Patriot 516 Redbud Estates Plan · Anderson, IN 46013

$70,000

4 bd · 2.0 ba · 1,560 sqft · Manufactured · 727 Days on market

Good condition

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in Anderson, IN, and close to Indianapolis, Redbud Estates features tranquil surroundings. Our residents enjoy being part of a bustling surrounding community with a vibrant downtown area. Our high-quality homes have standard features including 2-3 bedrooms, large living areas, open kitchens with plenty of counter and cabinet space (even islands), plus master bedrooms and bathrooms. While similar to site-built homes, the price of owning or renting a manufactured home in Redbud Estates is much more affordable. Redbud Estates manufactured home community has on-site management and offers 24-hour maintenance for your convenience. It's ideal for those who want carefree living with a reasonable price. In addition to our community, we have the Redbud Estates Sales Center right on site. At our Sales Center we provide high-quality and affordable custom designed modular homes for your own private land. We offer top-tier products from manufacturers like Champion Homes and Redman Homes. We have numerous floor plans available to suit any of your housing needs. Wood kitchen cabinets, full kitchen appliance packages, kitchen islands, entertainment centers, master suites, and mud rooms are a few features you will find in our model homes. Don't see what you need? Speak with one of our sales representatives and we can help you customize your perfect floor plan at a price within your reach. Call us today to take a tour or learn more.

Key facts

• Listed 727 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 6.5% in Anderson — 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 60/100 on livability (#521 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Anderson Community School Corporation (urban): math 15% / reading 23% proficiency, ranked #280 of 301 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 150 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 727 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 727 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.86% ✓
• Cap rate: 15.63%
• Cash-on-cash: 33.36%
• DSCR: 2.48
• GRM: 4.5

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: 28.6%
• Equity multiple: 2.19×
• Total profit: $23,380
• Equity at exit: $10,437

10-year hold

• IRR: 36.0%
• Equity multiple: 4.32×
• Total profit: $65,125
• Equity at exit: $6,052

Cash invested: $19,600 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 150
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,302 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $545

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 53%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,330	$1.34	1d	6	0.61mi
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	1d	2	0.79mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	43d	1	0.80mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	1.28mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	1.38mi

Listing history 14 events

1. 2026-06-18
   days on market $70,000 Active 727 DOM
2. 2026-06-17
   days on market $70,000 Active 726 DOM
3. 2026-06-16
   days on market $70,000 Active 725 DOM
4. 2026-06-15
   days on market $70,000 Active 724 DOM
5. 2026-06-13
   days on market $70,000 Active 722 DOM
6. 2026-06-09
   days on market $70,000 Active 718 DOM
7. 2026-06-08
   days on market $70,000 Active 717 DOM
8. 2026-06-07
   days on market $70,000 Active 716 DOM
9. 2026-06-05
   days on market $70,000 Active 713 DOM
10. 2026-06-03
    days on market $70,000 Active 712 DOM
11. 2026-06-02
    days on market $70,000 Active 711 DOM
12. 2026-06-01
    days on market $70,000 Active 710 DOM
13. 2026-05-31
    days on market $70,000 Active 709 DOM
14. 2024-06-21
    listed $70,000 Active 1445-char remark

    Show marketing remark (1445 chars)

    Located in Anderson, IN, and close to Indianapolis, Redbud Estates features tranquil surroundings. Our residents enjoy being part of a bustling surrounding community with a vibrant downtown area. Our high-quality homes have standard features including 2-3 bedrooms, large living areas, open kitchens with plenty of counter and cabinet space (even islands), plus master bedrooms and bathrooms. While similar to site-built homes, the price of owning or renting a manufactured home in Redbud Estates is much more affordable. Redbud Estates manufactured home community has on-site management and offers 24-hour maintenance for your convenience. It's ideal for those who want carefree living with a reasonable price. In addition to our community, we have the Redbud Estates Sales Center right on site. At our Sales Center we provide high-quality and affordable custom designed modular homes for your own private land. We offer top-tier products from manufacturers like Champion Homes and Redman Homes. We have numerous floor plans available to suit any of your housing needs. Wood kitchen cabinets, full kitchen appliance packages, kitchen islands, entertainment centers, master suites, and mud rooms are a few features you will find in our model homes. Don't see what you need? Speak with one of our sales representatives and we can help you customize your perfect floor plan at a price within your reach. Call us today to take a tour or learn more.

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

Taxation est. · year 1

• Rental income: $15,625
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$2,036
• Taxable income: $5,767
• Est. tax owed @ 24.0%: −$1,384
• After-tax cash flow: $5,154/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 80/100 Cosmetic rehab

This manufactured home is in good condition with a well-maintained exterior and interior. It is ready for immediate occupancy and minor cosmetic updates could further enhance its appeal.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and can increase property value.
• Rental Clean gutters — Keeps the property in good condition and reduces maintenance costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and can increase property value. ↑
• Rental Clean gutters — Keeps the property in good condition and reduces maintenance costs for tenants. ↑

ⓘ 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: Anderson Community School Corporation
• NCES district ID: 1800150
• Math proficiency: 15% ▼ -14.00%
• Reading proficiency: 23% ▼ -7.00%
• Median HH income: $38,208
• Composite: 15.93/100
• National rank: #9250
• State rank: #280 of 301 in IN

Livability — Anderson

• Score: 60/100
• State rank: #521
• US rank: #18709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anderson, IN
• County: Madison County · 69,445 people
• City population: 57,762
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

• 2024-06-21 Listed $70,000 Zillow