24713 Penwell Ave · Elkhart, IN 46516

$150,000

3 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 7 Days on market

Built 1956 2.19 ac lot Est $152k · at est.

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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 +10.9/30.0
• ARV discount +8.2/15.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• DSCR +3.2/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Value Add Opportunity! 2-Acre Estate with Solid Bones, Investors and DIY enthusiasts, take note! This 3-bedroom, 1-bath home is the perfect canvas for your next project. Some of the major ticket items are already checked off with a newer roof and siding in good condition, allowing you to focus your budget on interior transformations. The property sits on a partially wooded 2-acre lot featuring a large 2-story barn—perfect for a workshop, studio, or additional storage. With mature trees and a sprawling yard, the potential for equity growth here is massive.

Key facts

• 2.19 acre lot
• 2 garage spots
• Built 1956

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-66 ($-787/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (14.1% below list).
• Recommended offer: $129k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.
• Concord Community Schools (suburban): math 24% / reading 39% proficiency, ranked #226 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Concord Ox Bow Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 429 students, 51% FRL); Concord Junior High School (math 19% / reading 46%, grade F, #186 of 330 statewide, top 57%, 841 students, 58% FRL); Concord Community High School (math 25% / reading 64%, grade F, #169 of 369 statewide, top 51%, 1,785 students, 51% FRL).
• Market conditions: 146 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,917 (14.1% 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 1956 — 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: 0.86% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.87%
• DSCR: 0.92
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $152,320
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2524 Hazel St	0.08mi	2/1.0 (-1)	1,194 (+10%)	8mo	$95,000	$80	68
3003 Peoria St	0.49mi	3/1.0	1,040 (-4%)	3mo	$115,000	$111	67
2766 Garden Blvd	0.45mi	3/1.0	1,060 (-3%)	12mo	$186,000	$175	65
3109 Lawton Ave	0.59mi	3/1.0	1,152 (+6%)	1mo	$152,900	$133	62
24736 Idlewild Ave	0.42mi	3/2.0	1,008 (-7%)	19mo	$190,000	$188	48
3138 Homer Ave	0.66mi	2/1.0 (-1)	1,144 (+5%)	10mo	$160,000	$140	47
3020 Peoria St	0.51mi	2/2.0 (-1)	1,072 (-2%)	22mo	$186,000	$174	47
2403 Sanders Ave	0.66mi	2/1.0 (-1)	1,070 (-2%)	22mo	$150,000	$140	43
3203 Garden Blvd	0.67mi	3/1.0	936 (-14%)	3mo	$115,000	$123	43
2800 Burr Oak Ave	0.65mi	3/2.0	1,176 (+8%)	14mo	$199,900	$170	41
2632 Morton Ave	0.49mi	2/1.0 (-1)	936 (-14%)	16mo	$157,500	$168	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-28,435
• Equity at exit: $22,365

10-year hold

• IRR: -12.0%
• Equity multiple: 0.29×
• Total profit: $-29,942
• Equity at exit: $12,969

Cash invested: $42,000 (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 46516

• Active inventory: 146
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,289 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$235 /mo · $2,819/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-66

Break-even live

Break-even rent $1,372

Max offer price $138,415

Occupancy floor —

Sensitivity live

Price	-10% $19	-5% $-23	+0% $-66	+5% $-108	+10% $-150
Rent	-10% $-167	-5% $-117	+0% $-66	+5% $-15	+10% $36
Rate	-1.0pp $10	-0.5pp $-27	base $-66	+0.5pp $-104	+1.0pp $-144

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2629 Decamp Ave Elkhart, IN	1.0–2.0	1.0	775	$950	$1.23	21d	1	0.91mi
2700 Ridgewood Dr Elkhart, IN	3.0	1.0–2.0	720	$1,450	$2.01	44d	1	0.93mi
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	21d	1	1.33mi

Listing history 2 events

1. 2026-04-08
   status Pending
2. 2026-04-01
   listed $150,000 Active

ⓘ 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: $2,819 · $235/mo
• Projected year-2 tax: $2,819 · $235/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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,470
• − Mortgage interest: −$8,402
• − Property taxes: −$2,819
• − Insurance: −$750
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$4,364
• Taxable loss: −$3,340
• Est. tax savings @ 24.0%: +$802
• After-tax cash flow: $15/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: Concord Community Schools
• NCES district ID: 1802400
• Math proficiency: 24% ▼ -21.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,133
• Composite: 27.02/100
• National rank: #7057
• State rank: #226 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

• County: Elkhart County · 107,928 people
• City population: 74,260
• Metro: Elkhart-Goshen, IN
• Population (ZIP): 31,871
• Household income: $56,492
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 995.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Hispanic / Latino 26% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 15% · Canada
• Languages at home: 77% English-only · Spanish 19% Other Indo-European 3%

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: ▼ -233.42%
• Current HPI: 239.2508
• Rent YoY: —
• 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

2 events — show timeline

• 2026-04-08 Pending — IRMLS
• 2026-04-01 Listed $150,000 IRMLS

Property tax history

+10.8%/yr

Latest (2025): $2,819 · +120.7% YoY. Source: county tax records.