510 W Lexington Ave · Elkhart, IN 46516

$65,000

3 bd · 2.0 ba · 1,558 sqft · SingleFamily public records · 50 Days on market

Built 1928 4,356 sqft lot $42/sqft · 36% below area Est $102k · 36% 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
• 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 MLS

Fixer upper! This home has 4 bedrooms, 2 baths and a detached 2 car garage. CASH ONLY.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1928

Property features AI

Finance

• Other: Listed by Berkshire Hathaway HomeServices Elkhart

Exterior

• Parking: Detached 2-car garage; Rear parking access
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding; Above-grade finished area listed (1,558 sq ft)
• Exterior features: Lot dimensions approximately 33 x 129; Lot features: Other

Interior

• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Fireplace (1); Full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.3% 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: 146 active listings in the ZIP; 6 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $45k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 2.33% ✓
• Cap rate: 19.26%
• Cash-on-cash: 46.33%
• DSCR: 3.06
• GRM: 3.6

CMA / ARV

• ARV (median comp): $101,682
• List price: $65,000
• Delta: -36.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
182 S Shore Dr	0.39mi	3/2.0	1,500 (-4%)	1mo	$257,000	$171	75
413 N Vine St	0.58mi	3/1.5	1,564 (+0%)	0mo	$220,000	$141	70
300 Union St	0.44mi	3/1.0	1,589 (+2%)	2mo	$60,000	$38	70
505 N Vine St	0.61mi	3/2.0	1,550 (-0%)	2mo	$205,000	$132	69
207 Myrtle St	0.40mi	3/1.5	1,676 (+8%)	1mo	$250,000	$149	66
510 W Franklin St	0.16mi	2/1.0 (-1)	1,703 (+9%)	2mo	$105,000	$62	66
1202 S Shore Dr	0.50mi	3/2.0	1,492 (-4%)	5mo	$130,000	$87	65
531 W Beardsley Ave	0.58mi	2/2.0 (-1)	1,596 (+2%)	3mo	$125,000	$78	62
915 Fulton St	0.49mi	3/1.0	1,418 (-9%)	2mo	$90,000	$63	56
1118 Cedar St	0.68mi	3/2.0	1,400 (-10%)	5mo	$55,000	$39	47
501 N Ward St	0.66mi	3/1.0	1,387 (-11%)	4mo	$69,000	$50	44
807 Thomas St	0.73mi	3/1.0	1,764 (+13%)	5mo	$162,900	$92	36

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: 39.5%
• Equity multiple: 2.69×
• Total profit: $30,766
• Equity at exit: $9,692

10-year hold

• IRR: 45.9%
• Equity multiple: 5.41×
• Total profit: $80,200
• Equity at exit: $5,620

Cash invested: $18,200 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$341
• Tax from tax record: −$125 /mo · $1,496/yr
• Insurance: −$27
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $647

Break-even live

Break-even rent $694

Max offer price $65,000

Occupancy floor 52%

Sensitivity live

Price	-10% $684	-5% $666	+0% $647	+5% $629	+10% $610
Rent	-10% $528	-5% $587	+0% $647	+5% $707	+10% $767
Rate	-1.0pp $680	-0.5pp $664	base $647	+0.5pp $630	+1.0pp $613

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	21d	1	0.19mi
721 N Michigan St Elkhart, IN	4.0	2.0	1952	$2,499	$1.28	21d	1	0.59mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	21d	10	0.78mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	21d	1	0.90mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	45d	1	1.00mi
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	21d	6	1.38mi

Listing history 27 events

1. 2026-06-19
   days on market $65,000 Active 50 DOM
2. 2026-06-18
   days on market $65,000 Active 49 DOM
3. 2026-06-17
   days on market $65,000 Active 48 DOM
4. 2026-06-16
   days on market $65,000 Active 47 DOM
5. 2026-06-15
   days on market $65,000 Active 46 DOM
6. 2026-06-14
   days on market $65,000 Active 44 DOM
7. 2026-06-13
   days on market $65,000 Active 43 DOM
8. 2026-06-10
   days on market $65,000 Active 41 DOM
9. 2026-06-09
   days on market $65,000 Active 40 DOM
10. 2026-06-08
    days on market $65,000 Active 39 DOM
11. 2026-06-07
    days on market $65,000 Active 38 DOM
12. 2026-06-05
    days on market $65,000 Active 35 DOM
13. 2026-06-03
    days on market $65,000 Active 34 DOM
14. 2026-06-02
    days on market $65,000 Active 33 DOM
15. 2026-06-01
    days on market $65,000 Active 32 DOM
16. 2026-05-31
    days on market $65,000 Active 31 DOM
17. 2026-05-30
    days on market $65,000 Active 30 DOM
18. 2026-04-30
    listed $65,000 Active 907-char remark
19. 2024-10-15
    soldstatus $45,000 Closed 87-char remark

    Show marketing remark (87 chars)

    Fixer upper! This home has 4 bedrooms, 2 baths and a detached 2 car garage. CASH ONLY.

20. 2024-10-01
    status Pending 87-char remark

    Show marketing remark (87 chars)

    Fixer upper! This home has 4 bedrooms, 2 baths and a detached 2 car garage. CASH ONLY.

21. 2024-08-21
    listed $50,000 Active 87-char remark

    Show marketing remark (87 chars)

    Fixer upper! This home has 4 bedrooms, 2 baths and a detached 2 car garage. CASH ONLY.

22. 2022-12-07
    soldstatus $32,500 Closed

    Show marketing remark (126 chars)

    Investor special! Great opportunity to own this large home with tons of potential. Schedule a showing today! As-is, cash only.

23. 2022-12-01
    status Pending

    Show marketing remark (126 chars)

    Investor special! Great opportunity to own this large home with tons of potential. Schedule a showing today! As-is, cash only.

24. 2022-11-17
    listed $35,000 Active

    Show marketing remark (126 chars)

    Investor special! Great opportunity to own this large home with tons of potential. Schedule a showing today! As-is, cash only.

25. 2021-04-29
    soldstatus $45,500
26. 2020-11-30
    listed $49,000
27. 2001-10-29
    soldstatus $55,000

ⓘ 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: $1,496 · $125/mo
• Projected year-2 tax: $1,496 · $125/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 10/10 Extreme FEMA zone X (unshaded) · 99% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,155
• − Mortgage interest: −$3,641
• − Property taxes: −$1,496
• − Insurance: −$992
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − Depreciation: −$1,891
• Taxable income: $7,232
• Est. tax owed @ 24.0%: −$1,736
• After-tax cash flow: $6,030/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

+18.2% since first listed

10 events — show timeline

• 2026-04-30 Listed $65,000 IRMLS
• 2024-10-15 Sold (MLS) $45,000 IRMLS
• 2024-10-01 Pending — IRMLS
• 2024-08-21 Listed $50,000 IRMLS
• 2022-12-07 Sold (MLS) $32,500 IRMLS
• 2022-12-01 Pending — IRMLS
• 2022-11-17 Listed $35,000 IRMLS
• 2021-04-29 Sold (MLS) $45,500 IRMLS
• 2020-11-30 Listed $49,000 IRMLS
• 2001-10-29 Sold (Public Records) $55,000 Public Records

Property tax history

-3.7%/yr

Latest (2025): $1,496 · +217.3% YoY. Source: county tax records.