415 N Elkhart St

Wakarusa, IN 46573

$79,950C+

3 bd · 1.0 ba · 216 sqft · Built 1989 · Land · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $975/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $218/mo
• Annual: $2,613/yr
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $22,386

Investor read

• This is a 3-bed/1.0-bath land listed at $80k.
• 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).
• It's been on market 121 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.