pontoon shore station. This charming home features an open-concept layout, a spacious living room with abundant natural light, and a well-equipped kitchen with ample cabinetry and counter space. The primary suite includes a private bath and generous closet space, while the second bedroom is perfect for guests. Relax outdoors on your sun porch or take a short walk to the private community lakefront, ideal for swimming, fishing, or launching your kayak or boat. Additional highlights include central air conditioning, in-unit laundry, and dedicated parking. This immaculate home is fully furnished and ready to enjoy the 802 acre all sports lake! Whether you’re looking for a peaceful year-round residence or a weekend getaway, this home offers the perfect combination of comfort, convenience, and community. Affordable lake life awaits

21. 2025-07-01
    listed $174,900 Active

    Show marketing remark (1161 chars)

    Welcome to effortless lake living! This beautifully maintained 2-bedroom, 2-bathroom manufactured home is turn-key and move-in ready, nestled in a desirable co-op community on scenic Hamilton Lake, Indiana. Enjoy a low-maintenance lifestyle with all the perks of lake access including your very own pier spot with a pontoon shore station. This charming home features an open-concept layout, a spacious living room with abundant natural light, and a well-equipped kitchen with ample cabinetry and counter space. The primary suite includes a private bath and generous closet space, while the second bedroom is perfect for guests. Relax outdoors on your sun porch or take a short walk to the private community lakefront, ideal for swimming, fishing, or launching your kayak or boat. Additional highlights include central air conditioning, in-unit laundry, and dedicated parking. This immaculate home is fully furnished and ready to enjoy the 802 acre all sports lake! Whether you’re looking for a peaceful year-round residence or a weekend getaway, this home offers the perfect combination of comfort, convenience, and community. Affordable lake life awaits

22. 2025-06-17
    listed $139,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$2,040
• − Depreciation: −$4,044
• Taxable income: $1,998
• Est. tax owed @ 24.0%: −$480
• After-tax cash flow: $3,491/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This Clark's Landing Co-Op home is in good condition with a good condition score of 75. It is move-in ready with minimal repairs and maintenance required. The home's location and amenities make it an attractive option for those seeking affordable lake living.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Upgrading the kitchen appliances — Modern appliances can improve functionality and attract more buyers.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and attract more visitors.
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers.
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Upgrading the kitchen appliances — Modern appliances can improve functionality and attract more buyers. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and attract more visitors. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers. ↑
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

-0.6% since first listed

6 events — show timeline

• 2026-04-23 Listed $139,000 IRMLS
• 2025-08-05 Price Changed $129,000 IRMLS
• 2025-07-28 Sold (MLS) $160,000 IRMLS
• 2025-07-07 Pending — IRMLS
• 2025-07-01 Listed $174,900 IRMLS
• 2025-06-17 Listed $139,900 IRMLS