25092 Grover St · Elkhart, IN 46514

$149,900

3 bd · 1.0 ba · 1,917 sqft · SingleFamily public records · 3 Days on market

Built 1942 0.70 ac lot Est $270k · 45% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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 MLS

With a little TLC this could be a great home with ample space. The home has a large fenced yard. There is an oversized 1 stall garage. There is an open deck on the front of the home and covered area attached to the garage.

Key facts

• 0.7 acre lot
• Garage
• Built 1942

Property features AI

Finance

• Other: Approximately 0.7 acre lot

Exterior

• Parking: Detached concrete garage with 1 garage space
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Metal roof; Block foundation; Built as a site-built home
• Exterior features: Wood fencing; Irregular-shaped lot; Lot dimensions approximately 156 x 198; Private well water

Interior

• Kitchen: Gas cooktop and gas oven; Gas range; Refrigerator
• Flooring: Hardwood flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Water softener owned; Refrigerator; Gas water heater; Gas oven and gas cooktop (gas range); Dryer; 1 fireplace (no special features listed); Basement is full, unfinished, with a sump pump
• Laundry & utility: Dryer; Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $607 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 11.2% 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-, 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: Osolo Elementary School (math 20% / reading 18%, grade F, #829 of 994 statewide, top 84%, 490 students, 76% 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; 2 comparable units currently listed for rent nearby; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 37% 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 $1k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $50k; list at $150k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1942 — 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: 1.36% ✓
• Cap rate: 11.15%
• Cash-on-cash: 17.35%
• DSCR: 1.77
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $270,297
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25092 Grover St	0.00mi	3/1.0	1,917 (0%)	0mo	$168,000	$88	100
1623 Victoria Dr	0.42mi	3/2.5	1,872 (-2%)	1mo	$150,000	$80	70
1511 Brookwood Dr	0.52mi	3/2.0	1,960 (+2%)	1mo	$284,000	$145	68
1715 E Beardsley Ave	0.56mi	3/1.5	2,056 (+7%)	1mo	$236,100	$115	59
1519 Brookwood Dr	0.50mi	4/1.5 (+1)	1,798 (-6%)	3mo	$253,600	$141	57
2151 Woodland Estates Dr Dr	0.59mi	3/2.5	1,792 (-6%)	7mo	$253,500	$141	50
2401 Broadmoor Dr	0.71mi	3/2.0	1,814 (-5%)	8mo	$167,100	$92	48
909 Independence St	0.52mi	4/2.0 (+1)	1,752 (-9%)	11mo	$232,000	$132	44
724 The Cir	0.53mi	3/1.5	2,166 (+13%)	11mo	$395,000	$182	43
1708 N Bay Dr	0.71mi	2/2.0 (-1)	1,829 (-5%)	9mo	$290,000	$159	42
1525 Lawndale Rd	0.69mi	4/3.0 (+1)	1,976 (+3%)	11mo	$305,000	$154	40
1626 N Bay Dr	0.71mi	3/2.0	1,668 (-13%)	1mo	$267,000	$160	40

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: 13.1%
• Equity multiple: 1.55×
• Total profit: $22,977
• Equity at exit: $22,351

10-year hold

• IRR: 24.9%
• Equity multiple: 3.58×
• Total profit: $108,216
• Equity at exit: $12,961

Cash invested: $41,972 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,041 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$157 /mo · $1,885/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $607

Break-even live

Break-even rent $1,273

Max offer price $149,900

Occupancy floor 65%

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: $37,475
• Closing costs: $4,497
• 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	0.16mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	44d	1	0.59mi

Listing history 4 events

1. 2026-05-22
   listed $149,900 Active
2. 2020-12-02
   soldstatus $50,000 222-char remark

   Show marketing remark (222 chars)

   With a little TLC this could be a great home with ample space. The home has a large fenced yard. There is an oversized 1 stall garage. There is an open deck on the front of the home and covered area attached to the garage.

3. 2020-08-13
   listed $63,000 222-char remark

   Show marketing remark (222 chars)

   With a little TLC this could be a great home with ample space. The home has a large fenced yard. There is an oversized 1 stall garage. There is an open deck on the front of the home and covered area attached to the garage.

4. 2005-09-09
   soldstatus $49,290

ⓘ 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: $1,885 · $157/mo
• Projected year-2 tax: $1,885 · $157/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 · 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: $24,492
• − Mortgage interest: −$8,397
• − Property taxes: −$1,885
• − Insurance: −$750
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − Depreciation: −$4,361
• Taxable income: $5,181
• Est. tax owed @ 24.0%: −$1,243
• After-tax cash flow: $6,037/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

+204.1% since first listed

4 events — show timeline

• 2026-05-22 Listed $149,900 IRMLS
• 2020-12-02 Sold (MLS) $50,000 IRMLS
• 2020-08-13 Listed $63,000 IRMLS
• 2005-09-09 Sold (Public Records) $49,290 Public Records

Property tax history

+17.9%/yr

Latest (2025): $1,885 · +14.1% YoY. Source: county tax records.