10212 E State Road 156

Vevay, IN 47043

$94,900B

3 bd · 2.0 ba · 938 sqft · Built 1977 · Manufactured · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,506/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$510
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $182/mo
• Annual: $2,179/yr
• Cap rate: 13.98%
• Cash-on-cash: 27.46%
• DSCR: 2.22
• 1% rule: 1.59%
• Cash to close: $26,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 45 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($656 loan paydown + $8k appreciation (8.2% local appreciation)).
• Location reads 59/100 on livability (#555 in IN) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Switzerland County School Corporation (rural): math 25% / reading 31% proficiency, ranked #254 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Jefferson-Craig Elementary School (math 30% / reading 31%, grade F, #688 of 994 statewide, top 70%, 412 students, 58% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 35 active listings in the ZIP; 80 units permitted in Switzerland County in 2024 (0 in 5+ unit buildings).
• Switzerland County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.2% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.