25945 Heatherfield Dr · Simonton Lake, IN 46514

$120,000

3 bd · 2.0 ba · 1,473 sqft · SingleFamily public records · 3 Days on market

Built 1996 0.45 ac lot

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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 +26.7/30.0
• DSCR +9.1/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home! Spacious Open Floorplan, Vaulted Ceilings, Covered Front Porch, Lower Level is Partially Finished With Extra Living Space. Newly Landscaped, Large Fenced Backyard & Deck, New Water Heater July 2021. Close to Shopping & Restaurants!

Key facts

• 0.45 acre lot
• 2 garage spots
• Built 1996

Property features AI

Finance

• Financial info: Annual tax amount reported
• HOA & community: Located in Heatherfield subdivision

Exterior

• Parking: Attached 2-car garage
• Utilities: Private well water; Private sewer
• Home design: Single-family, site-built home; One-story
• Construction: Vinyl siding; Concrete perimeter foundation; Built area above grade: 1,463
• Exterior features: Fenced yard (full); Located on a cul-de-sac; Level lot

Interior

• Bedrooms: Total of 6 rooms (bedrooms and living areas combined)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: No heating system specified; No cooling system specified
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 9.5% vs local median 1.9% in Simonton Lake — 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 66/100 on livability (#269 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• 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: Mary Feeser Elementary School (math 21% / reading 21%, grade F, #807 of 994 statewide, top 81%, 504 students, 61% 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: Rents rising fast (+7.0%/yr); 269 active listings in the ZIP; 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 $830 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.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y ago 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.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $120,000

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
5. 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.
6. 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: 1.34% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.57%
• DSCR: 1.51
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $293,127
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25945 Heatherfield Dr	0.00mi	2/1.0 (-1)	1,463 (-1%)	0mo	$126,000	$86	90
26010 N Shore Dr	0.20mi	2/2.0 (-1)	1,514 (+3%)	10mo	$596,000	$394	73
25901 Northland Crossing Dr	0.13mi	3/2.5	1,422 (-4%)	24mo	$275,000	$193	66
51248 N Shore Dr	0.66mi	3/3.0	1,482 (+1%)	8mo	$625,000	$422	57
26229 Northland Crossing Dr	0.32mi	3/2.0	1,371 (-7%)	20mo	$315,000	$230	56
26224 Quail Ridge Dr	0.29mi	3/2.0	1,664 (+13%)	18mo	$245,000	$147	50
71092 Autumn Dr	0.63mi	3/2.0	1,404 (-5%)	18mo	$320,000	$228	48
26403 Cottage Ave	0.56mi	3/2.0	1,358 (-8%)	20mo	$270,000	$199	44
25413 N Shore Dr	0.54mi	3/2.0	1,603 (+9%)	23mo	$355,000	$221	41
50560 Briarton Ct	0.74mi	3/2.0	1,554 (+6%)	21mo	$255,000	$164	39
51094 State Road 19	0.63mi	4/1.0 (+1)	1,548 (+5%)	20mo	$190,000	$123	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 · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.24×
• Total profit: $8,052
• Equity at exit: $17,892

10-year hold

• IRR: 18.9%
• Equity multiple: 2.91×
• Total profit: $64,146
• Equity at exit: $10,375

Cash invested: $33,600 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,604 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$264 /mo · $3,167/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $324

Break-even live

Break-even rent $1,194

Max offer price $120,000

Occupancy floor 75%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   listed $120,000 Active
3. 2021-08-23
   soldstatus $160,000 257-char remark

   Show marketing remark (257 chars)

   Welcome Home! Spacious Open Floorplan, Vaulted Ceilings, Covered Front Porch, Lower Level is Partially Finished With Extra Living Space. Newly Landscaped, Large Fenced Backyard & Deck, New Water Heater July 2021. Close to Shopping & Restaurants!

4. 2021-07-16
   listed $159,000 257-char remark

   Show marketing remark (257 chars)

   Welcome Home! Spacious Open Floorplan, Vaulted Ceilings, Covered Front Porch, Lower Level is Partially Finished With Extra Living Space. Newly Landscaped, Large Fenced Backyard & Deck, New Water Heater July 2021. Close to Shopping & Restaurants!

5. 2020-03-30
   soldstatus $110,000 64-char remark

   Show marketing remark (64 chars)

   Open Concept Layout, Vaulted Ceiling, and Large Fenced Backyard.

6. 2020-02-21
   listed $116,000 64-char remark

   Show marketing remark (64 chars)

   Open Concept Layout, Vaulted Ceiling, and Large Fenced Backyard.

ⓘ 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: $3,167 · $264/mo
• Projected year-2 tax: $3,167 · $264/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: $19,249
• − Mortgage interest: −$6,722
• − Property taxes: −$3,167
• − Insurance: −$600
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$3,491
• Taxable income: $2,189
• Est. tax owed @ 24.0%: −$525
• After-tax cash flow: $3,363/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 — Simonton Lake

• Score: 66/100
• State rank: #269
• US rank: #11326

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment B Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Simonton Lake, IN
• County: Elkhart County · 107,928 people
• 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

+3.4% since first listed

6 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-05-11 Listed $120,000 IRMLS
• 2021-08-23 Sold (MLS) $160,000 IRMLS
• 2021-07-16 Listed $159,000 IRMLS
• 2020-03-30 Sold (MLS) $110,000 IRMLS
• 2020-02-21 Listed $116,000 IRMLS

Property tax history

+12.7%/yr

Latest (2025): $3,167 · -1.4% YoY. Source: county tax records.