415 N 2nd St · Elkhart, IN 46516

$179,900

5 bd · 4.5 ba · 2,182 sqft · MultiFamily public records · 99 Days on market

Built 1908 6,752 sqft lot $82/sqft · 17% above area Est $154k · 17% over

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Monthly cash flow and potential on this one! This four unit has lots of potential income, growth and many upgrades in the building have already been completed. The building features four apartments. . new roof in 2024 and windows in 2023, flooring, furnace (7yr) water heater (1yr) and kitchen upgrades throughout, the electric has been upgraded and individually metered. Broker Owned . .. Listing Agent is related to Seller Minimum 48 hour notice for showings.

Key facts

• Kitchen upgrades
• Electric upgraded
• Flooring upgrades

Tags

• NEW ROOF
• WINDOWS
• FLOORING UPGRADES
• KITCHEN UPGRADES
• ELECTRIC UPGRADED
• INDIVIDUAL METERS

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $610/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $180k).
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.9% 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: 146 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).
• At $4,739/mo this rent would consume 101% of the median local household income ($56k/yr) (locally 995% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 9y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $180k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.63% ✓
• Cap rate: 22.94%
• Cash-on-cash: 59.46%
• DSCR: 3.65
• GRM: 3.2

CMA / ARV

• ARV (median comp): $153,510
• List price: $179,900
• Delta: 17.19%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N 2nd St	0.18mi	4/4.0 (-1)	2,442 (+12%)	4mo	$111,100	$45	61
607 W Marion St	0.68mi	4/4.0 (-1)	2,028 (-7%)	5mo	$95,000	$47	46
1041 Cassopolis St	0.50mi	4/3.0 (-1)	1,944 (-11%)	5mo	$155,000	$80	44
657 Milwaukee Ave	0.54mi	6/2.0 (+1)	2,016 (-8%)	9mo	$135,000	$67	39
313/315 N Riverside Dr	0.38mi	6/2.0 (+1)	2,448 (+12%)	12mo	$212,000	$87	37
529 W Marion St	0.66mi	4/4.0 (-1)	2,477 (+14%)	11mo	$125,000	$50	31

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: 56.7%
• Equity multiple: 3.51×
• Total profit: $126,388
• Equity at exit: $26,824

10-year hold

• IRR: 61.7%
• Equity multiple: 7.17×
• Total profit: $310,639
• Equity at exit: $15,554

Cash invested: $50,372 (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: 12.7×

Monthly cashflow live

• Estimated rent: $4,739 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$229 /mo · $2,754/yr
• Insurance: −$75
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$995
• Net cashflow: $2,440

Break-even live

Break-even rent $1,650

Max offer price $179,900

Occupancy floor 44%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	1	$4,740
Total (4 units)			$4,739

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 N Michigan St Elkhart, IN	4.0	2.0	1952	$2,499	$1.28	20d	1	0.46mi

Listing history 40 events

1. 2026-06-19
   days on market $179,900 Active 99 DOM
2. 2026-06-18
   days on market $179,900 Active 98 DOM
3. 2026-06-17
   days on market $179,900 Active 97 DOM
4. 2026-06-16
   days on market $179,900 Active 96 DOM
5. 2026-06-15
   days on market $179,900 Active 95 DOM
6. 2026-06-14
   days on market $179,900 Active 93 DOM
7. 2026-06-13
   remarks 693-char remark
8. 2026-06-13
   days on market $179,900 Active 92 DOM
9. 2026-06-10
   days on market $179,900 Active 90 DOM
10. 2026-06-09
    days on market $179,900 Active 89 DOM
11. 2026-06-08
    days on market $179,900 Active 88 DOM
12. 2026-06-07
    days on market $179,900 Active 87 DOM
13. 2026-06-05
    days on market $179,900 Active 84 DOM
14. 2026-06-03
    days on market $179,900 Active 83 DOM
15. 2026-06-03
    price $179,900 Active 82 DOM
16. 2026-06-02
    days on market $184,900 Active 82 DOM
17. 2026-06-01
    days on market $184,900 Active 81 DOM
18. 2026-05-31
    days on market $184,900 Active 80 DOM
19. 2026-05-30
    days on market $184,900 Active 79 DOM
20. 2026-05-07
    price $184,900 461-char remark

    Show marketing remark (461 chars)

    Monthly cash flow and potential on this one! This four unit has lots of potential income, growth and many upgrades in the building have already been completed. The building features four apartments. . new roof in 2024 and windows in 2023, flooring, furnace (7yr) water heater (1yr) and kitchen upgrades throughout, the electric has been upgraded and individually metered. Broker Owned . .. Listing Agent is related to Seller Minimum 48 hour notice for showings.

