11 Fairoaks Dr · Richmond, IN 47374

$35,000

2 bd · 2.0 ba · 980 sqft · Manufactured · 90 Days on market

Built 1996

---

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
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate home located in the highly desirable Mobile Manor 55+ community. This well-maintained neighborhood offers paved roads, a community swimming pool, basketball court, and a spacious meeting building equipped with a full kitchen. The community also provides limited access within a gated entrance during nighttime hours for added peace of mind. This home has been extremely well cared for and includes several recent updates. The washer and dryer, refrigerator, and stove are all approximately one year old. An 8x8 storage shed was installed in 2021, and the water heater was replaced in 2021 as well. The property features very low utility costs, making it an affordable and comfortable option for anyone seeking simplified and efficient living. Don't miss this opportunity to join the Mobile Manor community and enjoy the convenience and ease this neighborhood offers. Call or text Tony Foust at [phone] with FOUST for your HOUSE for more information.

Key facts

• Gated community
• Covered deck
• Double vanity

Tags

• GATED COMMUNITY
• COVERED DECK
• OPEN CONCEPT
• DOUBLE VANITY
• 2 CAR CARPORT
• COMMUNITY SWIMMING POOL

Property features AI

Exterior

• Parking: Detached parking
• Utilities: Public sewer
• Home design: Single family residence; Residential property; 1 story
• Construction: Vinyl siding
• Exterior features: Shingle roof

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Total of 4 rooms (bedroom count not specified separately)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Natural gas heating
• Interior features: Electric range; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.7% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D-, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wayne County population projected at -21% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $30k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.71% ✓
• Cap rate: 23.71%
• Cash-on-cash: 62.19%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $74,480
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Court Rd	0.05mi	2/2.0	960 (-2%)	14mo	$75,000	$78	82
38 Dogwood Dr	0.05mi	2/1.0	980 (0%)	14mo	$24,000	$24	82
11 Hickory Dr	0.06mi	2/1.0	980 (0%)	15mo	$20,000	$20	81
7 Redwood Ln	0.15mi	2/1.0	980 (0%)	13mo	$20,500	$21	78
27 Court Rd	0.05mi	2/2.0	992 (+1%)	21mo	$75,000	$76	78
28 Dogwood Dr	0.05mi	2/1.0	896 (-9%)	13mo	$23,000	$26	69
12 Chestnut Dr	0.05mi	2/2.0	896 (-9%)	18mo	$79,900	$89	68
23 Dogwood Dr	0.05mi	3/2.0 (+1)	1,056 (+8%)	22mo	$89,000	$84	62

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: 61.1%
• Equity multiple: 3.72×
• Total profit: $26,691
• Equity at exit: $5,219

10-year hold

• IRR: 65.7%
• Equity multiple: 7.63×
• Total profit: $64,955
• Equity at exit: $3,026

Cash invested: $9,800 (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 47374

• Active inventory: 273
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $949 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $508

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 41%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	1.32mi

Listing history 22 events

1. 2026-06-19
   days on market $35,000 Active 90 DOM
2. 2026-06-18
   days on market $35,000 Active 89 DOM
3. 2026-06-17
   days on market $35,000 Active 88 DOM
4. 2026-06-16
   days on market $35,000 Active 87 DOM
5. 2026-06-15
   days on market $35,000 Active 86 DOM
6. 2026-06-14
   days on market $35,000 Active 84 DOM
7. 2026-06-12
   days on market $35,000 Active 83 DOM
8. 2026-06-09
   days on market $35,000 Active 80 DOM
9. 2026-06-08
   days on market $35,000 Active 79 DOM
10. 2026-06-07
    days on market $35,000 Active 78 DOM
11. 2026-06-03
    days on market $35,000 Active 74 DOM
12. 2026-06-02
    days on market $35,000 Active 73 DOM
13. 2026-06-01
    days on market $35,000 Active 72 DOM
14. 2026-05-31
    days on market $35,000 Active 71 DOM
15. 2026-05-30
    days on market $35,000 Active 70 DOM
16. 2026-04-27
    status Active
17. 2026-04-09
    status Pending
18. 2026-03-03
    listed $35,000 Active
19. 2025-12-10
    soldstatus $30,000 Closed 967-char remark

    Show marketing remark (967 chars)

    Immaculate home located in the highly desirable Mobile Manor 55+ community. This well-maintained neighborhood offers paved roads, a community swimming pool, basketball court, and a spacious meeting building equipped with a full kitchen. The community also provides limited access within a gated entrance during nighttime hours for added peace of mind. This home has been extremely well cared for and includes several recent updates. The washer and dryer, refrigerator, and stove are all approximately one year old. An 8x8 storage shed was installed in 2021, and the water heater was replaced in 2021 as well. The property features very low utility costs, making it an affordable and comfortable option for anyone seeking simplified and efficient living. Don't miss this opportunity to join the Mobile Manor community and enjoy the convenience and ease this neighborhood offers. Call or text Tony Foust at [phone] with FOUST for your HOUSE for more information.

20. 2025-11-18
    listed $33,900 Active 967-char remark

    Show marketing remark (967 chars)

    Immaculate home located in the highly desirable Mobile Manor 55+ community. This well-maintained neighborhood offers paved roads, a community swimming pool, basketball court, and a spacious meeting building equipped with a full kitchen. The community also provides limited access within a gated entrance during nighttime hours for added peace of mind. This home has been extremely well cared for and includes several recent updates. The washer and dryer, refrigerator, and stove are all approximately one year old. An 8x8 storage shed was installed in 2021, and the water heater was replaced in 2021 as well. The property features very low utility costs, making it an affordable and comfortable option for anyone seeking simplified and efficient living. Don't miss this opportunity to join the Mobile Manor community and enjoy the convenience and ease this neighborhood offers. Call or text Tony Foust at [phone] with FOUST for your HOUSE for more information.

21. 2021-08-05
    soldstatus $24,000 658-char remark

    Show marketing remark (658 chars)

    This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well-maintained with paved roads and drives. The low rent on the lot includes trash removal and basic cable (you can upgrade if you’d like). It also includes use of the community swimming pool, basketball court and a nice meeting building with kitchen. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard, you can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765–969–0921 or [email protected] for more information.

22. 2021-05-28
    listed $27,000 658-char remark

    Show marketing remark (658 chars)

    This home is in Mobile Manor neighborhood. It is a 55 years and older park with limited access that is gated at night. It is well-maintained with paved roads and drives. The low rent on the lot includes trash removal and basic cable (you can upgrade if you’d like). It also includes use of the community swimming pool, basketball court and a nice meeting building with kitchen. This is very nice easy living at a very affordable price. It is so much nicer than an apartment. You have your own yard, you can plant flowers to your heart's content if you wish. Contact Barb Garrett at 765–969–0921 or [email protected] for more information.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $11,389
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$911
• − Management: −$911
• − Depreciation: −$1,018
• Taxable income: $5,888
• Est. tax owed @ 24.0%: −$1,413
• After-tax cash flow: $4,682/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

+29.6% since first listed

7 events — show timeline

• 2026-04-27 Relisted — RRELMS
• 2026-04-09 Pending — RRELMS
• 2026-03-03 Listed $35,000 RRELMS
• 2025-12-10 Sold (MLS) $30,000 RRELMS
• 2025-11-18 Listed $33,900 RRELMS
• 2021-08-05 Sold (MLS) $24,000 RRELMS
• 2021-05-28 Listed $27,000 RRELMS