802 E Emerald St · Elkhart, IN 46514

$49,900

1 bd · 1.0 ba · 546 sqft · SingleFamily public records · 8 Days on market

Built 1935 5,227 sqft lot Est $86k · 42% under

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

Listing remarks

Investor Alert! Check out this low cost home with tons of upside potential. With very light rehab this could make a great flip, home to live in, or rental to add to your portfolio. Main floor has large living room, 1 nice sized bedrooms, kitchen, and bathroom. Full basement has mechanicals and lots of space for storage. Out back is large backyard with mature trees. Much desired attached 1 car detached garage. Please note: Highest and best offers will be reviewed by 5 PM on Thursday, 6/18/26. The seller is accepting cash-only, AS-IS offers from buyers prepared to close quickly. The seller has never lived in the home and provides limited information—buyers and their agents are responsib

Key facts

• Storage
• Large backyard
• Large living room

Tags

• LARGE LIVING ROOM
• LARGE BACKYARD
• MATURE TREES
• FULL BASEMENT
• MECHANICALS
• STORAGE

Property features AI

Finance

• Other: Zoned R-1 One Family Dwelling D; Listing broker: Heart City Realty LLC
• Financial info: Financial details not provided
• HOA & community: Subdivision: Caldwell(s)

Exterior

• Parking: Attached garage with 1 garage space
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding construction; Shingle roof; Above-grade finished area listed (546) — interior square footage not repeated
• Exterior features: Corner lot; Lot dimensions approximately 60 x 98; Lot is about 0.12 acres

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No air conditioning
• Interior features: Full basement; Total of 8 rooms
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($810 rent vs $50k).
• 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: Beardsley Elementary School (math 9% / reading 8%, grade F, #939 of 994 statewide, top 95%, 457 students, 73% FRL); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% 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); 269 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent is only 15% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 + 7.0% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $20k; list at $50k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.62% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.57%
• DSCR: 1.78
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $85,722
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1237 Cone St	0.08mi	2/1.0 (+1)	528 (-3%)	18mo	$83,000	$157	71
54337 Adams St	0.40mi	1/1.0	480 (-12%)	22mo	$52,500	$109	43

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: 14.3%
• Equity multiple: 1.60×
• Total profit: $8,427
• Equity at exit: $7,440

10-year hold

• IRR: 26.3%
• Equity multiple: 3.84×
• Total profit: $39,626
• Equity at exit: $4,314

Cash invested: $13,972 (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: 5.1×

Monthly cashflow live

• Estimated rent: $810 high
• Mortgage (P&I): −$262
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $205

Break-even live

Break-even rent $551

Max offer price $49,900

Occupancy floor 70%

Sensitivity live

Price	-10% $233	-5% $219	+0% $205	+5% $190	+10% $176
Rent	-10% $141	-5% $173	+0% $205	+5% $237	+10% $269
Rate	-1.0pp $230	-0.5pp $217	base $205	+0.5pp $192	+1.0pp $178

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	44d	1	1.00mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$625	$1.00	44d	2	1.04mi
115 S 3rd St Unit ST3 Elkhart, IN	1.0	1.0	600	$859	$1.43	44d	1	1.08mi
310 W Lexington Ave Apt C Elkhart, IN	1.0	1.0	750	$750	$1.00	44d	1	1.11mi
160 N 6th St Elkhart, IN	1.0	1.0	700	$795	$1.14	44d	1	1.17mi
204 Middlebury St Unit 204 Elkhart, IN	1.0	1.0	700	$775	$1.11	44d	1	1.28mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	44d	1	1.31mi
604 Middlebury St Unit 2 Elkhart, IN	1.0	1.0	675	$775	$1.15	44d	1	1.32mi
401 W Marion St Unit D Elkhart, IN	1.0	1.0	400	$775	$1.94	44d	1	1.34mi
509 W Franklin St Apt C Elkhart, IN	1.0	1.0	720	$750	$1.04	44d	1	1.35mi
419 W Marion St Apt D Elkhart, IN	1.0	1.0	600	$600	$1.00	44d	1	1.37mi
419 W Marion St Unit C Elkhart, IN	1.0	1.0	650	$650	$1.00	44d	1	1.37mi
514 S 5th St Elkhart, IN	1.0	1.0	550	$775	$1.41	44d	1	1.40mi

Listing history 8 events

1. 2026-06-19
   status $49,900 Pending 8 DOM
2. 2026-06-18
   days on market $49,900 Active 8 DOM
3. 2026-06-17
   days on market $49,900 Active 7 DOM
4. 2026-06-16
   days on market $49,900 Active 6 DOM
5. 2026-06-15
   days on market $49,900 Active 5 DOM
6. 2026-06-14
   days on market $49,900 Active 3 DOM
7. 2026-06-13
   remarks 693-char remark
8. 2026-06-13
   listed $49,900 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: $1,833 · $153/mo
• Projected year-2 tax: $1,833 · $153/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: $9,718
• − Mortgage interest: −$2,795
• − Property taxes: −$1,833
• − Insurance: −$250
• − Repairs & maintenance: −$777
• − Management: −$777
• − Depreciation: −$1,452
• Taxable income: $1,834
• Est. tax owed @ 24.0%: −$440
• After-tax cash flow: $2,015/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

+24.8% since first listed

3 events — show timeline

• 2026-06-10 Listed $49,900 IRMLS
• 2026-05-26 Sold (Public Records) $20,000 Public Records
• 2017-07-19 Sold (Public Records) $40,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,833 · +156.4% YoY. Source: county tax records.