154 N 6th St · Elkhart, IN 46516

$67,500

3 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 314 Days on market

Built 1900 2,614 sqft lot $41/sqft · 26% below area Est $91k · 26% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

* Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

Key facts

• restaurants
• parks
• entertainment

Tags

• MINUTES FROM DOWNTOWN ELKHART
• SHOPS
• RESTAURANTS
• PARKS
• ENTERTAINMENT
• QUIET NEIGHBORHOOD FEEL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.0% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 33% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $8k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $68k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 2.32% ✓
• Cap rate: 18.98%
• Cash-on-cash: 45.32%
• DSCR: 3.02
• GRM: 3.6

CMA / ARV

• ARV (median comp): $91,310
• List price: $67,500
• Delta: -26.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 Myrtle St	0.35mi	3/1.5	1,676 (+3%)	1mo	$250,000	$149	77
510 W Franklin St	0.26mi	2/1.0 (-1)	1,703 (+4%)	2mo	$105,000	$62	74
300 Union St	0.49mi	3/1.0	1,589 (-3%)	2mo	$60,000	$38	71
413 N Vine St	0.51mi	3/1.5	1,564 (-4%)	0mo	$220,000	$141	67
531 W Beardsley Ave	0.48mi	2/2.0 (-1)	1,596 (-2%)	3mo	$125,000	$78	62
182 S Shore Dr	0.42mi	3/2.0	1,500 (-8%)	1mo	$257,000	$171	62
505 N Vine St	0.53mi	3/2.0	1,550 (-5%)	2mo	$205,000	$132	61
915 Fulton St	0.44mi	3/1.0	1,418 (-13%)	2mo	$90,000	$63	56
501 N Ward St	0.59mi	3/1.0	1,387 (-15%)	4mo	$69,000	$50	44
1217 Bower St	0.67mi	3/2.0	1,836 (+12%)	4mo	$192,500	$105	40
1118 Cedar St	0.61mi	3/2.0	1,400 (-14%)	5mo	$55,000	$39	40
1150 Bresseau St	0.62mi	4/2.0 (+1)	1,872 (+15%)	1mo	$259,900	$139	37

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: 7.5%
• Equity multiple: 1.29×
• Total profit: $5,537
• Equity at exit: $10,064

10-year hold

• IRR: 17.1%
• Equity multiple: 2.43×
• Total profit: $26,980
• Equity at exit: $5,836

Cash invested: $18,900 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,563 high
• Mortgage (P&I): −$354
• Tax from tax record: −$139 /mo · $1,665/yr
• Insurance: −$28
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $253

Break-even live

Break-even rent $1,242

Max offer price $67,500

Occupancy floor 79%

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	21d	1	0.25mi
721 N Michigan St Elkhart, IN	4.0	2.0	1952	$2,499	$1.28	21d	1	0.53mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	21d	10	0.76mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	44d	1	0.95mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	21d	1	0.95mi
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	21d	6	1.39mi

Listing history 25 events

1. 2026-06-19
   days on market $67,500 Active 314 DOM
2. 2026-06-18
   days on market $67,500 Active 313 DOM
3. 2026-06-17
   days on market $67,500 Active 312 DOM
4. 2026-06-16
   days on market $67,500 Active 311 DOM
5. 2026-06-15
   days on market $67,500 Active 310 DOM
6. 2026-06-14
   days on market $67,500 Active 308 DOM
7. 2026-06-13
   days on market $67,500 Active 307 DOM
8. 2026-06-10
   days on market $67,500 Active 305 DOM
9. 2026-06-09
   days on market $67,500 Active 304 DOM
10. 2026-06-08
    days on market $67,500 Active 303 DOM
11. 2026-06-07
    days on market $67,500 Active 302 DOM
12. 2026-06-05
    days on market $67,500 Active 299 DOM
13. 2026-06-03
    days on market $67,500 Active 298 DOM
14. 2026-06-02
    days on market $67,500 Active 297 DOM
15. 2026-06-01
    days on market $67,500 Active 296 DOM
16. 2026-05-31
    days on market $67,500 Active 295 DOM
17. 2026-05-30
    days on market $67,500 Active 294 DOM
18. 2026-05-07
    status Active 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

19. 2026-05-07
    historical 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

20. 2026-04-14
    status Active 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

21. 2026-03-11
    status Active 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

22. 2026-02-21
    price $72,500 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

23. 2025-10-02
    price $73,500 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

24. 2025-08-10
    listed $75,000 Active 361-char remark

    Show marketing remark (361 chars)

    * Seller financing available * Check out this 4-bedroom 1-bathroom house. Just minutes from downtown Elkhart, with shops, restaurants, parks, and entertainment just around the corner, this home is ideal for anyone looking to be close to the action while still enjoying a quiet neighborhood feel. Don’t miss your chance to make it yours! See agent remarks

25. 2002-01-14
    soldstatus $29,000

ⓘ 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: $1,665 · $139/mo
• Projected year-2 tax: $1,665 · $139/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 AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 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: $18,754
• − Mortgage interest: −$3,781
• − Property taxes: −$1,665
• − Insurance: −$5,862
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − Depreciation: −$1,964
• Taxable income: $2,481
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $2,445/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

+150.0% since first listed

8 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-14 Relisted — IRMLS
• 2026-03-11 Relisted — IRMLS
• 2026-02-21 Price Changed $72,500 IRMLS
• 2025-10-02 Price Changed $73,500 IRMLS
• 2025-08-10 Listed $75,000 IRMLS
• 2002-01-14 Sold (Public Records) $29,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,665 · +22.6% YoY. Source: county tax records.