299 S Mathers St

Orleans, IN 47452

$95,000C-

3 bd · 2.0 ba · 1,164 sqft · Built 1976 · Manufactured · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,102/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $261/mo
• Annual: $3,136/yr
• Cap rate: 9.59%
• Cash-on-cash: 11.79%
• DSCR: 1.52
• 1% rule: 1.16%
• Cash to close: $26,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 48 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.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#154 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Orleans Community Schools (rural): math 23% / reading 33% proficiency, ranked #256 of 301 in IN (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Orleans Elementary School (math 29% / reading 31%, grade F, #693 of 994 statewide, top 70%, 512 students, 55% FRL); Orleans Jr-Sr High School (math 12% / reading 37%, grade F, #325 of 369 statewide, top 91%, 396 students, 50% FRL).
• Market conditions: 20 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).
• Orange County population projected at -14% 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 $27k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.