157 Bank St · Elkhart, IN 46516

$140,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records

Built 1954 8,712 sqft lot Est $160k · 12% 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 +16.3/30.0
• ARV discount +13.1/15.0
• DSCR +5.0/10.0
• 1% rule +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

In Town Elkhart Cozy Ranch style home with 3 bedrooms and 1 bath, Eat in kitchen, Detached garage and fenced in backyard. Sold as is .

Key facts

• 8,712 sq ft lot
• Garage
• Built 1954

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $77 ($919/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 $134k (4.2% below list).
• Recommended offer: $134k (4.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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-, 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: Riverview Elementary School (math 36% / reading 31%, grade F, #631 of 994 statewide, top 64%, 458 students, 78% FRL); Pierre Moran Middle School (math 12% / reading 25%, grade F, #276 of 330 statewide, top 84%, 459 students, 75% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: 150 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $968 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,140 (4.2% below list)

Questions for the listing agent

1. Built in 1954 — 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: 0.96% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $159,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
157 Bank St	0.00mi	3/1.0	864 (0%)	0mo	$140,000	$162	100
1709 Wood St	0.13mi	2/1.0 (-1)	768 (-11%)	5mo	$165,000	$215	66
438 Goshen Ave	0.42mi	3/1.0	928 (+7%)	5mo	$95,000	$102	64
1337 Mcpherson St	0.75mi	2/1.0 (-1)	853 (-1%)	1mo	$188,500	$221	58
241 Bank St	0.14mi	2/1.0 (-1)	768 (-11%)	15mo	$150,000	$195	57
213 Riverview Ave	0.56mi	3/1.0	820 (-5%)	11mo	$140,000	$171	56
1615 E Beardsley Ave Ave	0.57mi	2/1.0 (-1)	800 (-7%)	2mo	$127,000	$159	55
2111 Sunnyside Dr	0.38mi	2/1.0 (-1)	950 (+10%)	8mo	$175,665	$185	54
1413 Mcpherson St	0.75mi	3/1.0	888 (+3%)	13mo	$195,000	$220	50
539 Goshen Ave	0.55mi	2/1.0 (-1)	968 (+12%)	12mo	$107,500	$111	39
1318 Grant St. St	0.71mi	3/1.0	976 (+13%)	8mo	$180,000	$184	38
917 Independence St	0.67mi	2/2.0 (-1)	978 (+13%)	9mo	$195,000	$199	30

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: -12.6%
• Equity multiple: 0.55×
• Total profit: $-17,778
• Equity at exit: $20,874

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-9,079
• Equity at exit: $12,105

Cash invested: $39,200 (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: 150
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,341 high
• Mortgage (P&I): −$734
• Tax from tax record: −$191 /mo · $2,287/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $77

Break-even live

Break-even rent $1,244

Max offer price $140,000

Occupancy floor 89%

Sensitivity live

Price	-10% $156	-5% $116	+0% $77	+5% $37	+10% $-3
Rent	-10% $-29	-5% $24	+0% $77	+5% $130	+10% $183
Rate	-1.0pp $147	-0.5pp $112	base $77	+0.5pp $40	+1.0pp $3

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	23d	1	0.79mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	23d	10	0.80mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	0.89mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	45d	1	1.03mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	23d	2	1.03mi
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	23d	1	1.22mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$725	$1.16	45d	2	1.35mi
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,000	$1.05	23d	1	1.36mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	45d	1	1.42mi

Listing history 2 events

1. 2026-06-02
   remarks 135-char remark
2. 2026-06-02
   listed $140,000 Pending

ⓘ 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: $2,287 · $191/mo
• Projected year-2 tax: $2,287 · $191/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $16,097
• − Mortgage interest: −$7,842
• − Property taxes: −$2,287
• − Insurance: −$700
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − Depreciation: −$4,073
• Taxable loss: −$1,381
• Est. tax savings @ 24.0%: +$331
• After-tax cash flow: $1,250/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

Property tax history

+5.2%/yr

Latest (2025): $2,287 · +9.5% YoY. Source: county tax records.