1736 Oriental Ave

Elkhart, IN 46514

$60,000B-

3 bd · 2.0 ba · 1,680 sqft · Built 2026 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,716/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $941/mo
• Annual: $11,293/yr
• Cap rate: 25.11%
• Cash-on-cash: 67.22%
• DSCR: 3.99
• 1% rule: 2.86%
• Cash to close: $16,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $60k. Condition is rated average.
• At list price, monthly cash flow is $941 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• It's been on market 51 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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).
• 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 25.1% 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.
• This rent runs 31% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — dated and worn
• Minor: flooring — carpeted floors in living areas