225 W Washington St · Elkhart, IN 46516

$162,900

2 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 69 Days on market

Built 1900 2,614 sqft lot $108/sqft · 49% above area Est $110k · 48% over

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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 +10.8/30.0
• Livability +3.4/5.0
• DSCR +3.1/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just minutes from downtown Elkhart’s Riverwalk, dining, shopping, parks, and the Aquatic Center, this updated 4-bedroom, 2-bath home offers both convenience and comfort. Featuring all new flooring, fresh paint throughout, and a newer kitchen with stainless steel appliances included. Opportunity awaits with an additional 41x160 adjacent lot to the east available for purchase. Don’t miss your chance to see it!

Key facts

• Fresh paint
• Newer kitchen
• New flooring

Tags

• NEW FLOORING
• FRESH PAINT
• NEWER KITCHEN
• STAINLESS STEEL APPLIANCES
• ADJACENT LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $163k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (24.0% below list).
• Recommended offer: $124k (24.0% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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).
• Market conditions: 150 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $5k 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 69 days — a 6% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $32k; list at $163k implies a 417% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,851 (24.0% 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 69 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.76% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• GRM: 11.0

CMA / ARV

• ARV (median comp): $109,703
• List price: $162,900
• Delta: 48.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
531 W Beardsley Ave	0.43mi	2/2.0	1,596 (+6%)	3mo	$125,000	$78	64
182 S Shore Dr	0.67mi	3/2.0 (+1)	1,500 (-1%)	1mo	$257,000	$171	58
413 N Vine St	0.63mi	3/1.5 (+1)	1,564 (+3%)	0mo	$220,000	$141	58
510 W Franklin St	0.42mi	2/1.0	1,703 (+13%)	2mo	$105,000	$62	57
505 N Vine St	0.64mi	3/2.0 (+1)	1,550 (+2%)	2mo	$205,000	$132	55
915 Fulton St	0.60mi	3/1.0 (+1)	1,418 (-6%)	2mo	$90,000	$63	55
329 E Simonton St	0.67mi	2/1.0	1,380 (-9%)	0mo	$168,000	$122	54
207 Myrtle St	0.52mi	3/1.5 (+1)	1,676 (+11%)	1mo	$250,000	$149	50
300 Union St	0.74mi	3/1.0 (+1)	1,589 (+5%)	2mo	$60,000	$38	50
501 N Ward St	0.70mi	3/1.0 (+1)	1,387 (-8%)	4mo	$69,000	$50	45
1118 Cedar St	0.73mi	3/2.0 (+1)	1,400 (-7%)	5mo	$55,000	$39	41
190 S Shore Dr	0.67mi	3/1.0 (+1)	1,292 (-15%)	2mo	$120,000	$93	38

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: -22.0%
• Equity multiple: 0.24×
• Total profit: $-34,623
• Equity at exit: $24,289

10-year hold

• IRR: -15.9%
• Equity multiple: 0.11×
• Total profit: $-40,720
• Equity at exit: $14,085

Cash invested: $45,612 (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: 150
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,239 high
• Mortgage (P&I): −$854
• Tax from tax record: −$130 /mo · $1,560/yr
• Insurance: −$68
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $-129

Break-even live

Break-even rent $1,402

Max offer price $140,063

Occupancy floor —

Sensitivity live

Price	-10% $-37	-5% $-83	+0% $-129	+5% $-175	+10% $-221
Rent	-10% $-227	-5% $-178	+0% $-129	+5% $-80	+10% $-31
Rate	-1.0pp $-47	-0.5pp $-88	base $-129	+0.5pp $-171	+1.0pp $-214

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: $40,725
• Closing costs: $4,887
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 S 2nd St Unit B Elkhart, IN	1.0	1.0	1200	$1,100	$0.92	45d	1	0.27mi
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	23d	1	0.50mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	23d	10	0.59mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	46d	1	0.69mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	23d	1	1.21mi

Listing history 22 events

1. 2026-06-10
   status $162,900 Pending 69 DOM
2. 2026-06-09
   days on market $162,900 Active 69 DOM
3. 2026-06-08
   days on market $162,900 Active 68 DOM
4. 2026-06-07
   days on market $162,900 Active 67 DOM
5. 2026-06-05
   days on market $162,900 Active 64 DOM
6. 2026-06-03
   days on market $162,900 Active 63 DOM
7. 2026-06-02
   days on market $162,900 Active 62 DOM
8. 2026-06-01
   days on market $162,900 Active 61 DOM
9. 2026-05-31
   days on market $162,900 Active 60 DOM
10. 2026-05-30
    days on market $162,900 Active 59 DOM
11. 2026-04-01
    listed $162,900 Active 423-char remark

    Show marketing remark (423 chars)

    Just minutes from downtown Elkhart’s Riverwalk, dining, shopping, parks, and the Aquatic Center, this updated 4-bedroom, 2-bath home offers both convenience and comfort. Featuring all new flooring, fresh paint throughout, and a newer kitchen with stainless steel appliances included. Opportunity awaits with an additional 41x160 adjacent lot to the east available for purchase. Don’t miss your chance to see it!

12. 2025-10-30
    price $165,900
13. 2025-09-22
    price $169,900
14. 2025-09-03
    listed $174,900 Active
15. 2025-08-23
    status Active
16. 2025-08-23
    historical
17. 2025-08-15
    price $179,900
18. 2025-02-28
    status Active
19. 2024-08-24
    listed $185,000 Active
20. 2001-11-09
    soldstatus $31,500
21. 2001-10-22
    soldstatus $48,000
22. 2001-09-14
    soldstatus $52,000

ⓘ 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: $1,560 · $130/mo
• Projected year-2 tax: $1,560 · $130/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 (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $14,862
• − Mortgage interest: −$9,125
• − Property taxes: −$1,560
• − Insurance: −$1,481
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$4,739
• Taxable loss: −$4,421
• Est. tax savings @ 24.0%: +$1,061
• After-tax cash flow: $-490/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

+213.3% since first listed

12 events — show timeline

• 2026-04-01 Listed $162,900 IRMLS
• 2025-10-30 Price Changed $165,900 IRMLS
• 2025-09-22 Price Changed $169,900 IRMLS
• 2025-09-03 Listed $174,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-08-15 Price Changed $179,900 IRMLS
• 2025-02-28 Relisted — IRMLS
• 2024-08-24 Listed $185,000 IRMLS
• 2001-11-09 Sold (Public Records) $31,500 Public Records
• 2001-10-22 Sold (Public Records) $48,000 Public Records
• 2001-09-14 Sold (Public Records) $52,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,560 · +23.7% YoY. Source: county tax records.