702-704 N West Blvd · Elkhart, IN 46514

$189,900

1 bd · 1.0 ba · 568 sqft · MultiFamily public records · 64 Days on market

Built 1925 5,793 sqft lot

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Why this score? — see what drove the C 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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Back on market. No fault of sellers! Attention Investors! 2-1 bedroom ! bath homes available for your portfolio. Desirable Northside area this unique property features two separate residences on a single tax key. .. Both units are updated and well-maintained, minimizing upfront costs and allowing for quick rental activation. These units have had a great rental history. .. Owner has only had 4 different renters in 15 years . .. All have been long term. Ideal for investors looking to generate dual income streams, or for an owner-occupant seeking to offset their mortgage by leasing the second unit. Strong rental flexibility with the ability to set market rents, making this a smart addition to

Key facts

• Updated units
• 5,793 sq ft lot
• 8 parking spots

Tags

• TWO SEPARATE RESIDENCES
• UPDATED UNITS
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: 8 open parking spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property; Single-story; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Level lot; Lot dimensions approximately 35 x 165

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; both on the main level
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Eat-in kitchen; Full basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: Mary Daly Elementary School (math 13% / reading 12%, grade F, #890 of 994 statewide, top 90%, 465 students, 78% FRL); West Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 582 students, 67% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 270 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 37% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 7.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.36%
• DSCR: 1.42
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $4,238
• Equity at exit: $28,315

10-year hold

• IRR: 15.0%
• Equity multiple: 2.43×
• Total profit: $76,061
• Equity at exit: $16,419

Cash invested: $53,172 (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 46514

• Rents YoY: 7.0%
• Active inventory: 270
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,047 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$127 /mo · $1,530/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $415

Break-even live

Break-even rent $1,522

Max offer price $189,900

Occupancy floor 75%

Sensitivity live

Price	-10% $522	-5% $468	+0% $415	+5% $361	+10% $307
Rent	-10% $253	-5% $334	+0% $415	+5% $496	+10% $576
Rate	-1.0pp $510	-0.5pp $463	base $415	+0.5pp $365	+1.0pp $315

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,046
Total (2 units)			$2,047

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 N 6th St Elkhart, IN	1.0	1.0	700	$795	$1.14	45d	1	0.99mi
323 Sherman St Unit A Elkhart, IN	2.0	1.0	750	$850	$1.13	45d	1	1.08mi
1464 Hudson St Apt B Elkhart, IN	1.0	1.0	750	$800	$1.07	23d	1	1.10mi
524 W High St Unit 1/2 Elkhart, IN	2.0	1.0	750	$775	$1.03	45d	1	1.12mi
115 S 3rd St Unit ST3 Elkhart, IN	1.0	1.0	600	$859	$1.43	45d	1	1.19mi
229 W Jackson Blvd Elkhart, IN	2.0	1.0	625	$625	$1.00	45d	2	1.20mi
310 W Lexington Ave Apt C Elkhart, IN	1.0	1.0	750	$750	$1.00	45d	1	1.20mi
509 W Franklin St Apt C Elkhart, IN	1.0	1.0	720	$750	$1.04	45d	1	1.23mi
419 W Marion St Apt D Elkhart, IN	1.0	1.0	600	$600	$1.00	45d	1	1.33mi
514 S 5th St Elkhart, IN	1.0	1.0	550	$775	$1.41	45d	1	1.33mi
419 W Marion St Unit C Elkhart, IN	1.0	1.0	650	$650	$1.00	45d	1	1.34mi
401 W Marion St Unit D Elkhart, IN	1.0	1.0	400	$775	$1.94	45d	1	1.35mi

Listing history 5 events

1. 2026-05-23
   status Pending
2. 2026-04-26
   historical Active Under Contract
3. 2026-04-11
   status Active
4. 2026-04-03
   historical Active Under Contract
5. 2026-03-20
   listed $189,900 Active

ⓘ 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: $1,530 · $127/mo
• Projected year-2 tax: $1,572 · $131/mo
• Expected delta: +$42/yr (+$4/mo · 2.8%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% 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: $24,564
• − Mortgage interest: −$10,637
• − Property taxes: −$1,530
• − Insurance: −$950
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − Depreciation: −$5,524
• Taxable income: $1,993
• Est. tax owed @ 24.0%: −$478
• After-tax cash flow: $4,498/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): 42,389
• Household income: $65,833
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 1061.0

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: 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%

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 events — show timeline

• 2026-05-23 Pending — IRMLS
• 2026-04-26 Contingent — IRMLS
• 2026-04-11 Relisted — IRMLS
• 2026-04-03 Contingent — IRMLS
• 2026-03-20 Listed $189,900 IRMLS

Property tax history

-0.1%/yr

Latest (2025): $1,530 · +23.9% YoY. Source: county tax records.