Fairmont 40 Parke Place Plan · Elkhart, IN 46514

$124,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 132 Days on market

Manufactured home Good condition

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• 1% rule +2.4/10.0
• DSCR +1.9/10.0
• Manufactured-home adj. -2.9

Listing remarks MLS

Experience the perfect blend of style and security in this beautifully updated 2015 Fairmont manufactured home. Offering 3 bedrooms and 2 bathrooms across a spacious 1,171 sq. ft. layout, this home features a freshly refreshed interior that feels brand new. What truly sets this property apart is the rare addition of an attached garage and a bright, airy attached sunroom, providing the extra living and storage space you've been looking for. Plus, enjoy total peace of mind with an included generator to keep you powered through any weather. Modern, move-in ready, and packed with upgrades—this is the one you've been waiting for.

Key facts

• Attached garage
• Attached sunroom
• Included generator

Tags

• ATTACHED GARAGE
• ATTACHED SUNROOM
• INCLUDED GENERATOR

🏗️ New construction. The $124,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $146,996.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-159 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (13.1% below list).
• Recommended offer: $108k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 4.1% in Elkhart — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Osolo Elementary School (math 20% / reading 18%, grade F, #829 of 994 statewide, top 84%, 490 students, 76% FRL); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 403 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 70d 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).

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

• It's been on market 132 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,493 (13.1% 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. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.63%
• DSCR: 0.79
• GRM: 11.3

CMA / ARV

• ARV (median comp): $146,996
• List price: $124,900
• Delta: -15.03%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3201 E Bristol St	1.35mi	3/1.0	1,345 (+0%)	2mo	$230,000	$171	59
2020 Woodland Estates Dr	0.33mi	3/2.0	1,546 (+15%)	2mo	$326,000	$211	58
1232 Cone St	1.38mi	3/1.0	1,296 (-4%)	1mo	$201,000	$155	54
1077 Greenleaf Blvd	1.50mi	2/2.0 (-1)	1,291 (-4%)	0mo	$190,000	$147	53
1077 Greenleaf Blvd #114	1.50mi	2/2.0 (-1)	1,291 (-4%)	0mo	$180,000	$139	53
2000 Greenleaf Blvd	1.05mi	3/1.0	1,264 (-6%)	3mo	$345,000	$273	49
1605 Erwin St	1.01mi	3/2.0	1,470 (+9%)	2mo	$239,000	$163	48
903 Mcpherson St	1.43mi	3/2.0	1,488 (+11%)	1mo	$215,000	$144	46
2015 Autumn Ridge Ln	0.54mi	2/1.5 (-1)	1,098 (-18%)	2mo	$190,000	$173	41
1430 Mcpherson St	0.99mi	3/2.0	1,158 (-14%)	1mo	$165,000	$142	41
2021 Autumn Ridge Ln	0.54mi	2/1.0 (-1)	1,098 (-18%)	1mo	$199,000	$181	40
2919 Calumet Ave	1.37mi	2/1.0 (-1)	1,208 (-10%)	0mo	$213,000	$176	39

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: -19.7%
• Equity multiple: 0.29×
• Total profit: $-29,338
• Equity at exit: $21,918

10-year hold

• IRR: -5.8%
• Equity multiple: 0.56×
• Total profit: $-18,088
• Equity at exit: $12,710

Cash invested: $41,159 (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 →

Active competition Active MLS

• For sale now: 55 active
• Median asking: $134,121 ($93/sqft)
• Median days on market: 45 d
• This list price: 42% of active listings are priced below it
• ARV vs active asking: +17.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46514

• Rents YoY: 7.0%
• Active inventory: 403
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,085 high
• Mortgage (P&I): −$771
• Tax est. 1.5%: −$184 /mo · $2,205/yr
• Insurance: −$61
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $-159

