9389 W CR 90 N · Hatfield, IN 47634

$62,500

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 150 Days on market

Built 1979 0.37 ac lot $48/sqft · 51% below area ↓ 17% since listing

---

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 +2.5/5.0

Listing remarks MLS

This property is sold in a package with 935 N. CR 940 W, 9381 W. CR 90 N, 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

• 0.37 acre lot
• Built 1979
• Listed 150 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $62k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k 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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 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

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.27% ✓
• Cap rate: 19.47%
• Cash-on-cash: 47.07%
• DSCR: 3.09
• GRM: 3.7

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 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
827 N County Road 940 W	0.11mi	3/2.0	1,216 (-6%)	6mo	$134,500	$111	79
9449 W County Road 70 N	0.23mi	3/2.0	1,400 (+8%)	16mo	$139,900	$100	62

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: 23.0%
• Equity multiple: 2.26×
• Total profit: $22,111
• Equity at exit: $25,707

10-year hold

• IRR: 24.7%
• Equity multiple: 4.36×
• Total profit: $58,802
• 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: 3.7×

Monthly cashflow live

• Estimated rent: $1,417 medium
• Mortgage (P&I): −$328
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$26
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $260

Break-even live

Break-even rent $1,088

Max offer price $62,500

Occupancy floor 77%

Sensitivity live

Price	-10% $295	-5% $278	+0% $260	+5% $242	+10% $224
Rent	-10% $148	-5% $204	+0% $260	+5% $316	+10% $372
Rate	-1.0pp $291	-0.5pp $276	base $260	+0.5pp $244	+1.0pp $227

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 8 events

1. 2026-06-05
   days on market $62,500 Active 150 DOM
2. 2026-06-03
   days on market $62,500 Active 149 DOM
3. 2026-06-02
   days on market $62,500 Active 148 DOM
4. 2026-06-01
   days on market $62,500 Active 147 DOM
5. 2026-05-31
   days on market $62,500 Active 146 DOM
6. 2026-05-30
   days on market $62,500 Active 145 DOM
7. 2026-01-05
   listed $62,500 Active 376-char remark

   Show marketing remark (376 chars)

   This property is sold in a package with 935 N. CR 940 W, 9381 W. CR 90 N, 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.

8. 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.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $950 · $79/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 22% 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: $17,002
• − Mortgage interest: −$3,501
• − Property taxes: −$950
• − Insurance: −$5,431
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$1,818
• Taxable income: $2,582
• Est. tax owed @ 24.0%: −$620
• After-tax cash flow: $2,498/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 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

Property tax history

+15.8%/yr

Latest (2024): $950 · +23.5% YoY. Source: county tax records.