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

$139,000

2 bd · 1.0 ba · 840 sqft · Manufactured · 69 Days on market

Manufactured home Built 2009 Good condition $170/mo HOA

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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).

• ARV discount +12.2/15.0
• Cash flow +11.9/30.0
• 1% rule +5.0/10.0
• Condition / age +3.8/5.0
• DSCR +3.5/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -3.8

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.

Key facts

• Channel front
• Well insulated
• Community beach

Tags

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

🏢 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 $-36 ($-428/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (0.3% below list).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 2.4% 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: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 69 days — a 6% lower offer ($131k) 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 $130,659 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.00% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 8.4

CMA / ARV

• ARV (median comp): $155,250
• List price: $139,000
• Delta: -10.47%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Lane 101 Hamilton Lk Lk #33	0.04mi	2/2.0	924 (+10%)	0mo	$140,000	$152	77

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: -18.0%
• Equity multiple: 0.37×
• Total profit: $-24,670
• Equity at exit: $20,725

10-year hold

• IRR: -10.0%
• Equity multiple: 0.39×
• Total profit: $-23,897
• 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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 1 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46742

• Home prices YoY: -31.9%
• Active inventory: 54
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,386 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$170
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $-36

Break-even live

Break-even rent $1,431

Max offer price $133,840

Occupancy floor 98%

Sensitivity live

Price	-10% $60	-5% $12	+0% $-36	+5% $-84	+10% $-132
Rent	-10% $-145	-5% $-90	+0% $-36	+5% $19	+10% $74
Rate	-1.0pp $34	-0.5pp $0	base $-36	+0.5pp $-72	+1.0pp $-108

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
• Club membership (one-time): —
• 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	$1,800	$2.33	2d	1	0.85mi

Property features AI

Finance

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

Exterior

• Utilities: Public waterPublic sewer
• Home design: Manufactured homeSingle-story
• Construction: Vinyl siding
• Exterior features: Level lotWaterfront lot on Hamilton LakeCanal front

Interior

• Kitchen: MicrowaveRefrigeratorElectric oven
• Flooring: CarpetVinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioningForced air heating
• Interior features: Breakfast bar
• Laundry & utility: Washer hookupElectric dryer hookup (main level)

Listing history 30 events

1. 2026-07-01
   days on market $139,000 Active 69 DOM
2. 2026-06-30
   days on market $139,000 Active 68 DOM
3. 2026-06-29
   days on market $139,000 Active 67 DOM
4. 2026-06-28
   days on market $139,000 Active 66 DOM
5. 2026-06-27
   days on market $139,000 Active 65 DOM
6. 2026-06-26
   days on market $139,000 Active 63 DOM
7. 2026-06-22
   days on market $139,000 Active 60 DOM
8. 2026-06-21
   days on market $139,000 Active 59 DOM
9. 2026-06-19
   days on market $139,000 Active 57 DOM
10. 2026-06-18
    days on market $139,000 Active 56 DOM
11. 2026-06-17
    days on market $139,000 Active 55 DOM
12. 2026-06-16
    days on market $139,000 Active 54 DOM
13. 2026-06-15
    days on market $139,000 Active 53 DOM
14. 2026-06-14
    days on market $139,000 Active 51 DOM
15. 2026-06-12
    days on market $139,000 Active 50 DOM
16. 2026-06-09
    days on market $139,000 Active 47 DOM
17. 2026-06-08
    days on market $139,000 Active 46 DOM
18. 2026-06-07
    days on market $139,000 Active 45 DOM
19. 2026-06-07
    days on market $139,000 Active 44 DOM
20. 2026-06-04
    days on market $139,000 Active 41 DOM
21. 2026-06-02
    days on market $139,000 Active 40 DOM
22. 2026-06-01
    days on market $139,000 Active 39 DOM
23. 2026-05-31
    days on market $139,000 Active 38 DOM
24. 2026-05-31
    days on market $139,000 Active 37 DOM
25. 2026-04-23
    listed $139,000 Active 657-char remark
26. 2025-08-05
    price $129,000
27. 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

28. 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

29. 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

30. 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: $16,632
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,331
• − Management: −$1,331
• − HOA: −$2,040
• − Depreciation: −$4,044
• Taxable loss: −$2,679
• Est. tax savings @ 24.0%: +$643
• After-tax cash flow: $215/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 Est. rehab $4,200–$12,600 screening

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. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 33/100

Zoned Schools

Elementary Hamilton Community Elementary Sch F IN #434/994 Nat'l #17,861/41,679 High Hamilton Community High School F IN #325/369 Nat'l #12,478/17,239

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

C Composite livability gradescore 64/100

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

• County: Steuben · 34,334 people
• Population (ZIP): 3,126
• Household income: $77,037
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 14% of renters

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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%

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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%

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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

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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

Property features AI

Finance

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

Exterior

• Utilities: Public waterPublic sewer
• Home design: Manufactured homeSingle-story
• Construction: Vinyl siding
• Exterior features: Level lotWaterfront lot on Hamilton LakeCanal front

Interior

• Kitchen: MicrowaveRefrigeratorElectric oven
• Flooring: CarpetVinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioningForced air heating
• Interior features: Breakfast bar
• Laundry & utility: Washer hookupElectric dryer hookup (main level)

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