8604 W Pin Oak Dr · Ingalls, IN 46064

$89,000

3 bd · 2.0 ba · 1,280 sqft · Other · 15 Days on market

Built 2022 Fair 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
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained and move-in ready 2022 double-wide mobile home located in the Rose Lakes community in Pendleton. This 3 bedroom, 2 bathroom home features an open-concept layout with a spacious living room, kitchen with appliances included, separate laundry area, and plenty of natural light throughout. Features include: * 3 bedrooms * 2 full bathrooms * Open-concept kitchen and living area * Refrigerator, stove, dishwasher included * Separate laundry room * Fully electric home * Pendleton school district The home has been well cared for and is clean and move-in ready. Located in Rose Lakes Mobile Home Community with convenient access to shopping, dining, schools, and I-69. T

Key facts

• Open-concept layout
• Built 2022
• Listed 14 days

Tags

• DOUBLE-WIDE MOBILE HOME
• OPEN-CONCEPT LAYOUT
• KITCHEN WITH APPLIANCES
• SEPARATE LAUNDRY AREA
• PENDLETON SCHOOL DISTRICT
• CONVENIENT ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $89k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 4.0% in Ingalls — 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 (#391 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton Elementary School (math 54% / reading 49%, grade C-, #256 of 994 statewide, top 26%, 840 students, 36% FRL); Pendleton Heights Middle School (math 37% / reading 48%, grade D-, #98 of 330 statewide, top 30%, 721 students, 36% FRL); Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 237 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Recommended offer $87,665 (1.5% below list)

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.00% ✓
• Cap rate: 17.00%
• Cash-on-cash: 38.24%
• DSCR: 2.70
• GRM: 4.2

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: 34.3%
• Equity multiple: 2.45×
• Total profit: $36,181
• Equity at exit: $13,270

10-year hold

• IRR: 41.2%
• Equity multiple: 4.88×
• Total profit: $96,741
• Equity at exit: $7,695

Cash invested: $24,920 (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 →

ZIP-level market 46064

• Active inventory: 237
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,784 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $794

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 50%

Sensitivity live

Price	-10% $856	-5% $825	+0% $794	+5% $763	+10% $733
Rent	-10% $653	-5% $724	+0% $794	+5% $865	+10% $935
Rate	-1.0pp $839	-0.5pp $817	base $794	+0.5pp $771	+1.0pp $748

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8291 S Shady Trail Dr Pendleton, IN	3.0	2.5	1508	$1,816	$1.20	0d	1	0.83mi
8348 S Swimming Hole Ln Pendleton, IN	3.0	2.0	1235	$1,750	$1.42	25d	1	0.99mi

Listing history 11 events

1. 2026-06-21
   days on market $89,000 Active 15 DOM
2. 2026-06-18
   days on market $89,000 Active 12 DOM
3. 2026-06-17
   days on market $89,000 Active 11 DOM
4. 2026-06-16
   days on market $89,000 Active 10 DOM
5. 2026-06-15
   days on market $89,000 Active 9 DOM
6. 2026-06-13
   days on market $89,000 Active 7 DOM
7. 2026-06-13
   days on market $89,000 Active 6 DOM
8. 2026-06-09
   days on market $89,000 Active 3 DOM
9. 2026-06-08
   days on market $89,000 Active 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $89,000 Active 1 DOM

ⓘ 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: $21,405
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$2,589
• Taxable income: $8,626
• Est. tax owed @ 24.0%: −$2,070
• After-tax cash flow: $7,459/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 · 3 photos

Fair 45/100 Cosmetic rehab

The home is in fair condition with cosmetic repairs needed to the exterior and interior. Upgrading the exterior and interior would significantly increase its value for both resale and rental.

Repairs flagged

• Major roof — The satellite image shows visible discoloration and potential wear on the roof.
• Major exterior siding — The satellite image shows visible wear and tear on the siding, indicating potential damage or the need for repainting/staining.
• Minor interior carpeting — The carpeting appears to have some wear, but is not in critical condition and could be cleaned or replaced with a more modern material.

Value-add opportunities

• Both updating the exterior siding and roof — Updating the exterior siding and roof would improve the home's curb appeal and potentially increase its value for both resale and rental.
• Both upgrading the flooring — Upgrading the flooring to a more modern and durable material would improve the home's appearance and increase its value for both resale and rental.
• Both upgrading the electrical systems — Upgrading the electrical systems to modern standards would improve the home's energy efficiency and safety, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image shows visible discoloration and potential wear on the roof.	Major	$15,000–50,000
exterior siding · The satellite image shows visible wear and tear on the siding, indicating potential damage or the need for repainting/staining.	Major	$15,000–50,000
interior carpeting · The carpeting appears to have some wear, but is not in critical condition and could be cleaned or replaced with a more modern material.	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both updating the exterior siding and roof — Updating the exterior siding and roof would improve the home's curb appeal and potentially increase its value for both resale and rental. ↑
• Both upgrading the flooring — Upgrading the flooring to a more modern and durable material would improve the home's appearance and increase its value for both resale and rental. ↑
• Both upgrading the electrical systems — Upgrading the electrical systems to modern standards would improve the home's energy efficiency and safety, making it more attractive to potential buyers and renters. ↑

ⓘ 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: South Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Ingalls

• Score: 64/100
• State rank: #391
• US rank: #14479

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

• City population: 2,209
• Population (ZIP): 17,730

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 (86%)
• Race & ethnicity: White 86% Two or more races 6% Black 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 3% Italian 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

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: ▼ -160.39%
• Current HPI: 227.4921
• 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

• 2026-06-07 Listed $89,000 FSBO.com