54671 Colonial Ridge Dr

Bristol, IN 46507

$44,000B-

3 bd · 3.0 ba · 4,002 sqft · Built 1989 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,389/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $793/mo
• Annual: $9,516/yr
• Cap rate: 27.92%
• Cash-on-cash: 77.24%
• DSCR: 4.44
• 1% rule: 3.16%
• Cash to close: $12,320

Investor read

• This is a 3-bed/3.0-bath other listed at $44k.
• At list price, monthly cash flow is $793 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#126 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, amenities 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.
• Market conditions: 103 active listings in the ZIP; 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 + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 27.9% vs local median 1.0% in Bristol — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.