4049 Van Bibber Lake Est · Van Bibber Lake, IN 46135

$35,000

1 bd · 1.0 ba · 600 sqft · Manufactured · 13 Days on market

Built 1985 Fair condition 2,004 sqft lot Est $32k · 8% over $25/mo HOA · 2% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• ARV discount +3.9/15.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Livability +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to lake living at Van Bibber Lake! This 1-bedroom, 1-bath home (Camper) offers an affordable opportunity for a weekend retreat, seasonal getaway, or year-round residence. The property features a tankless water heater, mini-split heating and cooling system, and washer/dryer hookups for added convenience. The efficient layout maximizes space while keeping maintenance to a minimum. Enjoy all that the Van Bibber Lake community has to offer, including boating, fishing, and relaxing lake life. Whether you're looking for a personal retreat or a low-maintenance home, this property is ready for you to make it your own. Comes with new oven/stove, microwave and refrigerator.

Key facts

• New oven stove
• Microwave
• Washer dryer hookups

Tags

• TANKLESS WATER HEATER
• WASHER DRYER HOOKUPS
• NEW OVEN STOVE
• MICROWAVE
• REFRIGERATOR

Property features AI

Finance

• Other: Located in Van Bibber Lake (Lot 49, Sec. 4); GPS-friendly directions
• HOA & community: Homeowners association with an annual fee of $300; Mandatory fee ownership

Exterior

• Utilities: Community sewer; Private water
• Home design: Manufactured home; One level
• Construction: Built with other/unspecified construction materials; Other foundation type
• Exterior features: Lot under 1/4 acre (0.05 acre)

Interior

• Kitchen: Gas cooktop; Refrigerator
• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Zoned heating; Dual cooling (ductless)
• Interior features: Living room; Tankless water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $35k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).

Location & tenants

• Location reads 43/100 on livability (#670 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: employment D, amenities F, commute F.
• North Putnam Community Schools (rural): math 47% / reading 48% proficiency, ranked #73 of 301 in IN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bainbridge Elementary School (math 62% / reading 47%, grade C, #197 of 994 statewide, top 22%, 419 students, 52% FRL); North Putnam Sr High School (math 52% / reading 67%, grade C+, #49 of 369 statewide, top 16%, 437 students, 43% FRL).
• Market conditions: 97 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $35,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.90% ✓
• Cap rate: 24.62%
• Cash-on-cash: 65.44%
• DSCR: 3.91
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $32,400
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5013 Van Bibber Lk	0.15mi	1/1.0	576 (-4%)	22mo	$31,000	$54	69
1006 Van Bibber Lk	0.30mi	2/1.0 (+1)	612 (+2%)	21mo	$20,000	$33	60
5194 Van Bibber Lk	0.27mi	2/1.0 (+1)	684 (+14%)	9mo	$185,000	$270	51

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: 64.7%
• Equity multiple: 3.90×
• Total profit: $28,395
• Equity at exit: $5,219

10-year hold

• IRR: 69.0%
• Equity multiple: 8.01×
• Total profit: $68,677
• Equity at exit: $3,026

Cash invested: $9,800 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 97
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,014 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$25
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $534

Break-even live

Break-even rent $338

Max offer price $35,000

Occupancy floor 42%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: water

Listing history 10 events

1. 2026-06-18
   days on market $35,000 Active 13 DOM
2. 2026-06-17
   days on market $35,000 Active 12 DOM
3. 2026-06-16
   days on market $35,000 Active 11 DOM
4. 2026-06-15
   days on market $35,000 Active 10 DOM
5. 2026-06-13
   days on market $35,000 Active 8 DOM
6. 2026-06-12
   days on market $35,000 Active 7 DOM
7. 2026-06-09
   days on market $35,000 Active 4 DOM
8. 2026-06-08
   days on market $35,000 Active 3 DOM
9. 2026-06-07
   remarks 680-char remark
10. 2026-06-07
    listed $35,000 Active 2 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,171
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$974
• − Management: −$974
• − HOA: −$300
• − Depreciation: −$1,018
• Taxable income: $6,245
• Est. tax owed @ 24.0%: −$1,499
• After-tax cash flow: $4,914/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 · 13 photos

Fair 45/100 Cosmetic rehab

This manufactured home presents as a cosmetic rehab, with minor repairs and maintenance needed to improve its condition and value.

Repairs flagged

• Minor Kitchen cabinets — Slight wear visible on the cabinets.
• Minor Bathroom fixtures — Some signs of wear on the fixtures.
• Minor Exterior siding — Some visible signs of wear on the siding.
• Minor Carpeted floors — Clean but may need a fresh coat of paint.
• Minor Paint on interior walls — Some minor scuffs visible on the walls.
• Minor HVAC system — No recent maintenance visible, but system appears functional.
• Minor Landscaping — Minimal landscaping with some overgrown areas and a gravel driveway.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the overall appearance and value of the home.
• Both Replace worn kitchen cabinets — New cabinets can significantly enhance the kitchen's functionality and aesthetic appeal.
• Both Replace worn bathroom fixtures — New fixtures can improve the bathroom's functionality and aesthetic appeal.
• Both Improve landscaping — A well-maintained landscape can enhance curb appeal and property value.
• Both Replace HVAC system — A new HVAC system can improve comfort and energy efficiency, enhancing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear visible on the cabinets.	Minor	$500–3,000
Bathroom fixtures · Some signs of wear on the fixtures.	Minor	$500–3,000
Exterior siding · Some visible signs of wear on the siding.	Minor	$500–3,000
Carpeted floors · Clean but may need a fresh coat of paint.	Minor	$500–3,000
Paint on interior walls · Some minor scuffs visible on the walls.	Minor	$500–3,000
HVAC system · No recent maintenance visible, but system appears functional.	Minor	$500–3,000
Landscaping · Minimal landscaping with some overgrown areas and a gravel driveway.	Minor	$500–3,000
Total estimated repair cost · 7 items		$3,500–21,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the overall appearance and value of the home. ↑
• Both Replace worn kitchen cabinets — New cabinets can significantly enhance the kitchen's functionality and aesthetic appeal. ↑
• Both Replace worn bathroom fixtures — New fixtures can improve the bathroom's functionality and aesthetic appeal. ↑
• Both Improve landscaping — A well-maintained landscape can enhance curb appeal and property value. ↑
• Both Replace HVAC system — A new HVAC system can improve comfort and energy efficiency, enhancing both resale and rental value. ↑

ⓘ 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: North Putnam Community Schools
• NCES district ID: 1807980
• Math proficiency: 47% ▼ -12.00%
• Reading proficiency: 48% ▼ -8.00%
• Median HH income: $54,825
• Composite: 41.18/100
• National rank: #3549
• State rank: #73 of 301 in IN

Livability — Van Bibber Lake

• Score: 43/100
• State rank: #670
• US rank: #26940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Van Bibber Lake, IN
• Population (ZIP): 19,639

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · China, Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.66%
• Current HPI: 222.8815
• 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

1 event — show timeline

• 2026-06-05 Listed $35,000 MIBOR as Distributed by MLS Grid