Break-even live

Break-even rent $1,286

Max offer price $124,023

Occupancy floor —

Sensitivity live

Price	-10% $-57	-5% $-108	+0% $-159	+5% $-210	+10% $-260
Rent	-10% $-244	-5% $-202	+0% $-159	+5% $-116	+10% $-73
Rate	-1.0pp $-85	-0.5pp $-121	base $-159	+0.5pp $-197	+1.0pp $-236

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: $36,749
• Closing costs: $4,410
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	70d	1	0.29mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	70d	2	0.62mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	93d	1	1.02mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	70d	1	1.26mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	93d	1	1.35mi

Listing history 27 events

1. 2026-07-01
   days on market $124,900 Active 132 DOM
2. 2026-06-30
   days on market $124,900 Active 131 DOM
3. 2026-06-29
   days on market $124,900 Active 130 DOM
4. 2026-06-28
   days on market $124,900 Active 129 DOM
5. 2026-06-28
   days on market $124,900 Active 128 DOM
6. 2026-06-27
   days on market $124,900 Active 127 DOM
7. 2026-06-26
   days on market $124,900 Active 126 DOM
8. 2026-06-23
   days on market $124,900 Active 123 DOM
9. 2026-06-21
   days on market $124,900 Active 122 DOM
10. 2026-06-19
    days on market $124,900 Active 120 DOM
11. 2026-06-18
    days on market $124,900 Active 119 DOM
12. 2026-06-17
    days on market $124,900 Active 118 DOM
13. 2026-06-16
    days on market $124,900 Active 117 DOM
14. 2026-06-15
    days on market $124,900 Active 116 DOM
15. 2026-06-14
    days on market $124,900 Active 114 DOM
16. 2026-06-13
    days on market $124,900 Active 113 DOM
17. 2026-06-10
    days on market $124,900 Active 111 DOM
18. 2026-06-09
    days on market $124,900 Active 110 DOM
19. 2026-06-08
    days on market $124,900 Active 109 DOM
20. 2026-06-07
    days on market $124,900 Active 108 DOM
21. 2026-06-05
    days on market $124,900 Active 105 DOM
22. 2026-06-03
    days on market $124,900 Active 104 DOM
23. 2026-06-02
    days on market $124,900 Active 103 DOM
24. 2026-06-01
    days on market $124,900 Active 102 DOM
25. 2026-05-31
    days on market $124,900 Active 101 DOM
26. 2026-05-30
    days on market $124,900 Active 100 DOM
27. 2026-02-19
    listed $124,900 Active 638-char remark

    Show marketing remark (638 chars)

    Experience the perfect blend of style and security in this beautifully updated 2015 Fairmont manufactured home. Offering 3 bedrooms and 2 bathrooms across a spacious 1,171 sq. ft. layout, this home features a freshly refreshed interior that feels brand new. What truly sets this property apart is the rare addition of an attached garage and a bright, airy attached sunroom, providing the extra living and storage space you've been looking for. Plus, enjoy total peace of mind with an included generator to keep you powered through any weather. Modern, move-in ready, and packed with upgrades—this is the one you've been waiting for.

ⓘ 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: $13,019
• − Mortgage interest: −$8,234
• − Property taxes: −$2,205
• − Insurance: −$735
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$4,276
• Taxable loss: −$4,514
• Est. tax savings @ 24.0%: +$1,083
• After-tax cash flow: $-822/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

Good 75/100 Cosmetic rehab Est. rehab $6,720–$20,160 screening

This 2015 Fairmont manufactured home is in good condition with a fresh interior and attached garage. It's move-in ready with minor maintenance and updates needed to maximize its value.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and home value. ↑
• Rental Replace carpet in living areas — New carpet can improve comfort and attract renters. ↑
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract both buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 25/100

Zoned Schools

Elementary Osolo Elementary School F IN #829/994 Nat'l #34,564/41,679 Middle North Side Middle School F IN #263/330 Nat'l #11,007/14,009 High Elkhart High School F IN #285/369 Nat'l #10,121/17,239

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

C Composite livability gradescore 68/100

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 · 213,761 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: 8% of renters

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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%

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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%

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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

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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

• 2026-02-19 Listed $124,900 Zillow