1508 N County Road 100 W · Saline City, IN 47840

$129,000

3 bd · 1.0 ba · 1,296 sqft · Manufactured public records · 15 Days on market

Built 1998 1.10 ac lot

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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).

• Cash flow +13.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable country living! Updated 3BR/2BA home on just over an acre. Features new kitchen cabinets, SS appliances, floor coverings, paint, water softener, light fixtures and more. Absolutely nothing to do but move in and relax. Great yard for kids to play, carport and nice mini barn with loft. Plus close to I-70 for easy commute to Indy or Terre Haute.

Key facts

• 1.1 acre lot
• Built 1998
• Listed 14 days

Property features AI

Exterior

• Parking: Gravel parking
• Home design: Single-story manufactured home; Residential property (R-1 zoning)
• Construction: Frame construction
• Exterior features: Shingle roof; Shed(s)

Interior

• Kitchen: Dishwasher; Electric range; Electric oven; Microwave
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Ceiling fan cooling
• Interior features: Skylights; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $129k.

Deal economics

• At list price, monthly cash flow is $-7 ($-89/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (13.2% below list).
• Recommended offer: $112k (13.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Clay Community Schools (rural): math 46% / reading 49% proficiency, ranked #79 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clay City Elementary School (math 58% / reading 54%, grade C+, #183 of 994 statewide, top 19%, 377 students, 51% FRL); North Clay Middle School (math 42% / reading 47%, grade D, #84 of 330 statewide, top 26%, 744 students, 57% FRL); Clay City Jr-Sr High School (math 32% / reading 47%, grade F, #221 of 369 statewide, top 63%, 365 students, 44% FRL).
• Market conditions: 8 active listings in the ZIP; 70 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($892 loan paydown + $13k appreciation (10.0% local appreciation)).
• Clay County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 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 $80k; list at $129k implies a 61% gain — meaningful room to come down on a strong offer.

Recommended offer $111,910 (13.2% 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: 0.87% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.1%
• Equity multiple: 2.93×
• Total profit: $69,803
• Equity at exit: $116,213

10-year hold

• IRR: 21.4%
• Equity multiple: 6.70×
• Total profit: $205,962
• Equity at exit: $250,619

Cash invested: $36,120 (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 47840

• Home prices YoY: 6.0%
• Active inventory: 8
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,119 medium
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-7

Break-even live

Break-even rent $1,128

Max offer price $127,930

Occupancy floor 96%

Sensitivity live

Price	-10% $82	-5% $37	+0% $-7	+5% $-52	+10% $-97
Rent	-10% $-96	-5% $-52	+0% $-7	+5% $37	+10% $81
Rate	-1.0pp $58	-0.5pp $25	base $-7	+0.5pp $-41	+1.0pp $-75

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   days on market $129,000 Active 15 DOM
2. 2026-06-18
   days on market $129,000 Active 14 DOM
3. 2026-06-17
   days on market $129,000 Active 13 DOM
4. 2026-06-16
   days on market $129,000 Active 12 DOM
5. 2026-06-15
   days on market $129,000 Active 11 DOM
6. 2026-06-14
   days on market $129,000 Active 9 DOM
7. 2026-06-13
   days on market $129,000 Active 8 DOM
8. 2026-06-10
   days on market $129,000 Active 6 DOM
9. 2026-06-09
   days on market $129,000 Active 5 DOM
10. 2026-06-08
    days on market $129,000 Active 4 DOM
11. 2026-06-07
    pricedays on market $129,000 Active 3 DOM
12. 2026-06-05
    remarks 528-char remark
13. 2026-06-05
    listed $129,900 Active 1 DOM

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,429
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$645
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$3,753
• Taxable loss: −$2,278
• Est. tax savings @ 24.0%: +$547
• After-tax cash flow: $458/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: Clay Community Schools
• NCES district ID: 1800840
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $46,673
• Composite: 40.39/100
• National rank: #3733
• State rank: #79 of 301 in IN

Livability — Saline City

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

Census & demographics

• Population (ZIP): 1,903

Population outlook (Clay County) Hauer SSP2

• Today (2025): 25,820 people
• By 2030: 25,182 · -2.5%
• By 2040: 23,562 · -8.7%
• By 2050: 21,829 · -15.5%
• By 2075: 17,939 · -30.5%
• By 2100: 14,042 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Slovak 2% Iranian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Clay

• 2024 margin: Solid R (+56.9) · D 20.7% · R 77.6% · Other 1.7%
• 2008→2024 swing: -45.4pp toward R · 2008: -11.5pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+56.6 2016: R+55.3 2012: R+31.4 2008: R+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.71%
• Current HPI: 259.9409
• 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

+814.8% since first listed

8 events — show timeline

• 2026-06-04 Price Changed $129,900 THAAR
• 2026-06-04 Listed $129,000 THAAR
• 2026-04-10 Pending — THAAR
• 2026-04-08 Listed $129,000 THAAR
• 2018-12-20 Sold (Public Records) $80,000 Public Records
• 2018-11-30 Sold (MLS) $80,000 MIBOR as Distributed by MLS Grid
• 2018-08-03 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2017-11-21 Sold (Public Records) $14,200 Public Records

Property tax history

-12.2%/yr

Latest (2024): $24 · -38.0% YoY. Source: county tax records.