21. 2026-04-01
    price $189,900 461-char remark

    Show marketing remark (461 chars)

    Monthly cash flow and potential on this one! This four unit has lots of potential income, growth and many upgrades in the building have already been completed. The building features four apartments. . new roof in 2024 and windows in 2023, flooring, furnace (7yr) water heater (1yr) and kitchen upgrades throughout, the electric has been upgraded and individually metered. Broker Owned . .. Listing Agent is related to Seller Minimum 48 hour notice for showings.

22. 2026-03-11
    listed $199,900 Active 461-char remark

    Show marketing remark (461 chars)

    Monthly cash flow and potential on this one! This four unit has lots of potential income, growth and many upgrades in the building have already been completed. The building features four apartments. . new roof in 2024 and windows in 2023, flooring, furnace (7yr) water heater (1yr) and kitchen upgrades throughout, the electric has been upgraded and individually metered. Broker Owned . .. Listing Agent is related to Seller Minimum 48 hour notice for showings.

23. 2025-11-05
    historical $700
24. 2025-10-14
    listed $700
25. 2025-10-03
    historical $700
26. 2025-09-18
    listed $700
27. 2025-07-27
    historical $700
28. 2025-07-05
    listed $700
29. 2024-08-16
    historical $700
30. 2024-07-31
    listed $700
31. 2024-03-24
    historical $600
32. 2024-02-23
    price $600
33. 2023-11-06
    listed $650
34. 2023-10-29
    historical $650
35. 2023-10-20
    price $650
36. 2023-09-03
    listed
37. 2023-08-30
    historical
38. 2022-11-18
    historical
39. 2017-07-28
    soldstatus $21,600 255-char remark

    Show marketing remark (255 chars)

    Good rental history on this 4 unit. Currently rented for $1800 per month ($21,600/yr). Owner is selling his portfolio of 21 buildings. Subject to tenant's rights. Cash offers only! Wants them all gone by August 1st. Proof of funds required before showing

40. 2017-06-01
    listed $24,900 255-char remark

    Show marketing remark (255 chars)

    Good rental history on this 4 unit. Currently rented for $1800 per month ($21,600/yr). Owner is selling his portfolio of 21 buildings. Subject to tenant's rights. Cash offers only! Wants them all gone by August 1st. Proof of funds required before showing

ⓘ 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: $2,754 · $229/mo
• Projected year-2 tax: $2,754 · $229/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 10/10 Extreme FEMA zone X (shaded) · 99% 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: $56,868
• − Mortgage interest: −$10,077
• − Property taxes: −$2,754
• − Insurance: −$1,566
• − Repairs & maintenance: −$4,549
• − Management: −$4,549
• − Depreciation: −$5,233
• Taxable income: $28,139
• Est. tax owed @ 24.0%: −$6,753
• After-tax cash flow: $22,532/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

+642.6% since first listed

21 events — show timeline

• 2026-05-07 Price Changed $184,900 IRMLS
• 2026-04-01 Price Changed $189,900 IRMLS
• 2026-03-11 Listed $199,900 IRMLS
• 2025-11-05 Rental Removed $700 APPFOLIO
• 2025-10-14 Listed for Rent $700 APPFOLIO
• 2025-10-03 Rental Removed $700 APPFOLIO
• 2025-09-18 Listed for Rent $700 APPFOLIO
• 2025-07-27 Rental Removed $700 APPFOLIO
• 2025-07-05 Listed for Rent $700 APPFOLIO
• 2024-08-16 Rental Removed $700 APPFOLIO
• 2024-07-31 Listed for Rent $700 APPFOLIO
• 2024-03-24 Rental Removed $600 BUILDIUM
• 2024-02-23 Price Changed $600 BUILDIUM
• 2023-11-06 Listed for Rent $650 BUILDIUM
• 2023-10-29 Rental Removed $650 BUILDIUM
• 2023-10-20 Price Changed $650 BUILDIUM
• 2023-09-03 Listed for Rent — BUILDIUM
• 2023-08-30 Rental Removed — BUILDIUM
• 2022-11-18 Rental Removed — BUILDIUM
• 2017-07-28 Sold (MLS) $21,600 IRMLS
• 2017-06-01 Listed $24,900 IRMLS

Property tax history

+1.6%/yr

Latest (2025): $2,754 · +20.9% YoY. Source: county tax records.