1305 Laurel St · Elkhart, IN 46514

$120,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 13 Days on market

Built 1960 0.32 ac lot $115/sqft · 23% below area Est $157k · 23% 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.9/10.0
• 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

With a little TLC this could be an adorable 3 bedroom and 1 bath home. This home is located in a subdivision where the homes are very well manicured. The home offers a large fenced back yard on a corner lot.

Key facts

• Fenced back yard
• Corner lot
• 0.32 acre lot

Tags

• FENCED BACK YARD
• CORNER LOT

Property features AI

Finance

• Other: Shed(s) on the property; Zoned R-1 One Family Dwelling

Exterior

• Parking: Attached garage with one parking space; Concrete driveway and off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Patio; Chain link fencing; Corner, level lot

Interior

• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: One fireplace (no special features); Crawl space basement; Six total rooms
• Laundry & utility: Washer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 8.9% 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: Mary Daly Elementary School (math 13% / reading 12%, grade F, #890 of 994 statewide, top 90%, 465 students, 78% 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: Rents rising fast (+7.0%/yr); 270 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $830 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 $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1960 — 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: 1.09% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (median comp): $156,616
• List price: $120,000
• Delta: -23.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1501 Maple Row	0.19mi	2/1.0 (-1)	1,042 (+0%)	8mo	$186,500	$179	79
1121 Maple Row	0.16mi	2/1.0 (-1)	988 (-5%)	6mo	$143,000	$145	74
1323 Laurel St	0.04mi	3/1.0	1,168 (+12%)	4mo	$165,000	$141	74
418 Myrtle St	0.41mi	3/1.0	1,080 (+4%)	8mo	$159,000	$147	68
319 Massachusetts Ave	0.58mi	2/1.0 (-1)	1,056 (+2%)	1mo	$185,000	$175	64
614 Maple Row	0.52mi	3/1.0	928 (-11%)	4mo	$95,000	$102	55
1320 Woodward Ave	0.51mi	2/1.0 (-1)	980 (-6%)	9mo	$195,000	$199	54
148 Union St	0.71mi	3/1.0	1,130 (+9%)	1mo	$175,000	$155	52
1106 Strong Ave	0.35mi	2/1.0 (-1)	896 (-14%)	6mo	$189,000	$211	50
1132 Edwardsburg Ave	0.71mi	2/1.0 (-1)	1,101 (+6%)	9mo	$67,500	$61	44
321 Martin St	0.72mi	3/1.0	960 (-8%)	12mo	$171,000	$178	44
1107 Edwardsburg Ave	0.68mi	2/2.0 (-1)	1,157 (+11%)	3mo	$210,000	$182	38

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,665
• Equity at exit: $17,892

10-year hold

• IRR: 15.1%
• Equity multiple: 2.44×
• Total profit: $48,315
• Equity at exit: $10,375

Cash invested: $33,600 (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: 270
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,312 high
• Mortgage (P&I): −$629
• Tax from tax record: −$97 /mo · $1,163/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $260

Break-even live

Break-even rent $982

Max offer price $120,000

Occupancy floor 75%

Sensitivity live

Price	-10% $328	-5% $294	+0% $260	+5% $226	+10% $193
Rent	-10% $157	-5% $209	+0% $260	+5% $312	+10% $364
Rate	-1.0pp $321	-0.5pp $291	base $260	+0.5pp $229	+1.0pp $198

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
647 W Lexington Ave Unit C Elkhart, IN	2.0	1.0	860	$995	$1.16	22d	1	0.71mi
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	22d	1	0.78mi
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	22d	6	0.84mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	45d	1	0.84mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	45d	1	0.88mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$725	$1.16	45d	2	0.96mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	22d	1	1.04mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	1.44mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	22d	10	1.47mi

Listing history 1 events

1. 2026-05-07
   listed $120,000 Active 208-char remark

ⓘ 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: $1,163 · $97/mo
• Projected year-2 tax: $1,163 · $97/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,746
• − Mortgage interest: −$6,722
• − Property taxes: −$1,163
• − Insurance: −$600
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$3,491
• Taxable income: $1,251
• Est. tax owed @ 24.0%: −$300
• After-tax cash flow: $2,825/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

2 events — show timeline

• 2026-05-20 Pending — IRMLS
• 2026-05-07 Listed $120,000 IRMLS

Property tax history

+4.1%/yr

Latest (2025): $1,163 · +1.5% YoY. Source: county tax records.