3334 W Harris Dr

Toad Hop, IN 47885

$64,000B-

3 bd · 2.0 ba · 1,280 sqft · Built 1996 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $942/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $303/mo
• Annual: $3,639/yr
• Cap rate: 11.98%
• Cash-on-cash: 20.31%
• DSCR: 1.90
• 1% rule: 1.47%
• Cash to close: $17,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $64k.
• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($942 rent vs $64k).
• It's been on market 36 days — a 3% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#595 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, employment A-; Watch: crime D+, amenities F, commute F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sugar Creek Consolidated Elem Sch (math 42% / reading 27%, grade F, #597 of 994 statewide, top 63%, 480 students, 67% FRL); West Vigo High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 534 students, 53% FRL).
• Market conditions: 44 active listings in the ZIP; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.