3439 Calumet Ave S · Elkhart, IN 46514

$225,000

4 bd · 2.5 ba · 2,948 sqft · SingleFamily public records · 15 Days on market

Built 1963 0.59 ac lot $76/sqft · 15% below area Est $307k · 27% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.7/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful Opportunity for a Fixer Upper. . Great space, on a large lot. Waiting for the next owner to make it theirs. Metal Roof approx 5 years old, HVAC 2021. Currently Drive-by Only.

Key facts

• Metal roof
• Hvac
• Large lot

Tags

• LARGE LOT
• METAL ROOF
• HVAC

Property features AI

Exterior

• Parking: Driveway; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story home; Built in 1963; Property listed as fixer
• Construction: Aluminum siding and brick exterior; Metal roof; Has basement
• Exterior features: Neighborhood view; Lot information from public records

Interior

• Kitchen: Kitchen (includes standard appliances)
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Office
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heat; Central air conditioning
• Interior features: Partially finished basement with crawl space, storage space and sump pump; Other interior features
• Laundry & utility: Washer and Dryer; Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/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 $219k (2.6% below list).
• Recommended offer: $219k (2.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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: Rents rising fast (+7.0%/yr); 269 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 40% of the median local income ($66k/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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $154k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $219,103 (2.6% below list)

Questions for the listing agent

1. Built in 1963 — 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: 0.97% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.20%
• DSCR: 1.23
• GRM: 8.6

CMA / ARV

• ARV (median comp): $306,714
• List price: $225,000
• Delta: -26.64%
• 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
1207 Briarwood Dr	0.04mi	4/2.5	2,894 (-2%)	1mo	$300,000	$104	94
1604 East Lake Dr West Dr	0.63mi	4/3.0	2,951 (+0%)	1mo	$325,000	$110	68
3220 E Jackson Blvd	0.43mi	4/2.0	2,898 (-2%)	9mo	$260,000	$90	68
3424 E Bristol St	0.25mi	3/2.5 (-1)	2,577 (-13%)	3mo	$435,000	$169	60
3404 E Jackson Blvd	0.41mi	4/2.0	2,722 (-8%)	10mo	$290,000	$107	58
1520 E Lake Dr	0.49mi	3/2.0 (-1)	2,800 (-5%)	5mo	$259,000	$93	57
54865 W Shorelane	0.47mi	3/2.5 (-1)	3,188 (+8%)	4mo	$570,000	$179	56
1600 Greenbrier Dr	0.74mi	4/2.5	2,977 (+1%)	10mo	$285,000	$96	56
1501 Ash Drive Dr W	0.49mi	3/2.0 (-1)	2,710 (-8%)	10mo	$255,000	$94	49
1558 N Bay Dr	0.62mi	3/1.5 (-1)	2,688 (-9%)	3mo	$292,000	$109	45
2905 Neff St	0.46mi	3/2.0 (-1)	2,592 (-12%)	10mo	$278,500	$107	43
2822 Calumet Ave	0.49mi	3/1.0 (-1)	2,578 (-13%)	11mo	$233,500	$91	36

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: -4.0%
• Equity multiple: 0.84×
• Total profit: $-9,871
• Equity at exit: $33,548

10-year hold

• IRR: 9.6%
• Equity multiple: 1.87×
• Total profit: $54,888
• Equity at exit: $19,454

Cash invested: $63,000 (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 46514

• Rents YoY: 7.0%
• Active inventory: 269
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,191 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$184 /mo · $2,214/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $273

Break-even live

Break-even rent $1,846

Max offer price $225,000

Occupancy floor 83%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1626 Osolo Rd Elkhart, IN	4.0	2.0	2190	$2,595	$1.18	21d	1	1.23mi
54271 Stonebridge Dr Elkhart, IN	4.0	2.5	3000	$2,300	$0.77	21d	1	1.50mi

Listing history 15 events

1. 2026-06-17
   status $225,000 Pending 15 DOM
2. 2026-06-16
   days on market $225,000 Active 15 DOM
3. 2026-06-15
   days on market $225,000 Active 14 DOM
4. 2026-06-14
   days on market $225,000 Active 12 DOM
5. 2026-06-13
   days on market $225,000 Active 11 DOM
6. 2026-06-10
   days on market $225,000 Active 9 DOM
7. 2026-06-09
   days on market $225,000 Active 8 DOM
8. 2026-06-08
   days on market $225,000 Active 7 DOM
9. 2026-06-07
   days on market $225,000 Active 6 DOM
10. 2026-06-05
    days on market $225,000 Active 3 DOM
11. 2026-06-03
    days on market $225,000 Active 2 DOM
12. 2026-06-02
    days on marketlisting id $225,000 Active 1 DOM
13. 2026-05-08
    listed $225,000 Active 185-char remark
14. 2002-11-19
    soldstatus $153,900
15. 1999-04-01
    soldstatus $119,900

ⓘ 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: $2,214 · $184/mo
• Projected year-2 tax: $2,214 · $184/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 2/10 Low 7 d/yr ≥100°F today · 15 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: $26,292
• − Mortgage interest: −$12,603
• − Property taxes: −$2,214
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,103
• − Management: −$2,103
• − Depreciation: −$6,545
• Taxable loss: −$402
• Est. tax savings @ 24.0%: +$97
• After-tax cash flow: $3,369/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

• County: Elkhart County · 107,928 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: 1061.0

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: 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%

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

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

+87.7% since first listed

6 events — show timeline

• 2026-06-16 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-01 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2002-11-19 Sold (Public Records) $153,900 Public Records
• 1999-04-01 Sold (Public Records) $119,900 Public Records

Property tax history

+1.7%/yr

Latest (2025): $2,214 · -8.0% YoY. Source: county tax records.