56478 Miller Dr · Elkhart, IN 46516

$150,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 2 Days on market

Built 1959 7,797 sqft lot Est $132k · 13% over

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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).

• Cash flow +19.3/30.0
• DSCR +6.1/10.0
• Schools +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sought after Jimtown Schools, This ideally located 3 Bedroom ranch is close to shopping, restaurants, schools, and easy access to the bypass. This cute home packs a powerful punch. .. all new stainless appliances, new carpet, new paint, new furnace, plumbing and roof - while keeping some of its retro chic charm. It defines "move in ready". An attached insulated garage and a friendly neighborhood completes the package.

Key facts

• Hall storage closets
• Attached garage
• Living room

Tags

• LIVING ROOM
• EAT IN KITCHEN
• NICE SIZED CLOSETS
• HALL STORAGE CLOSETS
• ATTACHED GARAGE
• STORAGE SHED

Property features AI

Finance

• Other: Subdivision: El Paco Manor / Elpaco Manor

Exterior

• Parking: Attached garage with garage door opener (1 garage space); Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; Single story
• Construction: Vinyl siding; Slab foundation; Built as site-built home
• Exterior features: Level lot; Shed(s)

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: Total rooms: 6
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Blinds on windows; Storm door(s)
• Laundry & utility: Washer hookup (main level); Electric dryer hookup; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $135k (9.8% below list).
• Recommended offer: $135k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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.
• Baugo Community Schools (suburban): math 49% / reading 50% proficiency, ranked #54 of 301 in IN (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jimtown Elementary School (379 students, 46% FRL); Jimtown Junior High School (math 47% / reading 42%, grade D, #84 of 330 statewide, top 26%, 279 students, 41% FRL); Jimtown High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 541 students, 38% FRL).
• Market conditions: 146 active listings in the ZIP; 3 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 $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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $106k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,363 (9.8% below list)

Questions for the listing agent

1. Built in 1959 — 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. 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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 7.62%
• Cash-on-cash: 4.73%
• DSCR: 1.21
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $132,192
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28831 Driftwood Dr	0.17mi	3/1.0	910 (+5%)	8mo	$170,000	$187	76
56611 Miller Dr	0.14mi	3/1.0	960 (+11%)	6mo	$140,000	$146	70
56661 Shore Ave	0.26mi	2/1.0 (-1)	800 (-7%)	8mo	$122,500	$153	64

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-13,822
• Equity at exit: $22,365

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $1,294
• Equity at exit: $12,969

Cash invested: $42,000 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,354 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$55 /mo · $656/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $166

Break-even live

Break-even rent $1,144

Max offer price $150,000

Occupancy floor 83%

Sensitivity live

Price	-10% $250	-5% $208	+0% $166	+5% $123	+10% $81
Rent	-10% $59	-5% $112	+0% $166	+5% $219	+10% $273
Rate	-1.0pp $241	-0.5pp $204	base $166	+0.5pp $127	+1.0pp $87

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2301 W Lexington Ave Elkhart, IN	2.0–3.0	1.5–2.0	1077	$1,460	$1.36	21d	6	0.83mi
57748 Best Ave Elkhart, IN	2.0	1.0	888	$1,250	$1.41	21d	1	1.27mi
28225 Morgan St Unit A Elkhart, IN	3.0	1.0	1000	$1,225	$1.23	21d	1	1.45mi

Listing history 3 events

1. 2026-05-26
   listed $150,000 Active
2. 2020-08-31
   soldstatus $106,000 433-char remark

   Show marketing remark (433 chars)

   Sought after Jimtown Schools, This ideally located 3 Bedroom ranch is close to shopping, restaurants, schools, and easy access to the bypass. This cute home packs a powerful punch. .. all new stainless appliances, new carpet, new paint, new furnace, plumbing and roof - while keeping some of its retro chic charm. It defines "move in ready". An attached insulated garage and a friendly neighborhood completes the package.

3. 2020-07-30
   listed $104,900 433-char remark

   Show marketing remark (433 chars)

   Sought after Jimtown Schools, This ideally located 3 Bedroom ranch is close to shopping, restaurants, schools, and easy access to the bypass. This cute home packs a powerful punch. .. all new stainless appliances, new carpet, new paint, new furnace, plumbing and roof - while keeping some of its retro chic charm. It defines "move in ready". An attached insulated garage and a friendly neighborhood completes the package.

ⓘ 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: $656 · $55/mo
• Projected year-2 tax: $966 · $80/mo
• Expected delta: +$309/yr (+$26/mo · 47.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $16,244
• − Mortgage interest: −$8,402
• − Property taxes: −$656
• − Insurance: −$750
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$4,364
• Taxable loss: −$527
• Est. tax savings @ 24.0%: +$127
• After-tax cash flow: $2,113/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: Baugo Community Schools
• NCES district ID: 1800420
• Math proficiency: 49% ▼ -5.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $54,535
• Composite: 42.81/100
• National rank: #3141
• State rank: #54 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

• 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

+43.0% since first listed

3 events — show timeline

• 2026-05-26 Listed $150,000 IRMLS
• 2020-08-31 Sold (MLS) $106,000 IRMLS
• 2020-07-30 Listed $104,900 IRMLS

Property tax history

-5.3%/yr

Latest (2025): $656 · -7.9% YoY. Source: county tax records.