1517 Ashland Ave · Elkhart, IN 46516

$167,000

2 bd · 2.0 ba · 1,274 sqft · SingleFamily public records · 21 Days on market

Built 1920 Est $166k · at est.

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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 +14.1/30.0
• ARV discount +7.1/15.0
• DSCR +4.3/10.0
• Livability +3.4/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Great home with all the major work done just last year. Nicely remodeled new roof, windows, kitchen, both baths, and flooring throughout. HVAC units and most all the ductwork have been upgraded with furnace being high efficiency as well as the tankless water heater. Garage has new overhead and entry doors plus the minimal maintenance yard has wooden privacy fence.

Key facts

• Remodeled kitchen
• Upgraded hvac units
• New roof

Tags

• NEW ROOF
• NEW WINDOWS
• REMODELED KITCHEN
• UPGRADED HVAC UNITS
• HIGH EFFICIENCY FURNACE
• TANKLESS WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $167k.

Deal economics

• At list price, monthly cash flow is $25 ($300/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 $136k (18.9% below list).
• Recommended offer: $136k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• 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.
• Market conditions: 146 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 $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 21 days — a 2% lower offer ($164k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,519 (18.9% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $165,620
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2023 Prairie St	0.41mi	3/2.0 (+1)	1,328 (+4%)	1mo	$185,000	$139	68
919 W Wolf Ave	0.71mi	2/1.5	1,276 (+0%)	1mo	$128,000	$100	64
711 Rue St	0.48mi	3/1.0 (+1)	1,248 (-2%)	3mo	$89,900	$72	63
1537 Moyer Ave	0.61mi	2/1.0	1,292 (+1%)	4mo	$168,000	$130	62
1110 Princeton St	0.52mi	3/1.5 (+1)	1,248 (-2%)	7mo	$105,000	$84	60
1016 Princeton St	0.57mi	3/1.5 (+1)	1,353 (+6%)	3mo	$140,000	$103	54
735 W Blaine Ave	0.59mi	3/1.0 (+1)	1,232 (-3%)	8mo	$175,000	$142	51
837 Taylor St	0.62mi	3/2.0 (+1)	1,200 (-6%)	7mo	$250,000	$208	50
722 W Wolf Ave	0.53mi	2/1.0	1,144 (-10%)	7mo	$58,650	$51	48
2329 Aurora Ave	0.70mi	3/2.0 (+1)	1,200 (-6%)	8mo	$250,000	$208	46
2212 Compton Ave	0.62mi	3/1.0 (+1)	1,443 (+13%)	1mo	$190,000	$132	39
934 W Garfield Ave	0.71mi	3/1.5 (+1)	1,440 (+13%)	7mo	$180,000	$125	32

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-25,513
• Equity at exit: $24,900

10-year hold

• IRR: -6.8%
• Equity multiple: 0.56×
• Total profit: $-20,352
• Equity at exit: $14,439

Cash invested: $46,760 (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: 10.3×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$876
• Tax from tax record: −$100 /mo · $1,203/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $25

Break-even live

Break-even rent $1,324

Max offer price $167,000

Occupancy floor 93%

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 S Main St Elkhart, IN	1.0	1.0	875	$1,750	$2.00	43d	1	0.34mi
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	21d	1	0.47mi
209 S 2nd St Unit B Elkhart, IN	1.0	1.0	1200	$1,100	$0.92	43d	1	0.93mi
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	21d	1	1.00mi
2700 Ridgewood Dr Elkhart, IN	3.0	1.0–2.0	720	$1,208	$1.68	43d	1	1.07mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	21d	10	1.08mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	21d	1	1.21mi

Listing history 17 events

1. 2026-06-19
   days on market $167,000 Active 21 DOM
2. 2026-06-18
   days on market $167,000 Active 20 DOM
3. 2026-06-17
   days on market $167,000 Active 19 DOM
4. 2026-06-16
   days on market $167,000 Active 18 DOM
5. 2026-06-15
   days on market $167,000 Active 17 DOM
6. 2026-06-14
   days on market $167,000 Active 15 DOM
7. 2026-06-13
   days on market $167,000 Active 14 DOM
8. 2026-06-10
   days on market $167,000 Active 12 DOM
9. 2026-06-09
   days on market $167,000 Active 11 DOM
10. 2026-06-08
    days on market $167,000 Active 10 DOM
11. 2026-06-07
    days on market $167,000 Active 9 DOM
12. 2026-06-05
    days on market $167,000 Active 6 DOM
13. 2026-06-03
    days on market $167,000 Active 5 DOM
14. 2026-06-02
    days on market $167,000 Active 4 DOM
15. 2026-06-01
    days on market $167,000 Active 3 DOM
16. 2026-05-31
    days on market $167,000 Active 2 DOM
17. 2026-05-29
    listed $167,000 Active

ⓘ 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: $1,203 · $100/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$108/yr (+$9/mo · 9.0%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,262
• − Mortgage interest: −$9,355
• − Property taxes: −$1,203
• − Insurance: −$835
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$4,858
• Taxable loss: −$2,590
• Est. tax savings @ 24.0%: +$622
• After-tax cash flow: $922/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): 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

1 event — show timeline

• 2026-05-29 Listed $167,000 FSBO.com

Property tax history

+0.7%/yr

Latest (2025): $1,203 · +32.0% YoY. Source: county tax records.