1004 Clarinet Blvd · Elkhart, IN 46516

$117,000

2 bd · 1.0 ba · 783 sqft · Condo public records · 1 Days on market

Built 1983

---

Why this score? — see what drove the D+ 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 +18.5/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• DSCR +5.8/10.0
• Livability +3.4/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are looking for adorable and affordable? Look no further! This condo is as cute as can be! Main floor living makes it easily accessible and convenient. Spacious bedrooms with great closet space, laundry in the unit and open floor plan from kitchen to family room which has sliding glass doors leading to outdoor porch! Don't miss out on this one!

Key facts

• Built 1983

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Condominium residence; Single-story
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Level lot; Subdivision: Wood Winds / Woodwinds

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Refrigerator; Gas range; Gas water heater; Water heater
• Laundry & utility: Washer; Dryer; Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $117k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $117k).
• Cap rate 7.4% 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.
• Concord Community Schools (suburban): math 24% / reading 39% proficiency, ranked #226 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Concord East Side Elementary Sch (math 45% / reading 39%, grade F, #434 of 994 statewide, top 48%, 555 students, 53% FRL); Concord Junior High School (math 19% / reading 46%, grade F, #186 of 330 statewide, top 57%, 841 students, 58% FRL); Concord Community High School (math 25% / reading 64%, grade F, #169 of 369 statewide, top 51%, 1,785 students, 51% FRL).
• Market conditions: 146 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $809 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $73k; list at $117k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $117,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 7.43%
• Cash-on-cash: 4.06%
• DSCR: 1.18
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.64×
• Total profit: $-11,828
• Equity at exit: $17,445

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-935
• Equity at exit: $10,116

Cash invested: $32,760 (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 46516

• Active inventory: 146
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$614
• Tax from tax record: −$73 /mo · $871/yr
• Insurance: −$49
• HOA est. from 3 same-building comps: −$150
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $111

Break-even live

Break-even rent $1,120

Max offer price $117,000

Occupancy floor 86%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	21d	1	0.99mi
604 Middlebury St Unit 2 Elkhart, IN	1.0	1.0	675	$775	$1.15	44d	1	1.05mi
1401 S Main St Elkhart, IN	1.0	1.0	875	$1,750	$2.00	44d	1	1.12mi
204 Middlebury St Unit 204 Elkhart, IN	1.0	1.0	700	$775	$1.11	44d	1	1.37mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	21d	1	1.37mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	21d	10	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-21
   status Pending
2. 2026-05-19
   listed $117,000 Active
3. 2022-03-04
   soldstatus $73,000 349-char remark

   Show marketing remark (349 chars)

   Are looking for adorable and affordable? Look no further! This condo is as cute as can be! Main floor living makes it easily accessible and convenient. Spacious bedrooms with great closet space, laundry in the unit and open floor plan from kitchen to family room which has sliding glass doors leading to outdoor porch! Don't miss out on this one!

4. 2022-02-01
   listed $72,000 349-char remark

   Show marketing remark (349 chars)

   Are looking for adorable and affordable? Look no further! This condo is as cute as can be! Main floor living makes it easily accessible and convenient. Spacious bedrooms with great closet space, laundry in the unit and open floor plan from kitchen to family room which has sliding glass doors leading to outdoor porch! Don't miss out on this one!

5. 2003-09-25
   soldstatus $54,500

ⓘ 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: $871 · $73/mo
• Projected year-2 tax: $933 · $78/mo
• Expected delta: +$62/yr (+$5/mo · 7.1%)

ⓘ 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 3/10 Moderate 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: $15,126
• − Mortgage interest: −$6,554
• − Property taxes: −$871
• − Insurance: −$585
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − HOA: −$1,800
• − Depreciation: −$3,404
• Taxable loss: −$507
• Est. tax savings @ 24.0%: +$122
• After-tax cash flow: $1,453/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: Concord Community Schools
• NCES district ID: 1802400
• Math proficiency: 24% ▼ -21.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,133
• Composite: 27.02/100
• National rank: #7057
• State rank: #226 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): 31,871
• Household income: $56,492
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 995.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Hispanic / Latino 26% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 15% · Canada
• Languages at home: 77% English-only · Spanish 19% Other Indo-European 3%

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: ▼ -233.42%
• Current HPI: 239.2508
• Rent YoY: —
• 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

+114.7% since first listed

5 events — show timeline

• 2026-05-21 Pending — IRMLS
• 2026-05-19 Listed $117,000 IRMLS
• 2022-03-04 Sold (MLS) $73,000 IRMLS
• 2022-02-01 Listed $72,000 IRMLS
• 2003-09-25 Sold (Public Records) $54,500 Public Records

Property tax history

+6.8%/yr

Latest (2025): $871 · +38.2% YoY. Source: county tax records.