115 Cottonwood Dr · Cicero, IN 46034

$159,999

3 bd · 2.0 ba · 1,363 sqft · Manufactured public records · 10 Days on market

Built 1982 Est $203k · 21% under

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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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.0/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Large oversize lot almost a half acre with a fenced in backyard recently updated in 2023 . Also metal storage building in the front yard 8 x 12 on a concrete slab. This property is close to the reservoir and comes with the option to rent a Boat Slip at the end of the street either with or without a lift. Low property taxes, and the best deal in the Cicero area to enjoy the lake life Call for a showing 3174452539 ask for Don

Key facts

• Oversize lot
• Fenced in backyard
• Concrete slab

Tags

• OVERSIZE LOT
• FENCED IN BACKYARD
• METAL STORAGE BUILDING
• CONCRETE SLAB
• CLOSE TO THE RESERVOIR
• OPTION TO RENT A BOAT SLIP

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 9.8% vs local median 2.9% in Cicero — 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 67/100 on livability (#242 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Hamilton Heights School Corporation (suburban): math 31% / reading 44% proficiency, ranked #154 of 301 in IN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 69 active listings in the ZIP; solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,999

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.20% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.53%
• DSCR: 1.56
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $203,087
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 Sunset Ct	0.15mi	3/2.0	1,188 (-13%)	12mo	$177,000	$149	62
157 Sierra Dr	0.12mi	2/2.0 (-1)	1,160 (-15%)	24mo	$159,900	$138	45

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: 2.2%
• Equity multiple: 1.09×
• Total profit: $3,850
• Equity at exit: $23,856

10-year hold

• IRR: 11.8%
• Equity multiple: 1.93×
• Total profit: $41,672
• Equity at exit: $13,834

Cash invested: $44,800 (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 46034

• Active inventory: 69
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,915 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$139 /mo · $1,672/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $468

Break-even live

Break-even rent $1,323

Max offer price $159,999

Occupancy floor 71%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $159,999 Active 10 DOM
2. 2026-06-17
   days on market $159,999 Active 9 DOM
3. 2026-06-16
   days on market $159,999 Active 8 DOM
4. 2026-06-15
   days on market $159,999 Active 7 DOM
5. 2026-06-13
   days on market $159,999 Active 5 DOM
6. 2026-06-13
   days on market $159,999 Active 4 DOM
7. 2026-06-08
   remarks 427-char remark
8. 2026-06-08
   listed $159,999 Active 1 DOM

ⓘ 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: $1,672 · $139/mo
• Projected year-2 tax: $1,672 · $139/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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,977
• − Mortgage interest: −$8,962
• − Property taxes: −$1,672
• − Insurance: −$800
• − Repairs & maintenance: −$1,838
• − Management: −$1,838
• − Depreciation: −$4,655
• Taxable income: $3,212
• Est. tax owed @ 24.0%: −$771
• After-tax cash flow: $4,841/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: Hamilton Heights School Corporation
• NCES district ID: 1804260
• Math proficiency: 31% ▼ -15.00%
• Reading proficiency: 44% ▼ -10.00%
• Median HH income: $60,360
• Composite: 33.37/100
• National rank: #5481
• State rank: #154 of 301 in IN

Livability — Cicero

• Score: 67/100
• State rank: #242
• US rank: #10345

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cicero, IN
• County: Hamilton County · 337,479 people
• City population: 7,531
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 7,531
• Household income: $91,466
• Rent vs Own: 12.1% rent · 87.9% own
• Severe rent burden: 188.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Slovak 3% Iranian 3% Romanian 2%
• Foreign-born: 1% · Canada, Vietnam
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.85%
• Current HPI: 243.572
• 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

+326.7% since first listed

3 events — show timeline

• 2026-06-09 Listed $159,999 FSBO.com
• 2006-05-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-11 Listed $37,500 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $1,672 · -0.6% YoY. Source: county tax records.