1055 Evans St · Elkhart, IN 46516

$89,900

2 bd · 1.0 ba · 750 sqft · SingleFamily public records · 5 Days on market

Built 1940 0.71 ac lot Est $146k · 39% 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Start Showing Date: 6/12/2026 2 bedroom, 1 bath, 1 car garage with walkout basement deep lot goes all the way to the river. All offers to be in by noon on 6/16/2026. Home being sold AS IS condition. Agents see agent remarks!!

Key facts

• 0.71 acre lot
• Garage
• Built 1940

Property features AI

Exterior

• Parking: Attached off-street garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Waterfront lot on the Elkhart River; Level, wooded lot

Interior

• Kitchen: Refrigerator included
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Living room fireplace; Full unfinished basement
• Laundry & utility: Laundry on the lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 9.4% 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: Riverview Elementary School (math 36% / reading 31%, grade F, #631 of 994 statewide, top 64%, 458 students, 78% FRL); Pierre Moran Middle School (math 12% / reading 25%, grade F, #276 of 330 statewide, top 84%, 459 students, 75% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: 146 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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 $622 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1940 — 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. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $146,250
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
923 Carolyn Ave	0.15mi	2/1.0	810 (+8%)	3mo	$172,000	$212	77
520 Middlebury St	0.54mi	2/1.0	747 (-0%)	7mo	$40,000	$54	68
1009 Taylor St	0.38mi	2/1.0	782 (+4%)	15mo	$142,500	$182	63
442 Goshen Ave	0.36mi	2/1.0	660 (-12%)	6mo	$128,900	$195	58
1709 Wood St	0.75mi	2/1.0	768 (+2%)	5mo	$165,000	$215	57
241 Bank St	0.64mi	2/1.0	768 (+2%)	15mo	$150,000	$195	53
309 Bank St	0.60mi	2/1.0	768 (+2%)	21mo	$150,000	$195	51
1620 Belmont Ave	0.55mi	2/1.0	777 (+4%)	22mo	$142,500	$183	50
227 Crescent St	0.67mi	1/1.0 (-1)	660 (-12%)	8mo	$135,000	$205	37
1404 E Indiana Ave	0.56mi	3/1.0 (+1)	840 (+12%)	21mo	$160,500	$191	32
1713 Superior St	0.64mi	3/1.0 (+1)	846 (+13%)	23mo	$167,000	$197	25

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $442
• Equity at exit: $13,404

10-year hold

• IRR: 10.1%
• Equity multiple: 1.78×
• Total profit: $19,709
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,050 high
• Mortgage (P&I): −$471
• Tax from tax record: −$85 /mo · $1,021/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $236

Break-even live

Break-even rent $752

Max offer price $89,900

Occupancy floor 73%

Sensitivity live

Price	-10% $287	-5% $261	+0% $236	+5% $210	+10% $185
Rent	-10% $153	-5% $194	+0% $236	+5% $277	+10% $319
Rate	-1.0pp $281	-0.5pp $259	base $236	+0.5pp $212	+1.0pp $189

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 Middlebury St Unit 2 Elkhart, IN	1.0	1.0	675	$775	$1.15	44d	1	0.47mi
1308 Princeton St Elkhart, IN	2.0	1.0	981	$1,350	$1.38	21d	1	0.50mi
1401 S Main St Elkhart, IN	1.0	1.0	875	$1,750	$2.00	44d	1	0.64mi
204 Middlebury St Unit 204 Elkhart, IN	1.0	1.0	700	$775	$1.11	44d	1	0.79mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	21d	10	0.92mi
419 W Marion St Unit C Elkhart, IN	1.0	1.0	650	$650	$1.00	44d	1	1.26mi
419 W Marion St Apt D Elkhart, IN	1.0	1.0	600	$600	$1.00	44d	1	1.26mi
514 S 5th St Elkhart, IN	1.0	1.0	550	$775	$1.41	44d	1	1.28mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$725	$1.16	44d	2	1.32mi
310 W Lexington Ave Apt C Elkhart, IN	1.0	1.0	750	$750	$1.00	44d	1	1.32mi
115 S 3rd St Unit ST3 Elkhart, IN	1.0	1.0	600	$859	$1.43	44d	1	1.33mi
509 W Franklin St Apt C Elkhart, IN	1.0	1.0	720	$750	$1.04	44d	1	1.35mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	45d	1	1.36mi
2629 Decamp Ave Elkhart, IN	1.0–2.0	1.0	775	$950	$1.23	21d	1	1.43mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	44d	1	1.44mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	44d	1	1.45mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	21d	1	1.47mi
2700 Ridgewood Dr Elkhart, IN	3.0	1.0–2.0	720	$1,208	$1.68	44d	1	1.48mi

Listing history 12 events

1. 2026-06-18
   status $89,900 Pending 5 DOM
2. 2026-06-17
   days on market $89,900 Active Under Contract 5 DOM
3. 2026-06-17
   status $89,900 Active Under Contract 4 DOM
4. 2026-06-16
   days on market $89,900 Active 4 DOM
5. 2026-06-15
   days on market $89,900 Active 3 DOM
6. 2026-06-13
   statusdays on market $89,900 Active 1 DOM
7. 2026-06-10
   days on market $89,900 Coming Soon 6 DOM
8. 2026-06-09
   days on market $89,900 Coming Soon 5 DOM
9. 2026-06-08
   days on market $89,900 Coming Soon 4 DOM
10. 2026-06-07
    days on market $89,900 Coming Soon 3 DOM
11. 2026-06-05
    remarks 226-char remark
12. 2026-06-05
    listed $89,900 Coming Soon 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: $1,021 · $85/mo
• Projected year-2 tax: $1,021 · $85/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: $12,603
• − Mortgage interest: −$5,036
• − Property taxes: −$1,021
• − Insurance: −$450
• − Repairs & maintenance: −$1,008
• − Management: −$1,008
• − Depreciation: −$2,615
• Taxable income: $1,464
• Est. tax owed @ 24.0%: −$351
• After-tax cash flow: $2,477/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): 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

1 event — show timeline

• 2026-06-05 Coming Soon $89,900 IRMLS

Property tax history

+5.9%/yr

Latest (2025): $1,021 · +23.7% YoY. Source: county tax records.