216 Floyd St · Elkhart, IN 46514

$149,900

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 178 Days on market

Built 1955 7,841 sqft lot Est $172k · 13% 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).

• Cash flow +15.8/30.0
• ARV discount +13.3/15.0
• DSCR +4.9/10.0
• Rent growth +4.3/5.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 3 bedroom 1 bath starter home.

Key facts

• 7,841 sq ft lot
• Garage
• Built 1955

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Shingle roof; Slab foundation; Built as site-built construction
• Exterior features: Wood fencing; Lot dimensions approximately 55 x 140

Interior

• Kitchen: Refrigerator; Gas oven; Gas range; Dishwasher not listed (no separate entry)
• Flooring: Laminate flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Window cooling units
• Interior features: Disposal; Water heater (gas); Fireplace (1)
• Laundry & utility: Washer (included); Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $68 ($813/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (14.5% below list).
• Recommended offer: $128k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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-, crime F, commute F.
• Elkhart Community Schools (urban): math 18% / reading 25% proficiency, ranked #271 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Osolo Elementary School (math 20% / reading 18%, grade F, #829 of 994 statewide, top 84%, 490 students, 76% FRL); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 270 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $4k 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 178 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,205 (14.5% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $172,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 W Simonton St	0.30mi	3/1.0	1,035 (-2%)	6mo	$65,000	$63	78
128 E Emerald St	0.08mi	3/1.5	980 (-7%)	8mo	$158,000	$161	76
1414 Columbian Ave	0.34mi	2/1.0 (-1)	1,080 (+2%)	3mo	$167,500	$155	73
518 Modrell Blvd	0.55mi	3/1.0	1,120 (+6%)	4mo	$89,000	$79	61
804 E Bristol St	0.44mi	3/1.0	960 (-9%)	6mo	$156,000	$163	59
1421 Magnolia Ave	0.50mi	3/1.5	960 (-9%)	2mo	$210,000	$219	58
54270 Silver St	0.56mi	3/1.0	948 (-10%)	6mo	$185,000	$195	52
25927 Modrell Ave	0.70mi	3/1.0	978 (-7%)	5mo	$162,000	$166	51
1107 Edwardsburg Ave	0.53mi	2/2.0 (-1)	1,157 (+10%)	3mo	$210,000	$182	48
614 Maple Row	0.73mi	3/1.0	928 (-12%)	4mo	$95,000	$102	42
1113 Edwardsburg Ave	0.54mi	2/2.0 (-1)	1,200 (+14%)	2mo	$195,000	$163	42
1117 Edwardsburg Ave	0.54mi	2/2.0 (-1)	1,200 (+14%)	3mo	$195,000	$163	41

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 · 7.03% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.65×
• Total profit: $-14,601
• Equity at exit: $22,351

10-year hold

• IRR: 4.7%
• Equity multiple: 1.40×
• Total profit: $16,816
• Equity at exit: $12,961

Cash invested: $41,972 (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 46514

• Rents YoY: 7.0%
• Active inventory: 270
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,282 high
• Mortgage (P&I): −$786
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $68

Break-even live

Break-even rent $1,196

Max offer price $149,900

Occupancy floor 90%

Sensitivity live

Price	-10% $153	-5% $110	+0% $68	+5% $25	+10% $-17
Rent	-10% $-34	-5% $17	+0% $68	+5% $118	+10% $169
Rate	-1.0pp $143	-0.5pp $106	base $68	+0.5pp $29	+1.0pp $-11

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	45d	1	0.34mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	0.44mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	45d	1	0.85mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	23d	10	0.90mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$725	$1.16	45d	2	0.94mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	45d	1	1.18mi
647 W Lexington Ave Unit C Elkhart, IN	2.0	1.0	860	$995	$1.16	23d	1	1.22mi
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	23d	1	1.26mi

Listing history 8 events

1. 2026-05-21
   status Active
2. 2025-11-17
   price $149,900
3. 2025-11-02
   price $154,900
4. 2025-10-25
   listed $159,900 Active
5. 2022-07-08
   soldstatus $100,000 Closed 36-char remark

   Show marketing remark (36 chars)

   Great 3 bedroom 1 bath starter home.

6. 2022-06-01
   listed $104,900 36-char remark

   Show marketing remark (36 chars)

   Great 3 bedroom 1 bath starter home.

7. 2022-06-01
   historical 36-char remark

   Show marketing remark (36 chars)

   Great 3 bedroom 1 bath starter home.

8. 1999-04-16
   soldstatus $66,900

ⓘ 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: $1,158 · $96/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$58/yr (+$5/mo · 5.0%)

ⓘ 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 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,385
• − Mortgage interest: −$8,397
• − Property taxes: −$1,158
• − Insurance: −$750
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$4,361
• Taxable loss: −$1,742
• Est. tax savings @ 24.0%: +$418
• After-tax cash flow: $1,231/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: Elkhart Community Schools
• NCES district ID: 1803270
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 25% ▼ -9.00%
• Median HH income: $42,881
• Composite: 18.45/100
• National rank: #8928
• State rank: #271 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): 42,389
• Household income: $65,833
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 1061.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 10%

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: ▼ -246.78%
• Current HPI: 225.6
• Rent YoY: ▲ 7.03%
• 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

+124.1% since first listed

8 events — show timeline

• 2026-05-21 Relisted — IRMLS
• 2025-11-17 Price Changed $149,900 IRMLS
• 2025-11-02 Price Changed $154,900 IRMLS
• 2025-10-25 Listed $159,900 IRMLS
• 2022-07-08 Sold (MLS) $100,000 IRMLS
• 2022-06-01 Delisted — IRMLS
• 2022-06-01 Listed $104,900 IRMLS
• 1999-04-16 Sold (Public Records) $66,900 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,158 · -3.4% YoY. Source: county tax records.