Fairmont 139 Boardwalk Plan · Elkhart, IN 46514

$35,400

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 57 Days on market

Fair condition

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Own your own home in a quiet, well-maintained neighborhood! This 2 bed/2 bath home was manufactured in 1995. You could pay less to own your own home than you are to rent an apartment.

Key facts

• Listed 57 days

Property features AI

Finance

• Other: Active listing (modified May 30, 2026)
• Financial info: List price: $35,400

Exterior

• Utilities: Natural gas; Central air
• Home design: Plan: Fairmont 139 Boardwalk; Model listed as Fairmont 139 Boardwalk
• Exterior features: Shake roof

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Open living area

🏗️ New construction. The $35,400 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $113,082.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $35k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: Rents rising fast (+7.0%/yr); 269 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $781 of loan paydown is wiped out by about $3k 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 + 7.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price.

Recommended offer $34,338 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $113,082
• List price: $35,400
• Delta: -68.70%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25567 Homewood Ave	0.38mi	2/1.0	1,034 (-2%)	9mo	$87,000	$84	67
25621 North Park Ave	0.44mi	3/2.0 (+1)	1,028 (-3%)	23mo	$96,000	$93	51

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-3,910
• Equity at exit: $16,861

10-year hold

• IRR: 10.6%
• Equity multiple: 1.98×
• Total profit: $30,951
• Equity at exit: $9,777

Cash invested: $31,663 (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: 269
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,177 high
• Mortgage (P&I): −$593
• Tax est. 1.5%: −$141 /mo · $1,696/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $148

Break-even live

Break-even rent $989

Max offer price $113,082

Occupancy floor 82%

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: $28,270
• Closing costs: $3,392
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$875	$0.92	21d	1	0.18mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	21d	2	0.50mi
1308 County Road 6 E Elkhart, IN	2.0	1.0	868	$1,245	$1.43	43d	1	0.96mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	21d	1	1.14mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	43d	1	1.25mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	44d	1	1.48mi

Listing history 18 events

1. 2026-06-19
   days on market $35,400 Active 57 DOM
2. 2026-06-18
   days on market $35,400 Active 56 DOM
3. 2026-06-17
   days on market $35,400 Active 55 DOM
4. 2026-06-16
   days on market $35,400 Active 54 DOM
5. 2026-06-15
   days on market $35,400 Active 53 DOM
6. 2026-06-14
   days on market $35,400 Active 51 DOM
7. 2026-06-13
   days on market $35,400 Active 50 DOM
8. 2026-06-10
   days on market $35,400 Active 48 DOM
9. 2026-06-09
   days on market $35,400 Active 47 DOM
10. 2026-06-08
    days on market $35,400 Active 46 DOM
11. 2026-06-07
    days on market $35,400 Active 45 DOM
12. 2026-06-05
    days on market $35,400 Active 42 DOM
13. 2026-06-03
    days on market $35,400 Active 41 DOM
14. 2026-06-02
    days on market $35,400 Active 40 DOM
15. 2026-06-01
    days on market $35,400 Active 39 DOM
16. 2026-05-31
    days on market $35,400 Active 38 DOM
17. 2026-05-30
    days on market $35,400 Active 37 DOM
18. 2026-04-23
    listed $35,400 Active 183-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,120
• − Mortgage interest: −$6,334
• − Property taxes: −$1,696
• − Insurance: −$565
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$3,290
• Taxable loss: −$25
• Est. tax savings @ 24.0%: +$6
• After-tax cash flow: $1,783/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 3-bedroom, 2-bathroom manufactured home in a quiet neighborhood requires moderate repairs and maintenance to improve its condition and value.

Repairs flagged

• Minor Paint — Painted walls show some wear
• Minor Exterior siding — Some discoloration

Value-add opportunities

• Both Painting — Improves curb appeal and interior aesthetics
• Both Landscaping — Enhances curb appeal and property value
• Both New flooring — Updates the look and feel of the home
• Both Kitchen appliances — Modernizes the kitchen and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Painted walls show some wear	Minor	$500–3,000
Exterior siding · Some discoloration	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting — Improves curb appeal and interior aesthetics ↑
• Both Landscaping — Enhances curb appeal and property value ↑
• Both New flooring — Updates the look and feel of the home ↑
• Both Kitchen appliances — Modernizes the kitchen and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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: 31,598
• 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