1818 Community Chest Ave · Elkhart, IN 46514

$135,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 298 Days on market

Manufactured home Built 2025 Excellent condition $86/sqft · 34% below area Est $204k · 34% under ↓ 6% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Condition / age +4.8/5.0
• Rent growth +4.3/5.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Manufactured-home adj. -4.3

Listing remarks MLS

Step into effortless luxury with this barely-lived-in 2024 Fairmont, where modern design meets total convenience. This 3-bedroom, 2-bathroom masterpiece is truly move-in ready, coming fully loaded with all the high-end furniture and decor currently in the home. Skip the lead times and the furniture shopping—just bring your toothbrush and start enjoying a space that feels brand new from the moment you turn the key. The upgrades don't stop at the front door; enjoy an expanded patio space perfect for morning coffee or weekend hosting, along with premium finishes throughout the interior. Featuring a spacious, open-concept layout and the peace of mind that comes with a late-model build, this home offers a turnkey lifestyle at an unbeatable value. Why wait to build when your dream home is ready and waiting?

Key facts

• Back deck
• Built 2025
• Listed 297 days

Tags

• BACK DECK
• NATURAL WATER SOURCES
• PRIMARY BEDROOM BAY WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $10 ($117/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (11.6% below list).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 4.3% 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: 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); 595 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 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 $933 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 298 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.88% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• GRM: 9.4

CMA / ARV

• ARV (median comp): $203,699
• List price: $135,000
• Delta: -33.73%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1313 Freda Dr Unit C	0.49mi	3/2.0	1,548 (-1%)	0mo	$239,900	$155	75
2020 Woodland Estates Dr	0.58mi	3/2.0	1,546 (-1%)	4mo	$326,000	$211	67
52035 County Road 9	1.41mi	3/1.5	1,656 (+6%)	1mo	$249,000	$150	53
1400 Grant St	1.44mi	3/1.0	1,506 (-4%)	3mo	$203,000	$135	52
2216 Woodland Ct	0.53mi	3/2.0	1,784 (+14%)	2mo	$315,000	$177	51
1605 Erwin St	1.41mi	3/2.0	1,470 (-6%)	5mo	$239,000	$163	50
1630 Grant St	1.32mi	3/2.0	1,824 (+16%)	1mo	$250,000	$137	39
502 Sunset Ave	1.44mi	3/2.0	1,821 (+16%)	4mo	$227,000	$125	37
1623 Victoria Dr	1.16mi	3/2.5	1,872 (+19%)	5mo	$150,000	$80	34
25092 Grover St	0.93mi	3/1.0	1,917 (+22%)	5mo	$168,000	$88	32
26080 County Road 4	1.45mi	4/2.0 (+1)	1,836 (+17%)	5mo	$207,000	$113	31
1815 E Beardsley Ave	1.45mi	2/1.0 (-1)	1,944 (+24%)	4mo	$130,000	$67	28

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: -11.4%
• Equity multiple: 0.57×
• Total profit: $-16,200
• Equity at exit: $20,129

10-year hold

• IRR: 2.9%
• Equity multiple: 1.24×
• Total profit: $9,221
• Equity at exit: $11,672

Cash invested: $37,800 (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: 64 active
• Median asking: $126,700 ($88/sqft)
• Median days on market: 96 d
• This list price: 70% of active listings are priced below it
• ARV vs active asking: +47.5% 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: 595
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,193 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $10

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 94%

Sensitivity live

Price	-10% $103	-5% $56	+0% $10	+5% $-37	+10% $-84
Rent	-10% $-84	-5% $-37	+0% $10	+5% $57	+10% $104
Rate	-1.0pp $78	-0.5pp $44	base $10	+0.5pp $-25	+1.0pp $-61

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: $33,750
• Closing costs: $4,050
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2231 Osolo Rd Elkhart, IN	3.0	2.0	1392	$1,225	$0.88	0d	1	0.26mi
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,300	$1.37	0d	1	0.72mi
1626 Osolo Rd Elkhart, IN	4.0	2.0	2190	$2,595	$1.18	162d	1	1.03mi
2002 Raintree Dr Elkhart, IN	2.0	1.5–2.0	1049	$1,554	$1.48	0d	4	1.07mi
26154 Rogers Rd Unit C Elkhart, IN	3.0	1.5	1440	$1,800	$1.25	0d	1	1.22mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	184d	1	1.46mi

