1805 Marvin Gdns · Elkhart, IN 46514

$60,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 93 Days on market

Manufactured home Built 2026 Good condition $41/sqft · 59% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Manufactured-home adj. -5.9

Listing remarks

This 1997-built gem is the ultimate find for first-time buyers or anyone hunting for a true bargain. Featuring a spacious 3-bedroom, 2-bathroom layout, the home boasts a master suite with both a luxurious garden tub and a stand-in shower. Natural light pours through the sliding glass door, illuminating a functional kitchen equipped with a dishwasher. Practical perks like a gas dryer hookup and a newer outdoor shed for extra storage make life easy and efficient. Move-in ready and priced to sell, this home offers unbeatable comfort without the hefty price tag—act fast before this deal is gone!

Key facts

• Built 2026
• Listed 93 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 4.1% 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: Osolo Elementary School (math 20% / reading 18%, grade F, #829 of 994 statewide, top 84%, 490 students, 76% FRL); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 403 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $415 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 + 7.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.

Recommended offer $54,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.86% ✓
• Cap rate: 15.62%
• Cash-on-cash: 33.31%
• DSCR: 2.48
• GRM: 4.5

CMA / ARV

• ARV (median comp): $147,080
• List price: $60,000
• Delta: -59.21%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25025 Dunny St	0.28mi	3/2.0	1,568 (+8%)	9mo	$192,500	$123	67
1909 Grover St	0.74mi	3/2.0	1,349 (-7%)	11mo	$137,000	$102	44
54085 Independence St	0.67mi	3/1.0	1,652 (+14%)	10mo	$150,000	$91	34
25884 Modrell Ave	1.06mi	3/2.0	1,296 (-11%)	16mo	$156,250	$121	33
26085 Gerald St	0.89mi	2/2.0 (-1)	1,188 (-18%)	20mo	$160,000	$135	18

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: 33.1%
• Equity multiple: 2.47×
• Total profit: $24,700
• Equity at exit: $8,946

10-year hold

• IRR: 42.2%
• Equity multiple: 5.81×
• Total profit: $80,802
• Equity at exit: $5,188

Cash invested: $16,800 (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 →

Active competition Active MLS

• For sale now: 54 active
• Median asking: $134,560 ($93/sqft)
• Median days on market: 16 d
• This list price: 7% of active listings are priced below it
• ARV vs active asking: +8.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46514

• Rents YoY: 7.0%
• Active inventory: 403
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,115 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $466

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 53%

Sensitivity live

Price	-10% $508	-5% $487	+0% $466	+5% $446	+10% $425
Rent	-10% $378	-5% $422	+0% $466	+5% $510	+10% $554
Rate	-1.0pp $497	-0.5pp $482	base $466	+0.5pp $451	+1.0pp $435

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: $15,000
• Closing costs: $1,800
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,000	$1.05	70d	1	0.49mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	70d	2	0.84mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	93d	1	1.22mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	70d	1	1.47mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	93d	1	1.48mi

Property features AI

Finance

• Financial info: Listing status: ActiveList price: $65,000

Exterior

• Home design: Single-family spec home — CENTURY 443 Parke Place (plan name)
• Construction: Living area approximately 1,456
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioningCeiling fans
• Interior features: 2 total bathrooms

Listing history 35 events

1. 2026-07-09
   days on market $60,000 Active 93 DOM
2. 2026-07-08
   days on market $60,000 Active 92 DOM
3. 2026-07-07
   days on market $60,000 Active 91 DOM
4. 2026-07-06
   days on market $60,000 Active 90 DOM
5. 2026-07-05
   days on market $60,000 Active 89 DOM
6. 2026-07-04
   days on market $60,000 Active 88 DOM
7. 2026-07-03
   days on market $60,000 Active 87 DOM
8. 2026-07-02
   days on market $60,000 Active 86 DOM
9. 2026-07-01
   days on market $60,000 Active 85 DOM
10. 2026-06-30
    days on market $60,000 Active 84 DOM
11. 2026-06-29
    days on market $60,000 Active 83 DOM
12. 2026-06-28
    days on market $60,000 Active 82 DOM
13. 2026-06-28
    days on market $60,000 Active 81 DOM
14. 2026-06-27
    days on market $60,000 Active 80 DOM
15. 2026-06-26
    days on market $60,000 Active 79 DOM
16. 2026-06-23
    days on market $60,000 Active 76 DOM
17. 2026-06-21
    days on market $60,000 Active 75 DOM
18. 2026-06-19
    days on market $60,000 Active 73 DOM
19. 2026-06-18
    days on market $60,000 Active 72 DOM
20. 2026-06-17
    days on market $60,000 Active 71 DOM
21. 2026-06-16
    days on market $60,000 Active 70 DOM
22. 2026-06-15
    days on market $60,000 Active 69 DOM
23. 2026-06-14
    days on market $60,000 Active 67 DOM
24. 2026-06-13
    days on market $60,000 Active 66 DOM
25. 2026-06-10
    days on market $60,000 Active 64 DOM
26. 2026-06-09
    days on market $60,000 Active 63 DOM
27. 2026-06-08
    days on market $60,000 Active 62 DOM
28. 2026-06-07
    days on market $60,000 Active 61 DOM
29. 2026-06-05
    days on market $60,000 Active 58 DOM
30. 2026-06-03
    days on market $60,000 Active 57 DOM
31. 2026-06-02
    days on market $60,000 Active 56 DOM
32. 2026-06-01
    days on market $60,000 Active 55 DOM
33. 2026-05-31
    days on market $60,000 Active 54 DOM
34. 2026-05-30
    days on market $60,000 Active 53 DOM
35. 2026-04-07
    listed $65,000 Active 604-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: $13,382
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − Depreciation: −$1,745
• Taxable income: $4,934
• Est. tax owed @ 24.0%: −$1,184
• After-tax cash flow: $4,412/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

Good 80/100 Cosmetic rehab Est. rehab $7,280–$21,840 screening

This 1997-built manufactured home is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet — Improves comfort and appearance ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 25/100

Zoned Schools

Elementary Osolo Elementary School F IN #829/994 Nat'l #34,564/41,679 Middle North Side Middle School F IN #263/330 Nat'l #11,007/14,009 High Elkhart High School F IN #285/369 Nat'l #10,121/17,239

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

C Composite livability gradescore 68/100

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 · 213,761 people
• City population: 74,260
• Metro: Elkhart-Goshen, IN
• Population (ZIP): 42,389
• Household income: $65,833
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 8% of renters

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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%

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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%

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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

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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 features AI

Finance

• Financial info: Listing status: ActiveList price: $65,000

Exterior

• Home design: Single-family spec home — CENTURY 443 Parke Place (plan name)
• Construction: Living area approximately 1,456
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioningCeiling fans
• Interior features: 2 total bathrooms