Skyline 62 Boardwalk Plan · Elkhart, IN 46514

$70,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 294 Days on market

Fair condition ↓ 24% since listing

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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 +17.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is truly a must see, offering comfortable and accessible living space. It features 3 bedrooms and 2 bathrooms, providing ample room for family or guests. Additionally, it includes a handicap ramp, ensuring easy access for everyone. It has a convenient 1-car detached garage with easy access, and a lovely back deck, perfect for relaxing or entertaining. Call today to schecule an appointment to view this home.

Key facts

• Back deck
• Listed 293 days

Tags

• BACK DECK

🏗️ New construction. The $70,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $144,325.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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-, schools F, crime 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: Rents rising fast (+7.0%/yr); 270 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $998 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

• It's been on market 294 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: 7.10%
• Cash-on-cash: 2.89%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (median comp): $144,325
• List price: $70,000
• Delta: -51.50%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1909 Grover St	0.39mi	3/2.0	1,349 (-7%)	10mo	$137,000	$102	61
25025 Dunny St	0.60mi	3/2.0	1,568 (+8%)	7mo	$192,500	$123	53
54085 Independence St	0.33mi	3/1.0	1,652 (+14%)	8mo	$150,000	$91	52
54412 Independence St	0.64mi	3/2.0	1,296 (-11%)	23mo	$132,000	$102	33

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: -7.3%
• Equity multiple: 0.72×
• Total profit: $-11,313
• Equity at exit: $21,519

10-year hold

• IRR: 6.8%
• Equity multiple: 1.60×
• Total profit: $24,300
• Equity at exit: $12,479

Cash invested: $40,411 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,386 high
• Mortgage (P&I): −$757
• Tax est. 1.5%: −$180 /mo · $2,165/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $97

Break-even live

Break-even rent $1,263

Max offer price $144,325

Occupancy floor 88%

Sensitivity live

Price	-10% $197	-5% $147	+0% $97	+5% $48	+10% $-2
Rent	-10% $-12	-5% $43	+0% $97	+5% $152	+10% $207
Rate	-1.0pp $170	-0.5pp $134	base $97	+0.5pp $60	+1.0pp $22

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: $36,081
• Closing costs: $4,330
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,000	$1.05	22d	1	0.18mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	22d	2	0.50mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	45d	1	0.89mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	22d	1	1.14mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	45d	1	1.25mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	45d	1	1.48mi

Listing history 20 events

1. 2026-06-21
   days on market $70,000 Active 294 DOM
2. 2026-06-19
   days on market $70,000 Active 292 DOM
3. 2026-06-18
   days on market $70,000 Active 291 DOM
4. 2026-06-17
   days on market $70,000 Active 290 DOM
5. 2026-06-16
   days on market $70,000 Active 289 DOM
6. 2026-06-15
   days on market $70,000 Active 288 DOM
7. 2026-06-14
   days on market $70,000 Active 286 DOM
8. 2026-06-13
   days on market $70,000 Active 285 DOM
9. 2026-06-10
   days on market $70,000 Active 283 DOM
10. 2026-06-09
    days on market $70,000 Active 282 DOM
11. 2026-06-08
    days on market $70,000 Active 281 DOM
12. 2026-06-07
    days on market $70,000 Active 280 DOM
13. 2026-06-05
    days on market $70,000 Active 277 DOM
14. 2026-06-03
    days on market $70,000 Active 276 DOM
15. 2026-06-02
    days on market $70,000 Active 275 DOM
16. 2026-06-01
    days on market $70,000 Active 274 DOM
17. 2026-05-31
    days on market $70,000 Active 273 DOM
18. 2026-05-30
    days on market $70,000 Active 272 DOM
19. 2026-05-20
    price $70,000 420-char remark

    Show marketing remark (420 chars)

    This home is truly a must see, offering comfortable and accessible living space. It features 3 bedrooms and 2 bathrooms, providing ample room for family or guests. Additionally, it includes a handicap ramp, ensuring easy access for everyone. It has a convenient 1-car detached garage with easy access, and a lovely back deck, perfect for relaxing or entertaining. Call today to schecule an appointment to view this home.

20. 2025-08-31
    listed $92,500 Active 420-char remark

    Show marketing remark (420 chars)

    This home is truly a must see, offering comfortable and accessible living space. It features 3 bedrooms and 2 bathrooms, providing ample room for family or guests. Additionally, it includes a handicap ramp, ensuring easy access for everyone. It has a convenient 1-car detached garage with easy access, and a lovely back deck, perfect for relaxing or entertaining. Call today to schecule an appointment to view this home.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,631
• − Mortgage interest: −$8,084
• − Property taxes: −$2,165
• − Insurance: −$722
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$4,199
• Taxable loss: −$1,200
• Est. tax savings @ 24.0%: +$288
• After-tax cash flow: $1,457/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and increase its value. Key updates include new kitchen cabinets, bathroom fixtures, and flooring, as well as painting the exterior and replacing the siding.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Major flooring — damaged carpet
• Moderate exterior siding — moderate wear

Value-add opportunities

• Resale new kitchen cabinets — modernizes kitchen
• Resale new bathroom fixtures — modernizes bathroom
• Resale new flooring — improves living space
• Both paint exterior — enhances curb appeal
• Both replace siding — improves curb appeal and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
flooring · damaged carpet	Major	$15,000–50,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$24,000–95,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes kitchen ↑
• Resale new bathroom fixtures — modernizes bathroom ↑
• Resale new flooring — improves living space ↑
• Both paint exterior — enhances curb appeal ↑
• Both replace siding — improves curb appeal and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-24.3% since first listed

2 events — show timeline

• 2026-05-20 Price Changed $70,000 Zillow
• 2025-08-31 Listed $92,500 Zillow