2507 Scottie Dog Way · Elkhart, IN 46514

$134,121

3 bd · 2.0 ba · 1,364 sqft · Manufactured · 77 Days on market

Built 2026 Excellent condition $98/sqft · 8% below area Est $146k · 8% 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 +22.1/30.0
• ARV discount +11.1/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Condition / age +5.0/5.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into modern comfort with this brand-new 2025 Clayton manufactured home, where style meets effortless living. This spacious 3-bedroom, 2-bathroom layout is designed for those who want to skip the stress of moving day—it comes partially furnished with a cozy couch, essential decor, and a high-efficiency washer and dryer set. Every inch of this home reflects Clayton's commitment to quality, offering a bright, open-concept atmosphere that's ready for you to move right in and start making memories. The true highlight is the luxurious primary suite, featuring a spa-inspired bathroom that rivals a five-star retreat. Whether you're looking to soak away the day in the oversized garden tub or enjoy a quick refresh in the sleek walk-in shower, this space offers the ultimate in relaxation. Combining modern 2025 aesthetics with unmatched convenience and premium amenities, this home isn't just a place to stay—it's the lifestyle upgrade you've been waiting for.

Key facts

• Built 2026
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $134k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $134k).
• Recommended offer: $126k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $928 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 $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Recommended offer $126,073 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.91%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $145,769
• List price: $134,121
• Delta: -7.99%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25025 Dunny St	0.35mi	3/2.0	1,568 (+15%)	7mo	$192,500	$123	53

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-1,826
• Equity at exit: $19,998

10-year hold

• IRR: 12.3%
• Equity multiple: 2.16×
• Total profit: $43,468
• Equity at exit: $11,596

Cash invested: $37,554 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,447 medium
• Mortgage (P&I): −$703
• Tax est. 1.5%: −$168 /mo · $2,012/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $216

Break-even live

Break-even rent $1,173

Max offer price $134,121

Occupancy floor 80%

Sensitivity live

Price	-10% $309	-5% $263	+0% $216	+5% $170	+10% $124
Rent	-10% $102	-5% $159	+0% $216	+5% $274	+10% $331
Rate	-1.0pp $284	-0.5pp $250	base $216	+0.5pp $182	+1.0pp $146

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: $33,530
• Closing costs: $4,024
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,000	$1.05	21d	1	0.69mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	21d	2	1.02mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	44d	1	1.42mi

Listing history 18 events

1. 2026-06-19
   days on market $134,121 Active 77 DOM
2. 2026-06-18
   days on market $134,121 Active 76 DOM
3. 2026-06-17
   days on market $134,121 Active 75 DOM
4. 2026-06-16
   days on market $134,121 Active 74 DOM
5. 2026-06-15
   days on market $134,121 Active 73 DOM
6. 2026-06-14
   days on market $134,121 Active 71 DOM
7. 2026-06-13
   days on market $134,121 Active 70 DOM
8. 2026-06-10
   days on market $134,121 Active 68 DOM
9. 2026-06-09
   days on market $134,121 Active 67 DOM
10. 2026-06-08
    days on market $134,121 Active 66 DOM
11. 2026-06-07
    days on market $134,121 Active 65 DOM
12. 2026-06-05
    days on market $134,121 Active 62 DOM
13. 2026-06-03
    days on market $134,121 Active 61 DOM
14. 2026-06-02
    days on market $134,121 Active 60 DOM
15. 2026-06-01
    days on market $134,121 Active 59 DOM
16. 2026-05-31
    days on market $134,121 Active 58 DOM
17. 2026-05-30
    days on market $134,121 Active 57 DOM
18. 2026-04-03
    listed $134,121 Active 977-char remark

    Show marketing remark (977 chars)

    Step into modern comfort with this brand-new 2025 Clayton manufactured home, where style meets effortless living. This spacious 3-bedroom, 2-bathroom layout is designed for those who want to skip the stress of moving day—it comes partially furnished with a cozy couch, essential decor, and a high-efficiency washer and dryer set. Every inch of this home reflects Clayton's commitment to quality, offering a bright, open-concept atmosphere that's ready for you to move right in and start making memories. The true highlight is the luxurious primary suite, featuring a spa-inspired bathroom that rivals a five-star retreat. Whether you're looking to soak away the day in the oversized garden tub or enjoy a quick refresh in the sleek walk-in shower, this space offers the ultimate in relaxation. Combining modern 2025 aesthetics with unmatched convenience and premium amenities, this home isn't just a place to stay—it's the lifestyle upgrade you've been waiting for.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,366
• − Mortgage interest: −$7,513
• − Property taxes: −$2,012
• − Insurance: −$671
• − Repairs & maintenance: −$1,389
• − Management: −$1,389
• − Depreciation: −$3,902
• Taxable income: $490
• Est. tax owed @ 24.0%: −$118
• After-tax cash flow: $2,479/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This brand-new 2025 Clayton manufactured home is move-in ready with modern finishes and a spacious layout. It offers a high-end living experience with a luxurious primary suite and a bright, open-concept atmosphere.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Updating the flooring in the bedrooms — Carpet can be replaced with hardwood or tile for a more modern look and easier maintenance.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring in the bedrooms — Carpet can be replaced with hardwood or tile for a more modern look and easier maintenance. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-04-03 Listed $134,121 Zillow