456 E Walnut St · Nappanee, IN 46550

$175,000

3 bd · 1.0 ba · 2,000 sqft · MultiFamily public records · 39 Days on market

Built 1910 8,712 sqft lot $88/sqft · 27% below area Est $229k · 23% under

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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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.3/10.0
• Schools +5.1/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This duplex in Wa-Nee School District is ready for a new owner. Upstairs unit is ready for a renter or to be owner occupied. Roof was replaced in 2024.

Key facts

• Heart of nappanee
• Main level
• Upper level

Tags

• DUPLEX
• HEART OF NAPPANEE
• UPPER LEVEL
• MAIN LEVEL
• ROOF REPLACED

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Level lot; Shed(s)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 9 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Refrigerator; Electric oven; Basement
• Laundry & utility: Laundry on the main level

🏷️ Possibly a rental listed for sale. The $175,000 price doesn't fit this home's estimated sale value (~$228,656) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 82/100 on livability (#14 in IN, #1,279 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Wa-Nee Community Schools (rural): math 61% / reading 57% proficiency, ranked #21 of 301 in IN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Nappanee Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 366 students, 41% FRL) — zoned schools average 41% FRL vs 25% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 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

• It's been on market 39 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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.
5. 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.
6. 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: 1.13% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 7.3

CMA / ARV

• ARV (median comp): $228,656
• List price: $175,000
• Delta: -23.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-11,743
• Equity at exit: $26,093

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $11,423
• Equity at exit: $15,131

Cash invested: $49,000 (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 46550

• Home prices YoY: -22.3%
• Active inventory: 24
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $1,986 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$319 /mo · $3,826/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $259

Break-even live

Break-even rent $1,658

Max offer price $175,000

Occupancy floor 82%

Sensitivity live

Price	-10% $358	-5% $309	+0% $259	+5% $210	+10% $160
Rent	-10% $103	-5% $181	+0% $259	+5% $338	+10% $416
Rate	-1.0pp $348	-0.5pp $304	base $259	+0.5pp $214	+1.0pp $168

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,986
Total (2 units)			$1,986

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $175,000 Active 39 DOM
2. 2026-06-18
   days on market $175,000 Active 38 DOM
3. 2026-06-17
   days on market $175,000 Active 37 DOM
4. 2026-06-16
   days on market $175,000 Active 36 DOM
5. 2026-06-15
   days on market $175,000 Active 35 DOM
6. 2026-06-14
   days on market $175,000 Active 33 DOM
7. 2026-06-13
   days on market $175,000 Active 32 DOM
8. 2026-06-10
   days on market $175,000 Active 30 DOM
9. 2026-06-09
   days on market $175,000 Active 29 DOM
10. 2026-06-08
    days on market $175,000 Active 28 DOM
11. 2026-06-07
    days on market $175,000 Active 27 DOM
12. 2026-06-05
    days on market $175,000 Active 24 DOM
13. 2026-06-03
    days on market $175,000 Active 23 DOM
14. 2026-06-02
    days on market $175,000 Active 22 DOM
15. 2026-06-01
    days on market $175,000 Active 21 DOM
16. 2026-05-31
    days on market $175,000 Active 20 DOM
17. 2026-05-30
    days on market $175,000 Active 19 DOM
18. 2026-05-11
    listed $175,000 Active 151-char remark

    Show marketing remark (151 chars)

    This duplex in Wa-Nee School District is ready for a new owner. Upstairs unit is ready for a renter or to be owner occupied. Roof was replaced in 2024.

19. 2026-05-11
    listed $175,000 Active 219-char remark

    Show marketing remark (151 chars)

    This duplex in Wa-Nee School District is ready for a new owner. Upstairs unit is ready for a renter or to be owner occupied. Roof was replaced in 2024.

20. 2020-03-16
    listed $150,000

ⓘ 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: $3,826 · $319/mo
• Projected year-2 tax: $3,826 · $319/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 3/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,832
• − Mortgage interest: −$9,803
• − Property taxes: −$3,826
• − Insurance: −$875
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$5,091
• Taxable income: $424
• Est. tax owed @ 24.0%: −$102
• After-tax cash flow: $3,011/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: Wa-Nee Community Schools
• NCES district ID: 1812240
• Math proficiency: 61% ▼ -1.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $53,956
• Composite: 50.65/100
• National rank: #1830
• State rank: #21 of 301 in IN

Livability — Nappanee

• Score: 82/100
• State rank: #14
• US rank: #1279

Category grades

Amenities B- Commute F Cost of living A+ Crime A Employment C+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nappanee, IN
• City population: 12,442
• Population (ZIP): 12,442

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 6% Native American 3% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Polish 4% Iranian 2% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 67% English-only · German/W. Germanic 21% Spanish 9% Chinese 1%

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: ▼ -78.37%
• Current HPI: 272.6008
• Rent YoY: —
• Metro: —
• 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

+16.7% since first listed

3 events — show timeline

• 2026-05-11 Listed $175,000 IRMLS
• 2026-05-11 Listed $175,000 IRMLS
• 2020-03-16 Listed $150,000 IRMLS

Property tax history

+3.4%/yr

Latest (2025): $3,826 · +10.1% YoY. Source: county tax records.