157 Lazy River Rd · Cloverdale, IN 46120

$130,000

2 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 3 Days on market

Built 1995 7,318 sqft lot Est $143k · 9% under

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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).

• ARV discount +11.7/15.0
• Cash flow +10.5/30.0
• Appreciation +4.4/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• 1% rule +3.0/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 157 Lazy River Road! This 2 bedroom, 2 bath home with a 2-car garage sits on a nice wooded lot in Stardust Hills, offering privacy and peaceful surroundings. Move-in ready with all appliances included, even the washer and dryer! The spacious primary suite features a walk-in closet and private en suite bath complete with a garden tub and separate shower. The second bedroom is generously sized and would make a great guest bedroom, home office, or flex space. New flooring throughout gives the home a fresh updated feel. The home also features a dedicated laundry room with washer and dryer included. Add your personal finishing touches and make this home your own. Enjoy community ameni

Key facts

• Wooded lot
• Walk-in closet
• Community amenities

Tags

• WOODED LOT
• PRIVATE EN SUITE BATH
• WALK-IN CLOSET
• DEDICATED LAUNDRY ROOM
• COMMUNITY AMENITIES
• FISHING LAKES

Property features AI

Finance

• Other: Lot size approximately 0.17 acres

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Other foundation
• Exterior features: Deck; Mature trees on the lot

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms; Primary bathroom suite with separate shower and garden tub
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $-67 ($-801/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (19.9% below list).
• Recommended offer: $104k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.5% in Cloverdale — 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 70/100 on livability (#156 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cloverdale Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 424 students, 75% FRL); Cloverdale High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 279 students, 56% FRL) — zoned schools average 65% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 65 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $899 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 8y 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 $28k; list at $130k implies a 373% gain — meaningful room to come down on a strong offer.

Recommended offer $104,085 (19.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.80% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $143,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
157 Lazy River Rd	0.00mi	2/2.0	1,216 (0%)	0mo	$130,000	$107	100
125 Oriole Ct	0.05mi	3/1.0 (+1)	1,216 (0%)	2mo	$142,900	$118	87
597 Lazy River Rd	0.04mi	3/2.0 (+1)	1,188 (-2%)	9mo	$165,000	$139	82
94 Small Fry Ave	0.32mi	2/2.0	1,216 (0%)	4mo	$125,000	$103	82
384 Cool Evening Ct	0.21mi	3/2.0 (+1)	1,232 (+1%)	6mo	$92,000	$75	77
179 Lazy River Ct	0.12mi	2/1.5	1,152 (-5%)	11mo	$139,900	$121	74
334 Small Fry Ave	0.28mi	3/2.0 (+1)	1,188 (-2%)	6mo	$172,900	$146	73
289 Bubble Loo Rd	0.36mi	3/2.0 (+1)	1,216 (0%)	14mo	$157,000	$129	67
261 Down Boy Way	0.33mi	2/2.0	1,104 (-9%)	5mo	$142,000	$129	65
362 Gentlemen Pl	0.13mi	3/2.0 (+1)	1,140 (-6%)	18mo	$102,600	$90	64
443 Stardust Way	0.42mi	3/2.0 (+1)	1,323 (+9%)	15mo	$150,000	$113	48
288 Bubble Loo Rd	0.36mi	3/2.0 (+1)	1,064 (-12%)	11mo	$79,900	$75	48

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

Projected returns pro-forma

-1.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.58×
• Total profit: $-15,305
• Equity at exit: $30,025

10-year hold

• IRR: -2.9%
• Equity multiple: 0.74×
• Total profit: $-9,474
• Equity at exit: $30,387

Cash invested: $36,400 (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 46120

• Home prices YoY: -0.5%
• Active inventory: 65
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,041 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$153 /mo · $1,838/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $-67

Break-even live

Break-even rent $1,125

Max offer price $118,207

Occupancy floor —

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-05-11
   status Pending
2. 2026-05-08
   listed $130,000 Active
3. 2025-12-09
   historical
4. 2025-09-10
   listed $124,995 Active
5. 2025-09-06
   historical
6. 2025-08-23
   status Active
7. 2025-08-23
   historical
8. 2025-07-02
   listed $129,900 Active
9. 2025-07-02
   status Active
10. 2025-07-02
    status Active
11. 2025-06-30
    historical
12. 2025-04-03
    status Active
13. 2025-04-03
    status Active
14. 2025-04-03
    status Active
15. 2025-03-31
    status Pending
16. 2025-03-31
    status Pending
17. 2025-03-31
    status Pending
18. 2025-03-23
    listed $129,900 Active
19. 2025-03-23
    listed $129,900 Active
20. 2025-03-21
    listed $129,900 Active
21. 2018-07-03
    soldstatus $27,500
22. 2018-06-01
    listed $29,900

ⓘ 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: $1,838 · $153/mo
• Projected year-2 tax: $1,838 · $153/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,490
• − Mortgage interest: −$7,282
• − Property taxes: −$1,838
• − Insurance: −$650
• − Repairs & maintenance: −$999
• − Management: −$999
• − Depreciation: −$3,782
• Taxable loss: −$3,060
• Est. tax savings @ 24.0%: +$734
• After-tax cash flow: $-67/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: Cloverdale Community Schools
• NCES district ID: 1802220
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 40% ▼ -14.00%
• Median HH income: $44,267
• Composite: 32.28/100
• National rank: #5753
• State rank: #167 of 301 in IN

Livability — Cloverdale

• Score: 70/100
• State rank: #156
• US rank: #7715

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cloverdale, IN
• City population: 6,138
• Population (ZIP): 6,138

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1% Black 1%
• Common ancestry: Slovak 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.22%
• Current HPI: 235.6828
• 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

+334.8% since first listed

22 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2025-12-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-09-10 Listed $124,995 MIBOR as Distributed by MLS Grid
• 2025-09-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-07-02 Listed $129,900 THAAR
• 2025-07-02 Relisted — IRMLS
• 2025-07-02 Relisted — MIBOR as Distributed by MLS Grid
• 2025-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-03 Relisted — THAAR
• 2025-04-03 Relisted — IRMLS
• 2025-04-03 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-31 Pending — THAAR
• 2025-03-31 Pending — IRMLS
• 2025-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2025-03-23 Listed $129,900 THAAR
• 2025-03-23 Listed $129,900 IRMLS
• 2025-03-21 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2018-07-03 Sold (MLS) $27,500 MIBOR as Distributed by MLS Grid
• 2018-06-01 Listed $29,900 MIBOR as Distributed by MLS Grid

Property tax history

+19.8%/yr

Latest (2024): $1,838 · +115.7% YoY. Source: county tax records.