805 Reformatory Rd · Pendleton, IN 46064

$2

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 13 Days on market

Built 1996 0.91 ac lot

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Why this score? — see what drove the C- 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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

To be sold in an Online Only Auction on Monday, April 27th @ 5 PM EST. Here you will find a a 3 bedroom, 2 full bathroom, 1,456 sqft home on just under 1 acre in Madison County IN! Idlewold Garden Addition in Fall Creek Township, Pendleton, Indiana. Pie shaped 0.57 acre lot, plus a 0.34 acre driveway totaling 0.91 +/- Acres total. This property is just across from the Fall Creek Golf Club, Bourbon on the Falls Restaurant, and the Pendleton Correction Center. Turn off of Reformatory road to a tree lined driveway. This house originally had a 4th bedroom that was converted to a second dining room. This space could be converted back to a 4th bedroom. Large master bathroom has Safe Step Walk in

Key facts

• 0.91 acre lot
• Garage
• Built 1996

Property features AI

Finance

• Other: Has additional parcels

Exterior

• Parking: Detached garage; Garage approximately 300 sq ft
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Storage shed; Approximately 0.91-acre lot (about 1/2–1 acre)

Interior

• Kitchen: Gas oven; Refrigerator; Kitchen (8 x 21)
• Bedrooms: Four main-level bedrooms (sizes include 11 x 16; 9 x 13; 9 x 10; 13 x 13)
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Living room (13 x 18); Dining room with additional features (13 x 20); Family room (11 x 16); Sitting room (9 x 12)
• Laundry & utility: Main-level laundry room (6 x 9)

🔨 Auction listing. The $2 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $142,688 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $2.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $2).
• Cap rate 7.6% vs local median 3.3% in Pendleton — 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 73/100 on livability (#86 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $987 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 107016.0% of price.

Recommended offer $2

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $142,688
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
805 Reformatory Rd	0.00mi	4/2.0 (+1)	1,456 (0%)	0mo	$142,800	$98	95

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-12,932
• Equity at exit: $21,275

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $1,921
• Equity at exit: $12,337

Cash invested: $39,953 (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

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$748
• Tax est. 1.5%: −$178 /mo · $2,140/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $160

Break-even live

Break-even rent $1,248

Max offer price $142,688

Occupancy floor 84%

Sensitivity live

Price	-10% $258	-5% $209	+0% $160	+5% $110	+10% $61
Rent	-10% $45	-5% $102	+0% $160	+5% $217	+10% $274
Rate	-1.0pp $232	-0.5pp $196	base $160	+0.5pp $123	+1.0pp $85

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: $35,672
• Closing costs: $4,281
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1253 S Pendleton Ave Pendleton, IN	2.0	1.0	1432	$1,350	$0.94	0d	1	0.16mi
296 Evening Bay Ct Pendleton, IN	3.0	2.0	1400	$1,595	$1.14	4d	1	0.74mi
235 E Water St Pendleton, IN	3.0	1.5	1755	$2,200	$1.25	25d	1	1.50mi

Listing history 3 events

1. 2026-05-01
   status Pending
2. 2026-05-01
   price $2
3. 2026-04-17
   listed $1 Active

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

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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,403
• − Mortgage interest: −$7,993
• − Property taxes: −$2,140
• − Insurance: −$713
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$4,151
• Taxable loss: −$379
• Est. tax savings @ 24.0%: +$91
• After-tax cash flow: $2,007/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: 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 — Pendleton

• Score: 73/100
• State rank: #86
• US rank: #5014

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: Pendleton, IN
• City population: 17,730
• 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

Property tax history

-9.8%/yr

Latest (2024): $621 · -57.4% YoY. Source: county tax records.