154 Lazy River Rd · Cloverdale, IN 46120

$65,000

4 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 31 Days on market

Built 1997 7,231 sqft lot ↓ 42% since listing

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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
• Appreciation +4.4/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Located in the Stardust Hills community, this manufactured home offers a practical floor plan and access to neighborhood amenities at an affordable price. Built in 1997, the home provides 1,440 square feet of living space with 4 bedrooms and 2 full bathrooms. The primary suite includes its own full bath, while two additional bedrooms and an open living area provide flexibility for family, guests, or a home office. The home sits on a 7,230 square foot lot, offering manageable outdoor space for gardening, play, or simply relaxing. While the property is livable, it does need some TLC-making it a good opportunity for buyers looking to add their own updates and personal touches. As part of Stard

Key facts

• Clubhouse
• Primary suite
• Open living area

Tags

• STARDUST HILLS COMMUNITY
• PRIMARY SUITE
• OPEN LIVING AREA
• MANAGEABLE OUTDOOR SPACE
• FIVE STOCKED FISHING PONDS
• CLUBHOUSE

Property features AI

Finance

• Other: Property listed as residential manufactured home
• Financial info: No financial details provided
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Municipal sewer connection; Solid waste service available
• Home design: Manufactured home; Single-story (one level)
• Construction: Vinyl siding; Other foundation
• Exterior features: Lot under 1/4 acre (approximately 0.17 acre)

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: Four bedrooms on the main level
• Flooring: No flooring details provided
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Open living room; Electric water heater
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.3% vs local median 3.5% in Cloverdale — 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 70/100 on livability (#156 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 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 (-1.2%/yr); year-one equity from $449 of loan paydown is wiped out by about $791 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 (-1.2% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.13% ✓
• Cap rate: 17.32%
• Cash-on-cash: 39.39%
• DSCR: 2.75
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $188,640
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
180 Lazy River Ct	0.16mi	3/2.0 (-1)	1,404 (-2%)	3mo	$80,000	$57	81
623 Shooting Star Way	0.27mi	3/2.0 (-1)	1,431 (-1%)	0mo	$187,000	$131	81
608 Pumpkin Pl	0.13mi	3/2.0 (-1)	1,404 (-2%)	9mo	$185,000	$132	78
586 Cool Evening Dr	0.04mi	3/2.0 (-1)	1,608 (+12%)	14mo	$212,000	$132	62
384 Cool Evening Ct	0.19mi	3/2.0 (-1)	1,232 (-14%)	6mo	$92,000	$75	56
443 Stardust Way	0.40mi	3/2.0 (-1)	1,323 (-8%)	15mo	$150,000	$113	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.5%
• Equity multiple: 2.79×
• Total profit: $32,568
• Equity at exit: $15,012

10-year hold

• IRR: 43.0%
• Equity multiple: 5.52×
• Total profit: $82,200
• Equity at exit: $15,193

Cash invested: $18,200 (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 46120

• Home prices YoY: -0.5%
• Active inventory: 65
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,384 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$128 /mo · $1,539/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $597

Break-even live

Break-even rent $628

Max offer price $65,000

Occupancy floor 52%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $65,000 Active 31 DOM
2. 2026-06-17
   days on market $65,000 Active 30 DOM
3. 2026-06-16
   pricedays on market $65,000 Active 29 DOM
4. 2026-06-15
   days on market $75,000 Active 28 DOM
5. 2026-06-13
   days on market $75,000 Active 26 DOM
6. 2026-06-09
   days on market $75,000 Active 22 DOM
7. 2026-06-08
   days on market $75,000 Active 21 DOM
8. 2026-06-07
   days on market $75,000 Active 20 DOM
9. 2026-06-03
   days on market $75,000 Active 16 DOM
10. 2026-06-02
    days on market $75,000 Active 15 DOM
11. 2026-06-01
    days on market $75,000 Active 14 DOM
12. 2026-05-31
    days on market $75,000 Active 13 DOM
13. 2026-05-17
    listed $75,000 Active
14. 2026-04-30
    historical
15. 2026-04-04
    price $80,000
16. 2026-03-25
    price $89,000
17. 2025-11-11
    price $99,000
18. 2025-10-21
    price $109,000
19. 2025-10-03
    price $119,000
20. 2025-09-21
    listed $129,000 Active

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,539 · $128/mo
• Projected year-2 tax: $1,539 · $128/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,612
• − Mortgage interest: −$3,641
• − Property taxes: −$1,539
• − Insurance: −$325
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − Depreciation: −$1,891
• Taxable income: $6,558
• Est. tax owed @ 24.0%: −$1,574
• After-tax cash flow: $5,595/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.

Schools (NCES district)

• District: Cloverdale Community Schools
• NCES district ID: 1802220
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 40% ▼ -14.00%
• Median HH income: $44,267
• Composite: 32.28/100
• National rank: #5753
• State rank: #167 of 301 in IN

Livability — Cloverdale

• Score: 70/100
• State rank: #156
• US rank: #7715

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cloverdale, IN
• City population: 6,138
• Population (ZIP): 6,138

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 (97%)
• Race & ethnicity: White 97% Two or more races 1% Black 1%
• Common ancestry: Slovak 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 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: ▼ -1.22%
• Current HPI: 235.6828
• 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

-41.9% since first listed

8 events — show timeline

• 2026-05-17 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-04 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-03-25 Price Changed $89,000 MIBOR as Distributed by MLS Grid
• 2025-11-11 Price Changed $99,000 MIBOR as Distributed by MLS Grid
• 2025-10-21 Price Changed $109,000 MIBOR as Distributed by MLS Grid
• 2025-10-03 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2025-09-21 Listed $129,000 MIBOR as Distributed by MLS Grid

Property tax history

+22.6%/yr

Latest (2024): $1,539 · +92.4% YoY. Source: county tax records.