9381 CR 90 N · Hatfield, IN 47634

$62,500

4 bd · 2.0 ba · 1,620 sqft · Manufactured · 154 Days on market

Built 1995 Fair condition 0.30 ac lot $39/sqft · 51% below area ↓ 17% since listing

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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
• Appreciation +6.2/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

This property is sold in a package with 9389 W CR 90 N, 935 N. CR 940 W, 9375 W. CR 90 N, 9386 W 90 N, and 9404 W CR 90 N. All properties to be sold together as a package and will not be separated. $375,000 for Package, Package can not be separated, each home priced at $62,500. $375,000 Divided by 6 = $62,500. All properties currently rented, please do not disturb tenants.

Key facts

• 0.3 acre lot
• Built 1995
• Listed 153 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $62k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $758 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#438 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, schools F, amenities F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($432 loan paydown + $1k appreciation (2.3% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $55,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
6. 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.
7. 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.
8. 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: 2.41% ✓
• Cap rate: 20.85%
• Cash-on-cash: 51.98%
• DSCR: 3.31
• GRM: 3.5

CMA / ARV

• ARV (median comp): $128,126
• List price: $62,500
• Delta: -51.22%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9449 W County Road 70 N	0.20mi	3/2.0 (-1)	1,400 (-14%)	16mo	$139,900	$100	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 56.3%
• Equity multiple: 4.06×
• Total profit: $53,582
• Equity at exit: $25,707

10-year hold

• IRR: 56.5%
• Equity multiple: 8.20×
• Total profit: $126,004
• Equity at exit: $37,848

Cash invested: $17,500 (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 47634

• Home prices YoY: 1.1%
• Active inventory: 40
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,506 medium
• Mortgage (P&I): −$328
• Tax est. 1.5%: −$78 /mo · $938/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $758

Break-even live

Break-even rent $547

Max offer price $62,500

Occupancy floor 45%

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-08
   days on market $62,500 Active 154 DOM
2. 2026-06-07
   days on market $62,500 Active 153 DOM
3. 2026-06-05
   days on market $62,500 Active 150 DOM
4. 2026-06-03
   days on market $62,500 Active 149 DOM
5. 2026-06-02
   days on market $62,500 Active 148 DOM
6. 2026-06-01
   days on market $62,500 Active 147 DOM
7. 2026-05-31
   days on market $62,500 Active 146 DOM
8. 2026-05-30
   days on market $62,500 Active 145 DOM
9. 2026-01-05
   listed $62,500 Active 375-char remark

   Show marketing remark (375 chars)

   This property is sold in a package with 9389 W CR 90 N, 935 N. CR 940 W, 9375 W. CR 90 N, 9386 W 90 N, and 9404 W CR 90 N. All properties to be sold together as a package and will not be separated. $375,000 for Package, Package can not be separated, each home priced at $62,500. $375,000 Divided by 6 = $62,500. All properties currently rented, please do not disturb tenants.

10. 2024-08-08
    listed $75,000 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $18,076
• − Mortgage interest: −$3,501
• − Property taxes: −$938
• − Insurance: −$312
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$1,818
• Taxable income: $8,615
• Est. tax owed @ 24.0%: −$2,067
• After-tax cash flow: $7,029/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 · 2 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and painting to improve its exterior and interior condition, significantly enhancing its resale and rental value.

Repairs flagged

• Major siding — Significant wear and tear
• Major paint — Faded and uneven

Value-add opportunities

• Both painting and repainting the exterior — Enhances curb appeal and value
• Both repairing and repainting the interior walls — Improves living space and value
• Both repairing the siding — Fixes the most visible and impactful issue

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
paint · Faded and uneven	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both painting and repainting the exterior — Enhances curb appeal and value ↑
• Both repairing and repainting the interior walls — Improves living space and value ↑
• Both repairing the siding — Fixes the most visible and impactful issue ↑

ⓘ 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 Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Hatfield

• Score: 63/100
• State rank: #438
• US rank: #15721

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hatfield, IN
• Population (ZIP): 2,101

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 2% English 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.31%
• Current HPI: 210.8511
• 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

-16.7% since first listed

2 events — show timeline

• 2026-01-05 Listed $62,500 IRMLS
• 2024-08-08 Listed $75,000 IRMLS