Listing history 50 events

1. 2026-11-08
   days on market $135,000 Active 298 DOM
2. 2026-11-07
   days on market $135,000 Active 297 DOM
3. 2026-11-06
   days on market $135,000 Active 296 DOM
4. 2026-11-05
   days on market $135,000 Active 295 DOM
5. 2026-11-04
   days on market $135,000 Active 294 DOM
6. 2026-11-02
   days on market $135,000 Active 292 DOM
7. 2026-11-01
   days on market $135,000 Active 291 DOM
8. 2026-10-31
   days on market $135,000 Active 290 DOM
9. 2026-10-30
   days on market $135,000 Active 289 DOM
10. 2026-10-29
    days on market $135,000 Active 288 DOM
11. 2026-10-28
    days on market $135,000 Active 287 DOM
12. 2026-10-27
    days on market $135,000 Active 286 DOM
13. 2026-10-26
    days on market $135,000 Active 285 DOM
14. 2026-10-25
    days on market $135,000 Active 284 DOM
15. 2026-10-24
    days on market $135,000 Active 283 DOM
16. 2026-10-23
    days on market $135,000 Active 282 DOM
17. 2026-10-23
    price $135,000 Active 281 DOM
18. 2026-10-22
    days on market $146,611 Active 281 DOM
19. 2026-10-21
    days on market $146,611 Active 280 DOM
20. 2026-10-20
    days on market $146,611 Active 279 DOM
21. 2026-10-19
    days on market $146,611 Active 278 DOM
22. 2026-10-18
    days on market $146,611 Active 277 DOM
23. 2026-10-17
    days on market $146,611 Active 276 DOM
24. 2026-10-16
    days on market $146,611 Active 275 DOM
25. 2026-10-15
    days on market $146,611 Active 274 DOM
26. 2026-10-14
    days on market $146,611 Active 273 DOM
27. 2026-10-13
    days on market $146,611 Active 272 DOM
28. 2026-10-12
    days on market $146,611 Active 271 DOM
29. 2026-10-11
    days on market $146,611 Active 270 DOM
30. 2026-10-10
    days on market $146,611 Active 269 DOM
31. 2026-10-09
    days on market $146,611 Active 268 DOM
32. 2026-10-08
    days on market $146,611 Active 267 DOM
33. 2026-10-07
    days on market $146,611 Active 266 DOM
34. 2026-10-06
    days on market $146,611 Active 265 DOM
35. 2026-10-05
    days on market $146,611 Active 264 DOM
36. 2026-10-04
    days on market $146,611 Active 263 DOM
37. 2026-10-03
    days on market $146,611 Active 262 DOM
38. 2026-10-02
    days on market $146,611 Active 261 DOM
39. 2026-10-01
    days on market $146,611 Active 260 DOM
40. 2026-09-30
    days on market $146,611 Active 259 DOM
41. 2026-09-29
    days on market $146,611 Active 258 DOM
42. 2026-09-28
    days on market $146,611 Active 257 DOM
43. 2026-09-27
    days on market $146,611 Active 256 DOM
44. 2026-09-26
    days on market $146,611 Active 255 DOM
45. 2026-09-25
    days on market $146,611 Active 254 DOM
46. 2026-09-24
    days on market $146,611 Active 253 DOM
47. 2026-09-24
    days on market $146,611 Active 252 DOM
48. 2026-09-22
    days on market $146,611 Active 251 DOM
49. 2026-09-20
    days on market $146,611 Active 249 DOM
50. 2026-09-18
    days on market $146,611 Active 247 DOM

ⓘ 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: $14,320
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$3,927
• Taxable loss: −$2,161
• Est. tax savings @ 24.0%: +$519
• After-tax cash flow: $636/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

Excellent 95/100 None rehab

This manufactured home is in excellent condition with no visible repairs needed. It offers a great value with its well-maintained exterior, interior, and flooring. Consider landscaping and painting to further enhance its appeal.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers or renters ↑
• Both Painting exterior and interior — Fresh paint can make the home look newer and more appealing ↑

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

---

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Languages at home: 89% English-only · Spanish 10%

---

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

---

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

-5.8% since first listed

4 events — show timeline

• 2026-04-02 Relisted — Zillow
• 2026-04-02 Price Changed $146,611 Zillow
• 2025-03-29 Delisted — Zillow
• 2025-01-10 Listed $155,582 Zillow