2902 Edwardsburg Ave · Elkhart, IN 46514

$169,900

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 4 Days on market

Built 1930 0.58 ac lot

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Why this score? — see what drove the F 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 +9.9/30.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

You'll feel at home right away! Comfy front porch. New furnace. New paint & flooring. Some new windows. Newer water heater. A large remodeled bathroom. Main level laundry. The basement has two finished rooms with new carpet and paint. The . 58 acre lot gives you the outdoor space you may need for projects, play or parking. There is an oversized one-car garage plus a shed for your storage items or workshop. NO FHA offers can be accepted at this time. This location is convenient to Elkhart's major travel routes and close to Granger and Michigan. Septic inspected & pumped 4/13/2021. Come take a look. Room sizes are approx. Schools should be verified by buyer. There are no tax exemptions currently on this home so your taxes could be much lower. Seller will review all offers on April 20th after 3pm.

Key facts

• Finished rooms
• New gravel driveway
• Half acre lot

Tags

• HALF ACRE LOT
• NEW GRAVEL DRIVEWAY
• OVERSIZED FRONT PORCH
• FINISHED ROOMS

Property features AI

Exterior

• Parking: Detached garage (1 car); Gravel parking; RV access/parking
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Block foundation; Metal roof; Above-grade finished area and additional below-grade finished area
• Exterior features: Porch; No fencing; Lot approximately 126 x 200 (0.58 acres)

Interior

• Kitchen: Dishwasher; Refrigerator; Gas range
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Dishwasher; Refrigerator; Gas range; Electric water heater; Water heater; Water softener (owned); One fireplace; Basement is full and partially finished; 10 total rooms
• Laundry & utility: Washer; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (27.9% below list).
• Recommended offer: $122k (27.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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 Feeser Elementary School (math 21% / reading 21%, grade F, #807 of 994 statewide, top 81%, 504 students, 61% 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) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents rising fast (+7.0%/yr); 269 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $130k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,478 (27.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.72% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.39×
• Total profit: $-29,137
• Equity at exit: $25,333

10-year hold

• IRR: -3.0%
• Equity multiple: 0.77×
• Total profit: $-11,172
• Equity at exit: $14,690

Cash invested: $47,572 (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: 269
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,225 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$111 /mo · $1,338/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-106

Break-even live

Break-even rent $1,359

Max offer price $151,233

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-58	+0% $-106	+5% $-154	+10% $-202
Rent	-10% $-202	-5% $-154	+0% $-106	+5% $-57	+10% $-9
Rate	-1.0pp $-20	-0.5pp $-62	base $-106	+0.5pp $-150	+1.0pp $-194

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-13
   statusdays on market $169,900 Pending 4 DOM
2. 2026-06-10
   days on market $169,900 Active 2 DOM
3. 2026-06-09
   remarks 691-char remark
4. 2026-06-09
   listed $169,900 Active 1 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: $1,338 · $111/mo
• Projected year-2 tax: $1,391 · $116/mo
• Expected delta: +$53/yr (+$4/mo · 4.0%)

ⓘ 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: $14,697
• − Mortgage interest: −$9,517
• − Property taxes: −$1,338
• − Insurance: −$850
• − Repairs & maintenance: −$1,176
• − Management: −$1,176
• − Depreciation: −$4,943
• Taxable loss: −$4,301
• Est. tax savings @ 24.0%: +$1,032
• After-tax cash flow: $-236/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

+208.9% since first listed

5 events — show timeline

• 2026-06-08 Listed $169,900 IRMLS
• 2021-05-20 Sold (MLS) $130,000 IRMLS
• 2021-04-16 Listed $118,900 IRMLS
• 2021-02-26 Sold (MLS) $55,000 IRMLS
• 2020-10-19 Listed $55,000 IRMLS

Property tax history

+64.7%/yr

Latest (2025): $1,338 · -8.5% YoY. Source: county tax records.