4049 Van Bibber Lake Est

Van Bibber Lake, IN 46135

$35,000C+

1 bd · 1.0 ba · 600 sqft · Built 1985 · Manufactured · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,014/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$25
• Vac / Maint / Mgmt: −$213
• Net cashflow: $534/mo
• Annual: $6,413/yr
• Cap rate: 24.62%
• Cash-on-cash: 65.44%
• DSCR: 3.91
• 1% rule: 2.90%
• Cash to close: $9,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $35k. Condition is rated fair.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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.