814 Cassopolis St · Elkhart, IN 46514

$110,900

2 bd · 1.0 ba · 765 sqft · SingleFamily public records · 90 Days on market

Built 1896 5,227 sqft lot $145/sqft · at area comps Est $111k · at est. ↓ 11% since listing

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Why this score? — see what drove the D 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 +13.7/30.0
• ARV discount +7.6/15.0
• 1% rule +4.3/10.0
• Rent growth +4.3/5.0
• DSCR +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Key facts

• 5,227 sq ft lot
• Garage
• Built 1896

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $111k.

Deal economics

• At list price, monthly cash flow is $9 ($106/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 $103k (7.1% below list).
• Recommended offer: $103k (7.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 20 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $767 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.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($104k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,984 (7.1% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.93% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.34%
• DSCR: 1.02
• GRM: 9.0

CMA / ARV

• ARV (median comp): $111,137
• List price: $110,900
• Delta: -0.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330 E Simonton St	0.30mi	2/1.0	794 (+4%)	8mo	$65,000	$82	73
1232 N Main St	0.43mi	2/1.0	768 (+0%)	10mo	$128,750	$168	71
732 Marine Ave	0.40mi	2/1.0	720 (-6%)	3mo	$100,000	$139	69
1057 Cone St	0.31mi	2/1.0	800 (+5%)	13mo	$96,001	$120	66
1221 Columbian Ave	0.39mi	2/1.0	824 (+8%)	6mo	$175,000	$212	64
1266 N Main St	0.50mi	2/1.0	700 (-8%)	5mo	$115,000	$164	58
412 Sunset Ave	0.75mi	2/1.0	768 (+0%)	12mo	$149,900	$195	54
311 W Washington St	0.49mi	2/1.0	874 (+14%)	0mo	$131,000	$150	53
216 E Emerald St	0.49mi	2/1.0	708 (-8%)	16mo	$132,900	$188	52
201 N Corona St	0.47mi	2/1.0	675 (-12%)	11mo	$131,000	$194	49
217 Jefferson St	0.49mi	2/1.0	876 (+14%)	8mo	$58,960	$67	46
1423 Cone St	0.60mi	1/1.0 (-1)	664 (-13%)	4mo	$109,000	$164	41

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: -11.1%
• Equity multiple: 0.58×
• Total profit: $-13,025
• Equity at exit: $16,536

10-year hold

• IRR: 3.3%
• Equity multiple: 1.29×
• Total profit: $8,917
• Equity at exit: $9,589

Cash invested: $31,052 (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: 9.0×

Monthly cashflow live

• Estimated rent: $1,030 high
• Mortgage (P&I): −$582
• Tax from tax record: −$177 /mo · $2,124/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $9

Break-even live

Break-even rent $1,019

Max offer price $110,900

Occupancy floor 94%

Sensitivity live

Price	-10% $72	-5% $40	+0% $9	+5% $-23	+10% $-54
Rent	-10% $-73	-5% $-32	+0% $9	+5% $50	+10% $90
Rate	-1.0pp $65	-0.5pp $37	base $9	+0.5pp $-20	+1.0pp $-49

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: $27,725
• Closing costs: $3,327
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	45d	1	0.28mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	22d	10	0.50mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	44d	1	0.50mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	44d	1	0.52mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$725	$1.16	44d	2	0.56mi
115 S 3rd St Unit ST3 Elkhart, IN	1.0	1.0	600	$859	$1.43	44d	1	0.59mi
310 W Lexington Ave Apt C Elkhart, IN	1.0	1.0	750	$750	$1.00	44d	1	0.62mi
160 N 6th St Elkhart, IN	1.0	1.0	700	$795	$1.14	44d	1	0.69mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	44d	1	0.83mi
509 W Franklin St Apt C Elkhart, IN	1.0	1.0	720	$750	$1.04	44d	1	0.87mi
419 W Marion St Apt D Elkhart, IN	1.0	1.0	600	$600	$1.00	44d	1	0.89mi
419 W Marion St Unit C Elkhart, IN	1.0	1.0	650	$650	$1.00	44d	1	0.90mi
204 Middlebury St Unit 204 Elkhart, IN	1.0	1.0	700	$775	$1.11	44d	1	0.90mi
647 W Lexington Ave Unit C Elkhart, IN	2.0	1.0	860	$995	$1.16	22d	1	0.91mi
514 S 5th St Elkhart, IN	1.0	1.0	550	$775	$1.41	44d	1	0.92mi
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	22d	1	0.93mi
604 Middlebury St Unit 2 Elkhart, IN	1.0	1.0	675	$775	$1.15	44d	1	1.04mi
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	22d	1	1.44mi
1401 S Main St Elkhart, IN	1.0	1.0	875	$1,750	$2.00	44d	1	1.46mi
1464 Hudson St Apt B Elkhart, IN	1.0	1.0	750	$800	$1.07	22d	1	1.50mi

Listing history 19 events

1. 2026-06-19
   days on market $110,900 Active 90 DOM
2. 2026-06-18
   days on market $110,900 Active 89 DOM
3. 2026-06-17
   days on market $110,900 Active 88 DOM
4. 2026-06-16
   days on market $110,900 Active 87 DOM
5. 2026-06-15
   days on market $110,900 Active 86 DOM
6. 2026-06-14
   days on market $110,900 Active 84 DOM
7. 2026-06-13
   days on market $110,900 Active 83 DOM
8. 2026-06-10
   days on market $110,900 Active 81 DOM
9. 2026-06-09
   days on market $110,900 Active 80 DOM
10. 2026-06-08
    days on market $110,900 Active 79 DOM
11. 2026-06-07
    days on market $110,900 Active 78 DOM
12. 2026-06-05
    days on market $110,900 Active 75 DOM
13. 2026-06-03
    days on market $110,900 Active 74 DOM
14. 2026-06-02
    days on market $110,900 Active 73 DOM
15. 2026-06-01
    days on market $110,900 Active 72 DOM
16. 2026-05-31
    days on market $110,900 Active 71 DOM
17. 2026-05-30
    days on market $110,900 Active 70 DOM
18. 2026-05-09
    price $110,900
19. 2026-03-19
    listed $124,900 Active

ⓘ 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: $2,124 · $177/mo
• Projected year-2 tax: $2,124 · $177/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 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: $12,358
• − Mortgage interest: −$6,212
• − Property taxes: −$2,124
• − Insurance: −$554
• − Repairs & maintenance: −$989
• − Management: −$989
• − Depreciation: −$3,226
• Taxable loss: −$1,736
• Est. tax savings @ 24.0%: +$417
• After-tax cash flow: $522/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): 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

-11.2% since first listed

2 events — show timeline

• 2026-05-09 Price Changed $110,900 IRMLS
• 2026-03-19 Listed $124,900 IRMLS

Property tax history

-0.3%/yr

Latest (2025): $2,124 · +8.2% YoY. Source: county tax records.