1125 E 400 S · Knox, IN 46534

$82,000

3 bd · 1.5 ba · 980 sqft · Manufactured public records · 98 Days on market

Built 1983 1.00 ac lot $84/sqft · 30% below area Est $117k · 30% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

country location on 1 acre. 3 bed, 1.5 bath mobile home. Kitchen and baths have been updated. The newer shed is not included

Key facts

• Updated baths
• Newer shed
• 1 acre

Tags

• 1 ACRE
• UPDATED KITCHEN
• UPDATED BATHS
• NEWER SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $82k.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $75k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 3.8% in Knox — 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 58/100 on livability (#583 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D-, amenities F.
• Knox Community School Corporation (town): math 27% / reading 34% proficiency, ranked #242 of 301 in IN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $567 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Starke County population projected at -23% 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 $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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.
• Current owner paid $65k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $74,620 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.02% ✓
• Cap rate: 17.11%
• Cash-on-cash: 38.65%
• DSCR: 2.72
• GRM: 4.1

CMA / ARV

• ARV (median comp): $117,000
• List price: $82,000
• Delta: -29.91%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1520 E 400 S	0.39mi	3/2.0	924 (-6%)	4mo	$117,000	$127	67

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: 34.8%
• Equity multiple: 2.47×
• Total profit: $33,832
• Equity at exit: $12,226

10-year hold

• IRR: 41.6%
• Equity multiple: 4.93×
• Total profit: $90,204
• Equity at exit: $7,090

Cash invested: $22,960 (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 46534

• Home prices YoY: -19.2%
• Active inventory: 146
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,653 medium
• Mortgage (P&I): −$430
• Tax est. 1.5%: −$102 /mo · $1,230/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $739

Break-even live

Break-even rent $717

Max offer price $82,000

Occupancy floor 50%

Sensitivity live

Price	-10% $796	-5% $768	+0% $739	+5% $711	+10% $683
Rent	-10% $609	-5% $674	+0% $739	+5% $805	+10% $870
Rate	-1.0pp $781	-0.5pp $760	base $739	+0.5pp $718	+1.0pp $697

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $82,000 Active 98 DOM
2. 2026-06-19
   days on market $82,000 Active 96 DOM
3. 2026-06-18
   days on market $82,000 Active 95 DOM
4. 2026-06-17
   days on market $82,000 Active 94 DOM
5. 2026-06-16
   days on market $82,000 Active 93 DOM
6. 2026-06-15
   days on market $82,000 Active 92 DOM
7. 2026-06-14
   days on market $82,000 Active 90 DOM
8. 2026-06-12
   days on market $82,000 Active 89 DOM
9. 2026-06-09
   days on market $82,000 Active 86 DOM
10. 2026-06-08
    days on market $82,000 Active 85 DOM
11. 2026-06-07
    days on market $82,000 Active 84 DOM
12. 2026-06-07
    days on market $82,000 Active 83 DOM
13. 2026-06-03
    days on market $82,000 Active 80 DOM
14. 2026-06-02
    days on market $82,000 Active 79 DOM
15. 2026-06-01
    days on market $82,000 Active 78 DOM
16. 2026-05-31
    days on market $82,000 Active 77 DOM
17. 2026-05-30
    days on market $82,000 Active 76 DOM
18. 2026-03-15
    listed $82,000 Active 124-char remark

    Show marketing remark (126 chars)

    Country location, 3-bedroom, 1.5 bath mobile home on 1 acre. Kitchen and bathrooms have been updated. newer shed to be removed

19. 2026-03-15
    listed $82,000 Active 126-char remark

    Show marketing remark (126 chars)

    Country location, 3-bedroom, 1.5 bath mobile home on 1 acre. Kitchen and bathrooms have been updated. newer shed to be removed

20. 2023-04-17
    soldstatus $65,000 Closed
21. 2023-03-10
    historical Active Under Contract
22. 2023-03-06
    listed $69,900 Active
23. 2022-10-25
    soldstatus $64,900 Closed
24. 2022-10-25
    soldstatus $64,900 Closed
25. 2022-10-02
    historical Active Under Contract
26. 2022-10-02
    historical Active Under Contract
27. 2022-09-29
    listed $64,900 Active
28. 2022-09-29
    listed $64,900 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 2/10 Low 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,840
• − Mortgage interest: −$4,593
• − Property taxes: −$1,230
• − Insurance: −$410
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$2,385
• Taxable income: $8,047
• Est. tax owed @ 24.0%: −$1,931
• After-tax cash flow: $6,942/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: Knox Community School Corporation
• NCES district ID: 1805340
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $39,955
• Composite: 25.64/100
• National rank: #7401
• State rank: #242 of 301 in IN

Livability — Knox

• Score: 58/100
• State rank: #583
• US rank: #20938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,029
• Population (ZIP): 11,029

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.15%
• Current HPI: 244.2216
• 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

+26.3% since first listed

11 events — show timeline

• 2026-03-15 Listed $82,000 IRMLS
• 2026-03-15 Listed $82,000 NIRA MLS as Distributed by MLS Grid
• 2023-04-17 Sold (MLS) $65,000 NIRA MLS as Distributed by MLS Grid
• 2023-03-10 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-03-06 Listed $69,900 NIRA MLS as Distributed by MLS Grid
• 2022-10-25 Sold (MLS) $64,900 IRMLS
• 2022-10-25 Sold (MLS) $64,900 NIRA MLS as Distributed by MLS Grid
• 2022-10-02 Contingent — IRMLS
• 2022-10-02 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-09-29 Listed $64,900 IRMLS
• 2022-09-29 Listed $64,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-14.7%/yr

Latest (2022): $66 · -35.1% YoY. Source: county tax records.