1071 Middleton Run Rd · Elkhart, IN 46516

$160,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 20 Days on market

Built 1957 2.00 ac lot $133/sqft · 33% below area Est $238k · 33% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.8/30.0
• Livability +3.4/5.0
• 1% rule +3.2/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

2-acre property currently zoned R1 (residential) located in an established industrial corridor surrounded by existing industrial uses. Existing home on site is in poor condition and being sold as-is—value is in the land. Ideal opportunity for redevelopment or potential future rezoning—buyer to verify permitted uses with the City of Elkhart. Conveniently located just minutes from the US 20 Bypass, CR 17, State Road 120, and the Indiana Toll Road. Do not approach property without an appointment.

Key facts

• Zoned r1
• 2 acre property
• 2 acre lot

Tags

• 2 ACRE PROPERTY
• ZONED R1
• REDEVELOPMENT OPPORTUNITY

Property features AI

Finance

• Other: Listing broker: Snyder Strategy Realty Inc.
• Financial info: Annual tax information available
• HOA & community: No subdivision

Exterior

• Parking: Detached off-street garage with 2 spaces
• Security: Not specified
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family, site-built home; One story
• Construction: Aluminum siding; Built above grade (finished area reported); Shallow foundation with crawl space
• Exterior features: 2-acre lot; Lot dimensions approximately 474 x 181; Shed(s) on the property

Interior

• Kitchen: Not specified
• Bedrooms: Not specified
• Flooring: Not specified
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Crawl space basement; Total of 5 rooms
• Laundry & utility: Not specified

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (14.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (17.9% below list).
• Recommended offer: $131k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 4.0% in Elkhart — 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 68/100 on livability (#224 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools F, crime F.
• Concord Community Schools (suburban): math 24% / reading 39% proficiency, ranked #226 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,385 (17.9% 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. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• GRM: 10.1

CMA / ARV

• ARV (median comp): $238,440
• List price: $160,000
• Delta: -32.90%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22954 Old Us 20	0.70mi	3/2.0	1,258 (+5%)	2mo	$285,000	$227	54
23142 Sandalwood Dr	0.52mi	3/1.5	1,356 (+13%)	12mo	$226,500	$167	42

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: -22.2%
• Equity multiple: 0.23×
• Total profit: $-34,308
• Equity at exit: $23,857

10-year hold

• IRR: -16.1%
• Equity multiple: 0.10×
• Total profit: $-40,502
• Equity at exit: $13,834

Cash invested: $44,800 (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 46516

• Active inventory: 146
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,314 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$265 /mo · $3,177/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-133

Break-even live

Break-even rent $1,482

Max offer price $136,587

Occupancy floor —

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-09
   listed $160,000 Active 510-char remark

ⓘ 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: $3,177 · $265/mo
• Projected year-2 tax: $3,177 · $265/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $15,766
• − Mortgage interest: −$8,962
• − Property taxes: −$3,177
• − Insurance: −$800
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$4,655
• Taxable loss: −$4,350
• Est. tax savings @ 24.0%: +$1,044
• After-tax cash flow: $-546/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: Concord Community Schools
• NCES district ID: 1802400
• Math proficiency: 24% ▼ -21.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,133
• Composite: 27.02/100
• National rank: #7057
• State rank: #226 of 301 in IN

Livability — Elkhart

• Score: 68/100
• State rank: #224
• US rank: #9852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkhart, IN
• County: Elkhart County · 107,928 people
• City population: 74,260
• Metro: Elkhart-Goshen, IN
• Population (ZIP): 31,871
• Household income: $56,492
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 995.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Hispanic / Latino 26% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 15% · Canada
• Languages at home: 77% English-only · Spanish 19% Other Indo-European 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: ▼ -233.42%
• Current HPI: 239.2508
• Rent YoY: —
• Metro: Elkhart-Goshen, 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

2 events — show timeline

• 2026-05-29 Pending — IRMLS
• 2026-05-09 Listed $160,000 IRMLS

Property tax history

+81.3%/yr

Latest (2025): $3,177 · +17.9% YoY. Source: county tax records.