154 Tippecanoe Dr · Riverwood, IN 46062

$59,950

3 bd · 2.0 ba · 1,100 sqft · SingleFamily · 408 Days on market

Built 1986 7,405 sqft lot $54/sqft · 9% below area Est $66k · 9% 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 +11.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Rent growth +3.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

Key facts

• White river access
• Mini-barn storage
• Double lot

Tags

• WHITE RIVER ACCESS
• NO HOA
• DOUBLE LOT
• MINI-BARN STORAGE
• NOBLESVILLE SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Noblesville Schools (suburban): math 51% / reading 57% proficiency, ranked #26 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.8%/yr); 414 active listings in the ZIP; high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 408 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $25k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $60k implies a 756% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,756 (12.0% below list)

Questions for the listing agent

1. It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 3.23% ✓
• Cap rate: 28.63%
• Cash-on-cash: 79.76%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

• ARV (median comp): $65,628
• List price: $59,950
• Delta: -8.65%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Nakomis St	0.07mi	3/1.0	1,195 (+9%)	3mo	$180,000	$151	76
66 Miami Dr	0.12mi	3/1.0	960 (-13%)	2mo	$186,000	$194	68
218 Miami Dr	0.18mi	2/1.0 (-1)	1,185 (+8%)	13mo	$199,900	$169	59
75 Miami Dr	0.12mi	2/1.0 (-1)	1,048 (-5%)	24mo	$115,000	$110	58
120 Nakomis St	0.08mi	3/1.5	958 (-13%)	21mo	$125,000	$130	55
21297 Clare Ave	0.26mi	2/1.0 (-1)	1,152 (+5%)	22mo	$222,500	$193	53

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 3.15×
• Total profit: $36,041
• Equity at exit: $8,939

10-year hold

• IRR: 54.5%
• Equity multiple: 6.70×
• Total profit: $95,640
• Equity at exit: $5,183

Cash invested: $16,786 (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 46062

• Rents YoY: 3.8%
• Active inventory: 414
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,937 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $899/yr
• Insurance: −$25
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $689

Break-even live

Break-even rent $1,064

Max offer price $59,950

Occupancy floor 59%

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: $14,988
• Closing costs: $1,798
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-17
   status $59,950 Pending 408 DOM
2. 2026-06-16
   days on market $59,950 Active 408 DOM
3. 2026-06-15
   days on market $59,950 Active 407 DOM
4. 2026-06-13
   days on market $59,950 Active 405 DOM
5. 2026-06-13
   pricedays on market $59,950 Active 404 DOM
6. 2026-06-09
   days on market $59,900 Active 401 DOM
7. 2026-06-08
   days on market $59,900 Active 400 DOM
8. 2026-06-07
   days on market $59,900 Active 399 DOM
9. 2026-06-05
   days on market $59,900 Active 396 DOM
10. 2026-06-03
    days on market $59,900 Active 395 DOM
11. 2026-06-02
    days on market $59,900 Active 394 DOM
12. 2026-06-01
    days on market $59,900 Active 393 DOM
13. 2026-05-31
    days on market $59,900 Active 392 DOM
14. 2025-11-15
    status Active 421-char remark

    Show marketing remark (421 chars)

    PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

15. 2025-10-25
    status Pending 421-char remark

    Show marketing remark (421 chars)

    PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

16. 2025-10-14
    price $59,900 421-char remark

    Show marketing remark (421 chars)

    PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

17. 2025-07-15
    price $69,900 421-char remark

    Show marketing remark (421 chars)

    PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

18. 2025-04-13
    listed $84,900 Active 421-char remark

    Show marketing remark (421 chars)

    PRICE REDUCED. Back on the market due to Buyer's non-performance. Amazing value in Hamilton County. Investors or homeowner looking for a very economical living space. 3BR/2BA manufactured home with White River access, No HOA and only minutes to Morse Lake, Deer Creek, Downtown Noblesville and shopping on SR 37. Noblesville Schools. Immediate possession. Double lot with mini-barn storage. Home sold as-is. Broker-owned.

19. 2017-04-14
    soldstatus $7,000 Sold
20. 2017-03-29
    status Pending
21. 2017-02-18
    listed $15,000 Active
22. 2017-02-16
    listed $15,000

ⓘ 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 6/10 Major FEMA zone AE · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,241
• − Mortgage interest: −$3,358
• − Property taxes: −$899
• − Insurance: −$5,418
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$1,744
• Taxable income: $8,102
• Est. tax owed @ 24.0%: −$1,945
• After-tax cash flow: $6,325/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: Noblesville Schools
• NCES district ID: 1807650
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $71,719
• Composite: 48.16/100
• National rank: #2177
• State rank: #26 of 301 in IN

Livability — Riverwood

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Riverwood, IN
• County: Hamilton County · 337,479 people
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 41,060
• Household income: $120,100
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 401.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 5% Two or more races 4% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 3% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -177.18%
• Current HPI: 227.776
• Rent YoY: ▲ 3.80%
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+299.3% since first listed

9 events — show timeline

• 2025-11-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-25 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-14 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2025-07-15 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2025-04-13 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2017-04-14 Sold (MLS) $7,000 MIBOR as Distributed by MLS Grid
• 2017-03-29 Pending — MIBOR as Distributed by MLS Grid
• 2017-02-18 Listed $15,000 MIBOR as Distributed by MLS Grid
• 2017-02-16 Listed $15,000 IRMLS