36 Dogwood Dr · Richmond, IN 47374

$19,500

2 bd · 2.0 ba · 980 sqft · Manufactured · 94 Days on market

Built 1990 Fair condition ↓ 26% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Another great buy in Mobile Manor a 55 and older community. The brand new deck you will be a great place to enjoy your morning coffee or late afternoon beverage. Bright and airy is the description of the living room. It is partially open to the eat in kitchen but there is some definition. The clerestory windows provide light and privacy. The front of the home has a nice laundry area. It has also been used as an office and craft room. The kitchen is nicely laid out and has 2 built in decorative cupboards in the dining area. The primary bedroom is nice sized and bright. The second bedroom is stick built with doors to the deck and to the rest of the home. There is a shower over tub in the bath. This home has a carport, ramp and steps. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

Key facts

• Large deck
• Attached bathroom
• Eat in kitchen

Tags

• LARGE DECK
• EAT IN KITCHEN
• GAS RANGE
• ATTACHED BATHROOM
• WALK IN SHOWER
• SPLIT FLOOR PLAN

Property features AI

Finance

• Financial info: Annual tax listed at $358

Exterior

• Parking: Paved parking
• Home design: Single-story single family residence; Residential property
• Exterior features: Paved parking; Lot is listed as rented; Zoned residential

Interior

• Bathrooms: Two full bathrooms
• Interior features: Five total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $20k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $20k).
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• Cap rate 44.1% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D-, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $135 of loan paydown is wiped out by about $585 of value loss. Plan a longer hold.
• Wayne County population projected at -21% 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $2k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $17,745 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.87% ✓
• Cap rate: 44.14%
• Cash-on-cash: 135.17%
• DSCR: 7.01
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $74,480
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Court Rd	0.00mi	2/2.0	960 (-2%)	14mo	$75,000	$78	85
38 Dogwood Dr	0.00mi	2/1.0	980 (0%)	14mo	$24,000	$24	84
11 Hickory Dr	0.03mi	2/1.0	980 (0%)	15mo	$20,000	$20	82
27 Court Rd	0.00mi	2/2.0	992 (+1%)	21mo	$75,000	$76	80
7 Redwood Ln	0.12mi	2/1.0	980 (0%)	13mo	$20,500	$21	80
28 Dogwood Dr	0.00mi	2/1.0	896 (-9%)	13mo	$23,000	$26	71
12 Chestnut Dr	0.01mi	2/2.0	896 (-9%)	18mo	$79,900	$89	70
23 Dogwood Dr	0.00mi	3/2.0 (+1)	1,056 (+8%)	22mo	$89,000	$84	64

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: —
• Equity multiple: 7.60×
• Total profit: $36,025
• Equity at exit: $2,908

10-year hold

• IRR: —
• Equity multiple: 15.99×
• Total profit: $81,867
• Equity at exit: $1,686

Cash invested: $5,460 (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 47374

• Active inventory: 273
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $949 medium
• Mortgage (P&I): −$102
• Tax est. 1.5%: −$24 /mo · $292/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $615

Break-even live

Break-even rent $171

Max offer price $19,500

Occupancy floor 30%

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: $4,875
• Closing costs: $585
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	43d	3	1.39mi

Listing history 22 events

1. 2026-06-19
   days on market $19,500 Active 94 DOM
2. 2026-06-18
   days on market $19,500 Active 93 DOM
3. 2026-06-17
   days on market $19,500 Active 92 DOM
4. 2026-06-17
   price $19,500 Active 91 DOM
5. 2026-06-16
   days on market $22,000 Active 91 DOM
6. 2026-06-15
   days on market $22,000 Active 90 DOM
7. 2026-06-14
   days on market $22,000 Active 88 DOM
8. 2026-06-12
   days on market $22,000 Active 87 DOM
9. 2026-06-09
   days on market $22,000 Active 84 DOM
10. 2026-06-08
    days on market $22,000 Active 83 DOM
11. 2026-06-07
    days on market $22,000 Active 82 DOM
12. 2026-06-03
    days on market $22,000 Active 78 DOM
13. 2026-06-02
    days on market $22,000 Active 77 DOM
14. 2026-06-01
    days on market $22,000 Active 76 DOM
15. 2026-05-31
    days on market $22,000 Active 75 DOM
16. 2026-05-30
    days on market $22,000 Active 74 DOM
17. 2026-03-17
    listed $22,000 Active
18. 2025-05-14
    soldstatus $19,900 Closed 1415-char remark

    Show marketing remark (1415 chars)

