1816 Tin Boot Ave · Elkhart, IN 46514

$135,000

3 bd · 2.0 ba · 1,475 sqft · Manufactured · 10 Days on market

Manufactured home Built 2026 Excellent condition $92/sqft · 24% below area Est $177k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Condition / age +5.0/5.0
• Rent growth +4.3/5.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Manufactured-home adj. -4.2

Listing remarks

Make this brand new and beautiful 2026 Clayton home yours today!

Key facts

• Built 2026
• Listed 10 days

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 $-17 ($-205/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (14.1% below list).
• Recommended offer: $116k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.1% 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); 506 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $115,936 (14.1% 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. 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: 0.86% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (median comp): $176,655
• List price: $135,000
• Delta: -23.58%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25025 Dunny St	0.30mi	3/2.0	1,568 (+6%)	10mo	$192,500	$123	67
1909 Grover St	0.92mi	3/2.0	1,349 (-8%)	13mo	$137,000	$102	40
54085 Independence St	0.82mi	3/1.0	1,652 (+12%)	11mo	$150,000	$91	32
25884 Modrell Ave	1.12mi	3/2.0	1,296 (-12%)	18mo	$156,250	$121	30
26085 Gerald St	0.80mi	2/2.0 (-1)	1,188 (-20%)	22mo	$160,000	$135	17

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: -12.8%
• Equity multiple: 0.52×
• Total profit: $-18,053
• Equity at exit: $20,129

10-year hold

• IRR: 1.5%
• Equity multiple: 1.13×
• Total profit: $4,765
• 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: 59 active
• Median asking: $128,400 ($91/sqft)
• Median days on market: 61 d
• This list price: 69% of active listings are priced below it
• ARV vs active asking: +31.5% 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: 506
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,159 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: −$243
• Net cashflow: $-17

Break-even live

Break-even rent $1,181

Max offer price $132,532

Occupancy floor 96%

Sensitivity live

Price	-10% $76	-5% $30	+0% $-17	+5% $-64	+10% $-110
Rent	-10% $-109	-5% $-63	+0% $-17	+5% $29	+10% $75
Rate	-1.0pp $51	-0.5pp $17	base $-17	+0.5pp $-52	+1.0pp $-88

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
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,000	$1.05	116d	1	0.66mi
2001 Sugar Maple Ln Elkhart, IN	1.0–2.0	1.0–2.0	923	$1,445	$1.56	0d	39	0.72mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	116d	2	1.00mi
2002 Raintree Dr Unit 2103-1 Elkhart, IN	2.0	1.5	1034	$1,609	$1.56	6d	1	1.00mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	139d	1	1.39mi
2641 Muirfield Dr Elkhart, IN	1.0–2.0	1.0–2.0	865	$1,608	$1.86	0d	16	1.43mi

Listing history 9 events

1. 2026-06-19
   days on market $135,000 Active 10 DOM
2. 2026-06-18
   days on market $135,000 Active 9 DOM
3. 2026-06-17
   days on market $135,000 Active 8 DOM
4. 2026-06-16
   days on market $135,000 Active 7 DOM
5. 2026-06-15
   days on market $135,000 Active 6 DOM
6. 2026-06-14
   days on market $135,000 Active 4 DOM
7. 2026-06-13
   days on market $135,000 Active 3 DOM
8. 2026-06-09
   remarks 64-char remark
9. 2026-06-09
   listed $135,000 Active 1 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: $13,912
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − Depreciation: −$3,927
• Taxable loss: −$2,503
• Est. tax savings @ 24.0%: +$601
• After-tax cash flow: $396/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 100/100 None rehab

This 2026 Clayton home is move-in ready with excellent condition and modern updates. It's a great investment opportunity.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and can increase value ↑
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to maintain ↑
• Both Install smart home features — Attracts tech-savvy buyers and renters ↑

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