2025 Lusher Ave · Elkhart, IN 46517

$169,900

3 bd · 1.0 ba · 1,862 sqft · SingleFamily public records · 5 Days on market

Built 1900 10,019 sqft lot Est $210k · 19% 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 +17.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.1/10.0
• 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 MLS

Spacious, well maintained 2 story home with a main level laundry. The main level den could be used as a 4th bedroom or office. There is a walk up attic for plenty of storage or finish for additional living space. Large lot with room for a garden. Great investment opportunity. Additional parking through back alley. Variance for use as a residential single family home has been approved as of 9/8/22. Contact the City of Elkhart, Planning and Zoning to verify.

Key facts

• Walk up attic
• Michigan basement
• Main level laundry

Tags

• EXTRA LARGE KITCHEN
• WALK IN PANTRY
• MAIN LEVEL BONUS ROOM
• WALK UP ATTIC
• MICHIGAN BASEMENT
• MAIN LEVEL LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/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 $155k (8.7% below list).
• Recommended offer: $155k (8.7% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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-, 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: Roosevelt Steam Academy (math 8% / reading 9%, grade F, #939 of 994 statewide, top 95%, 524 students, 83% FRL); West Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 582 students, 67% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: 73 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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.
• Current owner paid $113k; list at $170k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,148 (8.7% below list)

Questions for the listing agent

1. Built in 1900 — 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: 0.91% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $210,406
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2025 Lusher Ave	0.00mi	3/1.0	1,862 (0%)	1mo	$169,900	$91	100
1923 Leininger Ave	0.28mi	3/2.0	1,816 (-2%)	7mo	$205,000	$113	73
1529 Okema St	0.47mi	3/1.0	2,000 (+7%)	3mo	$214,900	$107	63
1913 Illinois St	0.49mi	3/1.0	1,688 (-9%)	4mo	$120,000	$71	59
28180 Pennsylvania Ave	0.65mi	2/2.0 (-1)	1,910 (+3%)	1mo	$220,000	$115	56
1430 Waurika St	0.57mi	4/1.5 (+1)	1,812 (-3%)	15mo	$218,900	$121	50
1626 Elreno St	0.44mi	2/1.0 (-1)	1,796 (-4%)	23mo	$87,000	$48	49
1618 Navajo St	0.49mi	3/1.5	1,614 (-13%)	10mo	$209,000	$129	45
2001 W Indiana Ave	0.54mi	3/2.0	1,618 (-13%)	20mo	$185,000	$114	33

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-18,898
• Equity at exit: $25,333

10-year hold

• IRR: -1.7%
• Equity multiple: 0.89×
• Total profit: $-5,419
• Equity at exit: $14,690

Cash invested: $47,572 (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 46517

• Active inventory: 73
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,551 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$128 /mo · $1,535/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $136

Break-even live

Break-even rent $1,379

Max offer price $169,900

Occupancy floor 86%

Sensitivity live

Price	-10% $232	-5% $184	+0% $136	+5% $88	+10% $40
Rent	-10% $13	-5% $75	+0% $136	+5% $197	+10% $259
Rate	-1.0pp $222	-0.5pp $179	base $136	+0.5pp $92	+1.0pp $47

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	23d	1	0.79mi
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	23d	6	1.08mi

Listing history 6 events

1. 2026-04-21
   status Pending
2. 2026-04-15
   listed $169,900 Active
3. 2022-11-10
   soldstatus $113,000 Closed 460-char remark

   Show marketing remark (460 chars)

   Spacious, well maintained 2 story home with a main level laundry. The main level den could be used as a 4th bedroom or office. There is a walk up attic for plenty of storage or finish for additional living space. Large lot with room for a garden. Great investment opportunity. Additional parking through back alley. Variance for use as a residential single family home has been approved as of 9/8/22. Contact the City of Elkhart, Planning and Zoning to verify.

4. 2022-10-13
   status Pending 460-char remark

   Show marketing remark (460 chars)

   Spacious, well maintained 2 story home with a main level laundry. The main level den could be used as a 4th bedroom or office. There is a walk up attic for plenty of storage or finish for additional living space. Large lot with room for a garden. Great investment opportunity. Additional parking through back alley. Variance for use as a residential single family home has been approved as of 9/8/22. Contact the City of Elkhart, Planning and Zoning to verify.

5. 2022-09-30
   price $119,900 460-char remark

   Show marketing remark (460 chars)

   Spacious, well maintained 2 story home with a main level laundry. The main level den could be used as a 4th bedroom or office. There is a walk up attic for plenty of storage or finish for additional living space. Large lot with room for a garden. Great investment opportunity. Additional parking through back alley. Variance for use as a residential single family home has been approved as of 9/8/22. Contact the City of Elkhart, Planning and Zoning to verify.

6. 2022-07-18
   listed $125,000 Active 460-char remark

   Show marketing remark (460 chars)

   Spacious, well maintained 2 story home with a main level laundry. The main level den could be used as a 4th bedroom or office. There is a walk up attic for plenty of storage or finish for additional living space. Large lot with room for a garden. Great investment opportunity. Additional parking through back alley. Variance for use as a residential single family home has been approved as of 9/8/22. Contact the City of Elkhart, Planning and Zoning to verify.

ⓘ 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: $1,535 · $128/mo
• Projected year-2 tax: $1,535 · $128/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 3/10 Moderate 7 d/yr ≥101°F today · 16 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: $18,618
• − Mortgage interest: −$9,517
• − Property taxes: −$1,535
• − Insurance: −$850
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$4,943
• Taxable loss: −$1,205
• Est. tax savings @ 24.0%: +$289
• After-tax cash flow: $1,921/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
• City population: 74,260
• Population (ZIP): 25,438

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 0.62)
• Race & ethnicity: White 53% Hispanic / Latino 30% Two or more races 12% Black 12% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 1%
• Foreign-born: 12% · Canada
• Languages at home: 75% English-only · Spanish 23% German/W. Germanic 1%

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: ▼ -136.54%
• Current HPI: 214.9881
• Rent YoY: —
• Metro: —
• 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

+35.9% since first listed

6 events — show timeline

• 2026-04-21 Pending — IRMLS
• 2026-04-15 Listed $169,900 IRMLS
• 2022-11-10 Sold (MLS) $113,000 IRMLS
• 2022-10-13 Pending — IRMLS
• 2022-09-30 Price Changed $119,900 IRMLS
• 2022-07-18 Listed $125,000 IRMLS

Property tax history

+9.9%/yr

Latest (2025): $1,535 · +6.0% YoY. Source: county tax records.