13972 E 500 S · Point Isabel, IN 46076

$190,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 82 Days on market

Built 2000 0.65 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 +8.8/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Livability +2.2/5.0
• 1% rule +1.4/10.0

Listing remarks MLS

Welcome to this spacious 3 bedroom home offering the flexibility of a den that can easily serve as a 4th bedroom if needed. Inside, you'll find an open-concept layout with both a breakfast nook and a dedicated dining area. Situated on . 65 acres in a peaceful rural setting within Eastern Schools, this property provides the space and privacy you've been looking for. Outside, hobbyists and storage-seekers will love the massive 40x44x14 pole barn, complete with electricity and a concrete floor, plus a newer storage shed for added convenience. This home offers a wonderful opportunity for the next owner to bring their own style and finishing touches, creating a space uniquely their own.

Key facts

• Breakfast nook
• 40x44x14 pole barn
• Newer storage shed

Tags

• OPEN-CONCEPT LAYOUT
• BREAKFAST NOOK
• DEDICATED DINING AREA
• 40X44X14 POLE BARN
• NEWER STORAGE SHED
• PEACEFUL RURAL SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $-157 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (14.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (35.7% below list).
• Recommended offer: $122k (35.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 45/100 on livability (#662 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Eastern Howard School Corporation (town): math 40% / reading 47% proficiency, ranked #100 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastern Elementary School (math 50% / reading 39%, grade F, #379 of 994 statewide, top 41%, 770 students, 45% FRL); Eastern Middle School (math 30% / reading 44%, grade F, #152 of 330 statewide, top 47%, 397 students, 48% FRL); Eastern High School (math 42% / reading 82%, grade B-, #41 of 369 statewide, top 12%, 467 students, 42% FRL) — zoned schools average 45% FRL vs 24% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 12 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (6.9% local appreciation)).
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $122,167 (35.7% 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. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
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. 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?
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: 0.64% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.54%
• DSCR: 0.84
• GRM: 13.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 2.03×
• Total profit: $55,032
• Equity at exit: $130,377

10-year hold

• IRR: 14.7%
• Equity multiple: 4.15×
• Total profit: $167,374
• Equity at exit: $246,501

Cash invested: $53,200 (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 46076

• Home prices YoY: 2.4%
• Active inventory: 12
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,222 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$47 /mo · $560/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-157

Break-even live

Break-even rent $1,421

Max offer price $162,248

Occupancy floor —

Sensitivity live

Price	-10% $-50	-5% $-103	+0% $-157	+5% $-211	+10% $-265
Rent	-10% $-254	-5% $-205	+0% $-157	+5% $-109	+10% $-61
Rate	-1.0pp $-61	-0.5pp $-109	base $-157	+0.5pp $-206	+1.0pp $-256

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-02-27
   soldstatus $190,000 Closed 695-char remark

   Show marketing remark (695 chars)

   Welcome to this spacious 3 bedroom home offering the flexibility of a den that can easily serve as a 4th bedroom if needed. Inside, you'll find an open-concept layout with both a breakfast nook and a dedicated dining area. Situated on . 65 acres in a peaceful rural setting within Eastern Schools, this property provides the space and privacy you've been looking for. Outside, hobbyists and storage-seekers will love the massive 40x44x14 pole barn, complete with electricity and a concrete floor, plus a newer storage shed for added convenience. This home offers a wonderful opportunity for the next owner to bring their own style and finishing touches, creating a space uniquely their own.

2. 2026-02-04
   status Pending
3. 2026-01-30
   historical Active Under Contract 695-char remark

   Show marketing remark (695 chars)

   Welcome to this spacious 3 bedroom home offering the flexibility of a den that can easily serve as a 4th bedroom if needed. Inside, you'll find an open-concept layout with both a breakfast nook and a dedicated dining area. Situated on . 65 acres in a peaceful rural setting within Eastern Schools, this property provides the space and privacy you've been looking for. Outside, hobbyists and storage-seekers will love the massive 40x44x14 pole barn, complete with electricity and a concrete floor, plus a newer storage shed for added convenience. This home offers a wonderful opportunity for the next owner to bring their own style and finishing touches, creating a space uniquely their own.

4. 2025-11-14
   listed $190,000 Active 695-char remark

   Show marketing remark (695 chars)

   Welcome to this spacious 3 bedroom home offering the flexibility of a den that can easily serve as a 4th bedroom if needed. Inside, you'll find an open-concept layout with both a breakfast nook and a dedicated dining area. Situated on . 65 acres in a peaceful rural setting within Eastern Schools, this property provides the space and privacy you've been looking for. Outside, hobbyists and storage-seekers will love the massive 40x44x14 pole barn, complete with electricity and a concrete floor, plus a newer storage shed for added convenience. This home offers a wonderful opportunity for the next owner to bring their own style and finishing touches, creating a space uniquely their own.

5. 2025-11-14
   listed $190,000 Active

   Show marketing remark (695 chars)

   Welcome to this spacious 3 bedroom home offering the flexibility of a den that can easily serve as a 4th bedroom if needed. Inside, you'll find an open-concept layout with both a breakfast nook and a dedicated dining area. Situated on . 65 acres in a peaceful rural setting within Eastern Schools, this property provides the space and privacy you've been looking for. Outside, hobbyists and storage-seekers will love the massive 40x44x14 pole barn, complete with electricity and a concrete floor, plus a newer storage shed for added convenience. This home offers a wonderful opportunity for the next owner to bring their own style and finishing touches, creating a space uniquely their own.

ⓘ 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: $560 · $47/mo
• Projected year-2 tax: $1,088 · $91/mo
• Expected delta: +$527/yr (+$44/mo · 94.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $14,660
• − Mortgage interest: −$10,643
• − Property taxes: −$560
• − Insurance: −$950
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$5,527
• Taxable loss: −$5,366
• Est. tax savings @ 24.0%: +$1,288
• After-tax cash flow: $-597/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: Eastern Howard School Corporation
• NCES district ID: 1803150
• Math proficiency: 40% ▼ -6.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $58,636
• Composite: 38.2/100
• National rank: #4255
• State rank: #100 of 301 in IN

Livability — Point Isabel

• Score: 45/100
• State rank: #662
• US rank: #26575

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,754

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Iranian 4% Slovak 2% Lithuanian 1%
• Languages at home: 97% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.90%
• Current HPI: 289.8652
• 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

+0.0% since first listed

5 events — show timeline

• 2026-02-27 Sold (MLS) $190,000 IRMLS
• 2026-02-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-30 Contingent — IRMLS
• 2025-11-14 Listed $190,000 MIBOR as Distributed by MLS Grid
• 2025-11-14 Listed $190,000 IRMLS

Property tax history

-1.9%/yr

Latest (2024): $560 · -32.5% YoY. Source: county tax records.