1138 Cedar St · Elkhart, IN 46514

$169,900

3 bd · 1.0 ba · 1,390 sqft · SingleFamily public records · 17 Days on market

Built 1880 6,882 sqft lot Est $183k · 7% under

---

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 +16.7/30.0
• ARV discount +10.8/15.0
• DSCR +5.2/10.0
• Rent growth +4.3/5.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handy man special! This house has a lot of potential and is just in need of some TLC. Investors encouraged for great ROI. Main level flooring updated in 2018, bathroom tiles installed 2018, new windows in 2010. Located in the desirable Strong Ave neighborhood. This home is being sold as-is.

Key facts

• Front covered porch
• Main level laundry
• Corner lot

Tags

• CORNER LOT
• FRONT COVERED PORCH
• PRIVACY FENCED BACKYARD
• MAIN LEVEL LAUNDRY
• FLEXIBLE LIVING SPACES
• NEW ROOF

Property features AI

Finance

• Other: Lot dimensions approximately 50 x 138 (0.16 acre)
• Financial info: Tax information provided separately
• HOA & community: No HOA information provided

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories; Corner lot location
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Deck; Covered porch

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom; Bathroom on the main level
• Heating & cooling: Natural gas heating; Forced air heating; No cooling
• Interior features: Refrigerator; Gas range
• Laundry & utility: Laundry on the main level; Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (13.5% below list).
• Recommended offer: $147k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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

• It's been on market 17 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $70k; list at $170k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,948 (13.5% below list)

Questions for the listing agent

1. Built in 1880 — 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. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.64%
• DSCR: 1.12
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $183,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 N Ward St	0.07mi	3/1.0	1,387 (-0%)	4mo	$69,000	$50	93
915 Fulton St	0.23mi	3/1.0	1,418 (+2%)	2mo	$90,000	$63	84
413 N Vine St	0.14mi	3/1.5	1,564 (+12%)	0mo	$220,000	$141	70
505 N Vine St	0.13mi	3/2.0	1,550 (+12%)	2mo	$205,000	$132	68
190 S Shore Dr	0.64mi	3/1.0	1,292 (-7%)	2mo	$120,000	$93	57
182 S Shore Dr	0.63mi	3/2.0	1,500 (+8%)	1mo	$257,000	$171	53
320 Massachusetts Ave	0.59mi	3/2.0	1,576 (+13%)	3mo	$255,250	$162	44
531 W Beardsley Ave	0.48mi	2/2.0 (-1)	1,596 (+15%)	3mo	$125,000	$78	42
300 Union St	0.72mi	3/1.0	1,589 (+14%)	2mo	$60,000	$38	40
1213 Hudson St	0.74mi	2/1.0 (-1)	1,230 (-12%)	4mo	$87,500	$71	38
1113 Edwardsburg Ave	0.63mi	2/2.0 (-1)	1,200 (-14%)	2mo	$195,000	$163	37
1117 Edwardsburg Ave	0.64mi	2/2.0 (-1)	1,200 (-14%)	3mo	$195,000	$163	36

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: -8.1%
• Equity multiple: 0.69×
• Total profit: $-14,705
• Equity at exit: $25,333

10-year hold

• IRR: 5.7%
• Equity multiple: 1.49×
• Total profit: $23,235
• 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: 270
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,469 high
• Mortgage (P&I): −$891
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $105

Break-even live

Break-even rent $1,337

Max offer price $169,900

Occupancy floor 88%

Sensitivity live

Price	-10% $201	-5% $153	+0% $105	+5% $57	+10% $9
Rent	-10% $-11	-5% $47	+0% $105	+5% $163	+10% $221
Rate	-1.0pp $190	-0.5pp $148	base $105	+0.5pp $61	+1.0pp $16

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: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	23d	1	0.70mi
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	23d	6	0.92mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	23d	1	1.03mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	1.34mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	23d	10	1.36mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	45d	1	1.46mi

Listing history 14 events

1. 2026-06-21
   days on market $169,900 Active 17 DOM
2. 2026-06-19
   days on market $169,900 Active 15 DOM
3. 2026-06-18
   days on market $169,900 Active 14 DOM
4. 2026-06-17
   days on market $169,900 Active 13 DOM
5. 2026-06-16
   days on market $169,900 Active 12 DOM
6. 2026-06-15
   days on market $169,900 Active 11 DOM
7. 2026-06-14
   days on market $169,900 Active 9 DOM
8. 2026-06-13
   days on market $169,900 Active 8 DOM
9. 2026-06-10
   days on market $169,900 Active 6 DOM
10. 2026-06-09
    days on market $169,900 Active 5 DOM
11. 2026-06-08
    days on market $169,900 Active 4 DOM
12. 2026-06-07
    days on market $169,900 Active 3 DOM
13. 2026-06-05
    remarks 479-char remark
14. 2026-06-05
    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: $1,132 · $94/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: +$156/yr (+$13/mo · 13.8%)

ⓘ 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: $17,634
• − Mortgage interest: −$9,517
• − Property taxes: −$1,132
• − Insurance: −$850
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − Depreciation: −$4,943
• Taxable loss: −$1,628
• Est. tax savings @ 24.0%: +$391
• After-tax cash flow: $1,649/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

+112.6% since first listed

3 events — show timeline

• 2026-06-04 Listed $169,900 IRMLS
• 2021-04-05 Sold (MLS) $70,000 IRMLS
• 2021-02-06 Listed $79,900 IRMLS

Property tax history

-5.8%/yr

Latest (2025): $1,132 · +3.0% YoY. Source: county tax records.