    Another great buy in Mobile Manor a 55 and older community. The brand new deck you will be a great place to enjoy your morning coffee or late afternoon beverage. Bright and airy is the description of the living room. It is partially open to the eat in kitchen but there is some definition. The clerestory windows provide light and privacy. The front of the home has a nice laundry area. It has also been used as an office and craft room. The kitchen is nicely laid out and has 2 built in decorative cupboards in the dining area. The primary bedroom is nice sized and bright. The second bedroom is stick built with doors to the deck and to the rest of the home. There is a shower over tub in the bath. This home has a carport, ramp and steps. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

19. 2025-04-29
    status Pending 1415-char remark

    Show marketing remark (1415 chars)

    Another great buy in Mobile Manor a 55 and older community. The brand new deck you will be a great place to enjoy your morning coffee or late afternoon beverage. Bright and airy is the description of the living room. It is partially open to the eat in kitchen but there is some definition. The clerestory windows provide light and privacy. The front of the home has a nice laundry area. It has also been used as an office and craft room. The kitchen is nicely laid out and has 2 built in decorative cupboards in the dining area. The primary bedroom is nice sized and bright. The second bedroom is stick built with doors to the deck and to the rest of the home. There is a shower over tub in the bath. This home has a carport, ramp and steps. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

20. 2025-04-24
    listed $19,900 Active 1415-char remark

    Show marketing remark (1415 chars)

    Another great buy in Mobile Manor a 55 and older community. The brand new deck you will be a great place to enjoy your morning coffee or late afternoon beverage. Bright and airy is the description of the living room. It is partially open to the eat in kitchen but there is some definition. The clerestory windows provide light and privacy. The front of the home has a nice laundry area. It has also been used as an office and craft room. The kitchen is nicely laid out and has 2 built in decorative cupboards in the dining area. The primary bedroom is nice sized and bright. The second bedroom is stick built with doors to the deck and to the rest of the home. There is a shower over tub in the bath. This home has a carport, ramp and steps. This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well maintained with paved roads and drives. The low rental on the lot includes trash removal. It also includes use of the community swimming pool, basketball court, covered picnic area and a nice meeting building with kitchen. You will receive a newsletter with the monthly activities. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard and can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765-969-0921 or [email protected] for more information.

21. 2022-12-30
    soldstatus $29,000 328-char remark

    Show marketing remark (328 chars)

    Wonderful single wide mobile home. Remodeled-recondition home. Rehabbed in 2020. New carpet, new lbp floor, new water heater. New electrical in 2021, Large wooden deck, new gas stove in 2021, stove stays with the property, 2 bedrooms, 2 bath-private gated community in Mobile Manor. Lot rent on this home is $318.00 per month.

22. 2021-11-23
    listed $29,900 328-char remark

    Show marketing remark (328 chars)

    Wonderful single wide mobile home. Remodeled-recondition home. Rehabbed in 2020. New carpet, new lbp floor, new water heater. New electrical in 2021, Large wooden deck, new gas stove in 2021, stove stays with the property, 2 bedrooms, 2 bath-private gated community in Mobile Manor. Lot rent on this home is $318.00 per month.

ⓘ 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: $11,389
• − Mortgage interest: −$1,092
• − Property taxes: −$292
• − Insurance: −$98
• − Repairs & maintenance: −$911
• − Management: −$911
• − Depreciation: −$567
• Taxable income: $7,517
• Est. tax owed @ 24.0%: −$1,804
• After-tax cash flow: $5,576/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 · 13 photos

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and maintenance to improve its condition and value. Painting the exterior and replacing the carpet would significantly enhance its curb appeal and rental value.

Repairs flagged

• Minor exterior siding — slight wear
• Minor interior paint — faded appearance
• Minor kitchen cabinets — slight wear

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Rental replace carpet — improves comfort and cleanliness

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · slight wear	Minor	$500–3,000
interior paint · faded appearance	Minor	$500–3,000
kitchen cabinets · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Rental replace carpet — improves comfort and cleanliness ↑

ⓘ 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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

Amenities A Commute A+ Cost of living A+ Crime D+ Employment D- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

-26.4% since first listed

6 events — show timeline

• 2026-03-17 Listed $22,000 RRELMS
• 2025-05-14 Sold (MLS) $19,900 RRELMS
• 2025-04-29 Pending — RRELMS
• 2025-04-24 Listed $19,900 RRELMS
• 2022-12-30 Sold (MLS) $29,000 RRELMS
• 2021-11-23 Listed $29,900 RRELMS