207 W Garfield Ave · Elkhart, IN 46516

$225,000

5 bd · 3.0 ba · 2,587 sqft · MultiFamily public records · 16 Days on market

Built 1917 10,454 sqft lot Est $176k · 28% over

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Why this score? — see what drove the C 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Multiple offer seller is asking for Highest & best by Friday 9/3/21 by 7 pm. Please make all offers expire by 12:00 noon 9/4/21. Great opportunity to own a 3 unit building that cash flows. Two 2 bedrooms and one 1 bedroom unit. Tenants pay own utilities. Each unit has washer and dryer hook up. See agent remarks

Key facts

• 3 unit property
• Washer dryer hookups
• Roof 1.5 years

Tags

• 3 UNIT PROPERTY
• WASHER DRYER HOOKUPS
• STRONG POTENTIAL FOR INVESTORS
• ROOF 1.5 YEARS
• FURNACE 3 MONTHS
• 2ND FL FURNACE 4 YEARS

Property features AI

Finance

• Other: Property located at corner of Ashland and Garfield

Exterior

• Parking: 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot dimensions approximately 63 x 165; Pets allowed with breed restrictions

Interior

• Kitchen: Range; Refrigerator
• Flooring: Laminate; Tile
• Bathrooms: 3 full bathrooms; 5 main-level bathrooms
• Heating & cooling: Wall unit cooling
• Interior features: Range, Refrigerator; Laminate and tile flooring; Unfinished basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• 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: Roosevelt Steam Academy (math 8% / reading 9%, grade F, #939 of 994 statewide, top 95%, 524 students, 83% FRL); Pierre Moran Middle School (math 12% / reading 25%, grade F, #276 of 330 statewide, top 84%, 459 students, 75% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: 149 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• At $3,096/mo this rent would consume 66% of the median local household income ($56k/yr) (locally 995% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $102k; list at $225k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.38% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $175,916
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500 Middlebury St	0.68mi	5/3.0	2,592 (+0%)	13mo	$175,000	$68	57
624 Middlebury St	0.74mi	6/2.0 (+1)	2,560 (-1%)	15mo	$105,000	$41	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.34×
• Total profit: $21,673
• Equity at exit: $33,548

10-year hold

• IRR: 18.0%
• Equity multiple: 2.49×
• Total profit: $93,821
• Equity at exit: $19,454

Cash invested: $63,000 (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: 149
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,096 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$260 /mo · $3,120/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$650
• Net cashflow: $912

Break-even live

Break-even rent $1,941

Max offer price $225,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,040	-5% $976	+0% $912	+5% $849	+10% $785
Rent	-10% $668	-5% $790	+0% $912	+5% $1,034	+10% $1,157
Rate	-1.0pp $1,026	-0.5pp $969	base $912	+0.5pp $854	+1.0pp $795

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,108
1× unit	1	1	$989
Total (3 units)			$3,096

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $225,000 Active 16 DOM
2. 2026-06-19
   pricedays on market $225,000 Active 14 DOM
3. 2026-06-18
   days on market $230,000 Active 13 DOM
4. 2026-06-17
   days on market $230,000 Active 12 DOM
5. 2026-06-16
   days on market $230,000 Active 11 DOM
6. 2026-06-15
   days on market $230,000 Active 10 DOM
7. 2026-06-14
   days on market $230,000 Active 8 DOM
8. 2026-06-13
   days on market $230,000 Active 7 DOM
9. 2026-06-10
   days on market $230,000 Active 5 DOM
10. 2026-06-09
    days on market $230,000 Active 4 DOM
11. 2026-06-08
    days on market $230,000 Active 3 DOM
12. 2026-06-07
    remarks 417-char remark
13. 2026-06-07
    listed $230,000 Active 2 DOM

ⓘ 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: $3,120 · $260/mo
• Projected year-2 tax: $3,120 · $260/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: $37,152
• − Mortgage interest: −$12,603
• − Property taxes: −$3,120
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,972
• − Management: −$2,972
• − Depreciation: −$6,545
• Taxable income: $7,814
• Est. tax owed @ 24.0%: −$1,875
• After-tax cash flow: $9,071/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): 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

+360.9% since first listed

6 events — show timeline

• 2026-06-05 Listed $230,000 IRMLS
• 2021-10-06 Sold (MLS) $102,000 IRMLS
• 2021-08-26 Listed $94,900 IRMLS
• 2018-12-21 Sold (MLS) $40,000 IRMLS
• 2018-09-11 Listed $49,900 IRMLS
• 2017-04-19 Listed $49,900 IRMLS

Property tax history

-0.8%/yr

Latest (2025): $3,120 · +36.3% YoY. Source: county tax records.