415 N Elkhart St · Wakarusa, IN 46573

$79,950

3 bd · 1.0 ba · 216 sqft · Land public records · 121 Days on market

Built 1989 $370/sqft · 95% above area

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Why this score? — see what drove the C+ 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice sized, recently remodeled manufactured home located in the Countryside Estates mobile home community in Wakarusa. This home features drywall on the walls, new laminate flooring, newer kitchen and appliances, laundry room, pantry, 3 bedrooms, 2 baths, large family room, dining area, off street parking and more.

Key facts

• Pantry
• Large family room
• Recently remodeled

Tags

• RECENTLY REMODELED
• NEW LAMINATE FLOORING
• NEWER KITCHEN
• LAUNDRY ROOM
• PANTRY
• LARGE FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath land listed at $80k.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#114 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wa-Nee Community Schools (rural): math 61% / reading 57% proficiency, ranked #21 of 301 in IN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 7 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Recommended offer $70,356 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.22% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $202,391
• List price: $79,950
• Delta: -60.50%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $927
• Equity at exit: $11,921

10-year hold

• IRR: 10.7%
• Equity multiple: 1.84×
• Total profit: $18,724
• Equity at exit: $6,913

Cash invested: $22,386 (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 46573

• Home prices YoY: -25.2%
• Active inventory: 7
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,199/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $218

Break-even live

Break-even rent $699

Max offer price $79,950

Occupancy floor 73%

Sensitivity live

Price	-10% $273	-5% $245	+0% $218	+5% $190	+10% $162
Rent	-10% $141	-5% $179	+0% $218	+5% $256	+10% $295
Rate	-1.0pp $258	-0.5pp $238	base $218	+0.5pp $197	+1.0pp $176

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: $19,988
• Closing costs: $2,398
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 1/2 Crabtree Ct Wakarusa, IN	1.0–2.0	1.0–1.5	790	$975	$1.23	14d	1	0.24mi

Listing history 18 events

1. 2026-06-19
   days on market $79,950 Active 121 DOM
2. 2026-06-18
   days on market $79,950 Active 120 DOM
3. 2026-06-17
   days on market $79,950 Active 119 DOM
4. 2026-06-16
   days on market $79,950 Active 118 DOM
5. 2026-06-15
   days on market $79,950 Active 117 DOM
6. 2026-06-14
   days on market $79,950 Active 115 DOM
7. 2026-06-13
   days on market $79,950 Active 114 DOM
8. 2026-06-10
   days on market $79,950 Active 112 DOM
9. 2026-06-09
   days on market $79,950 Active 111 DOM
10. 2026-06-08
    days on market $79,950 Active 110 DOM
11. 2026-06-07
    days on market $79,950 Active 109 DOM
12. 2026-06-05
    days on market $79,950 Active 106 DOM
13. 2026-06-03
    days on market $79,950 Active 105 DOM
14. 2026-06-02
    days on market $79,950 Active 104 DOM
15. 2026-06-01
    days on market $79,950 Active 103 DOM
16. 2026-05-31
    days on market $79,950 Active 102 DOM
17. 2026-05-30
    days on market $79,950 Active 101 DOM
18. 2026-02-18
    listed $79,950 Active 316-char remark

    Show marketing remark (316 chars)

    Nice sized, recently remodeled manufactured home located in the Countryside Estates mobile home community in Wakarusa. This home features drywall on the walls, new laminate flooring, newer kitchen and appliances, laundry room, pantry, 3 bedrooms, 2 baths, large family room, dining area, off street parking and more.

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,700
• − Mortgage interest: −$4,478
• − Property taxes: −$1,199
• − Insurance: −$400
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,326
• Taxable income: $1,425
• Est. tax owed @ 24.0%: −$342
• After-tax cash flow: $2,271/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: Wa-Nee Community Schools
• NCES district ID: 1812240
• Math proficiency: 61% ▼ -1.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $53,956
• Composite: 50.65/100
• National rank: #1830
• State rank: #21 of 301 in IN

Livability — Wakarusa

• Score: 72/100
• State rank: #114
• US rank: #6189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wakarusa, IN
• Population (ZIP): 3,943

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Two or more races 4% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 2%
• Languages at home: 88% English-only · German/W. Germanic 5% Spanish 4% Other Asian/Pacific 3%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.84%
• Current HPI: 234.1477
• 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

1 event — show timeline

• 2026-02-18 Listed $79,950 ForSaleByOwner.com

Property tax history

+0.8%/yr

Latest (2025): $8,585 · -9.2% YoY. Source: county tax records.