654 James St · Elkhart, IN 46516

$104,900

2 bd · 1.5 ba · 1,352 sqft · SingleFamily public records · 1 Days on market

Built 1920 3,049 sqft lot $78/sqft · 36% below area Est $164k · 36% under

---

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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

. New windows and roof, house being sold as is.

Key facts

• 3,049 sq ft lot
• 2 garage spots
• Built 1920

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Stone construction
• Exterior features: Irregular lot; Lot dimensions approximately 66 x 48

Interior

• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Wood-burning fireplace (1); Unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 11.0% vs local median 3.9% 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); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $725 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 + 3.0% rent growth), your $29k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,900

Questions for the listing agent

1. Built in 1920 — 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. 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.
6. 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.
7. 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: 1.30% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.72%
• DSCR: 1.74
• GRM: 6.4

CMA / ARV

• ARV (median comp): $163,560
• List price: $104,900
• Delta: -35.86%
• 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
1030 Middlebury St	0.25mi	1/2.0 (-1)	1,324 (-2%)	2mo	$130,000	$98	76
1102 Carolyn Ave	0.28mi	2/2.0	1,310 (-3%)	4mo	$157,000	$120	76
240 Gage Ave	0.50mi	3/1.0 (+1)	1,368 (+1%)	2mo	$200,000	$146	66
208 Alfred St	0.61mi	2/1.5	1,316 (-3%)	1mo	$194,900	$148	66
1031 Middlebury St	0.26mi	3/2.0 (+1)	1,232 (-9%)	5mo	$50,400	$41	62
1016 Princeton St	0.67mi	3/1.5 (+1)	1,353 (+0%)	3mo	$140,000	$103	62
455 James St	0.28mi	3/2.0 (+1)	1,500 (+11%)	2mo	$267,000	$178	60
137 Bank St	0.69mi	3/2.0 (+1)	1,344 (-1%)	2mo	$220,000	$164	58
229 Manor Ave	0.52mi	2/2.5	1,220 (-10%)	0mo	$189,900	$156	55
112 Crescent St	0.73mi	3/1.0 (+1)	1,264 (-6%)	1mo	$180,000	$142	47
143 Kenyon Ave	0.71mi	3/2.5 (+1)	1,514 (+12%)	4mo	$205,000	$135	35
162 Home Ave	0.75mi	3/1.0 (+1)	1,539 (+14%)	4mo	$199,000	$129	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: 7.9%
• Equity multiple: 1.31×
• Total profit: $9,056
• Equity at exit: $15,641

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $41,395
• Equity at exit: $9,070

Cash invested: $29,372 (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: 150
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,364 high
• Mortgage (P&I): −$550
• Tax from tax record: −$75 /mo · $894/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $409

Break-even live

Break-even rent $846

Max offer price $104,900

Occupancy floor 65%

Sensitivity live

Price	-10% $469	-5% $439	+0% $409	+5% $380	+10% $350
Rent	-10% $302	-5% $355	+0% $409	+5% $463	+10% $517
Rate	-1.0pp $462	-0.5pp $436	base $409	+0.5pp $382	+1.0pp $354

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	22d	1	0.75mi
1401 S Main St Elkhart, IN	1.0	1.0	875	$1,750	$2.00	45d	1	0.88mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	22d	10	1.02mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	22d	1	1.25mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	1.39mi
209 S 2nd St Unit B Elkhart, IN	1.0	1.0	1200	$1,100	$0.92	45d	1	1.39mi

Listing history 2 events

1. 2026-05-31
   status $104,900 Pending 1 DOM
2. 2026-05-09
   historical $104,900 99-char remark

ⓘ 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: $894 · $75/mo
• Projected year-2 tax: $894 · $75/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 1/10 Low FEMA zone X (unshaded) · 0% 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,369
• − Mortgage interest: −$5,876
• − Property taxes: −$894
• − Insurance: −$524
• − Repairs & maintenance: −$1,310
• − Management: −$1,310
• − Depreciation: −$3,052
• Taxable income: $3,404
• Est. tax owed @ 24.0%: −$817
• After-tax cash flow: $4,095/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

+0.0% since first listed

3 events — show timeline

• 2026-05-30 Pending — IRMLS
• 2026-05-29 Listed $104,900 IRMLS
• 2026-05-09 Coming Soon $104,900 IRMLS

Property tax history

+10.3%/yr

Latest (2025): $894 · +58.0% YoY. Source: county tax records.