2509 Scottie Dog Way · Elkhart, IN 46514

$132,900

3 bd · 2.0 ba · 1,348 sqft · Manufactured · 435 Days on market

Manufactured home Built 2025 Excellent condition $99/sqft · 30% below area Est $191k · 30% under ↓ 3% since listing

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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 +12.1/30.0
• Condition / age +4.8/5.0
• Rent growth +4.3/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Manufactured-home adj. -4.1

Listing remarks MLS

Modern Farmhouse Perfection Awaits! Step into this brand-new 2025 home and experience 1,348 sq ft of thoughtfully designed living space. The charm begins with a welcoming, covered front porch perfect for morning coffee. Entertain with ease on the expansive side deck, which seamlessly connects the mudroom to the great room's sliding glass doors. Inside, the farmhouse feel is highlighted by stylish finishes and a trendy barn door that unveils the serene primary bathroom. This home offers the perfect blend of modern comfort and rustic elegance.

Key facts

• Covered front porch
• Primary bathroom
• Sliding glass doors

Tags

• COVERED FRONT PORCH
• EXPANSIVE SIDE DECK
• MUDROOM
• SLIDING GLASS DOORS
• BARN DOOR
• PRIMARY BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $133k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-30 ($-360/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (15.4% below list).
• Recommended offer: $112k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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; 8 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 $919 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 435 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Recommended offer $112,457 (15.4% 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 435 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.97%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (median comp): $190,603
• List price: $132,900
• Delta: -30.27%
• 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	0.46mi	3/2.0	1,548 (+15%)	0mo	$239,900	$155	54
25821 Kiser Ct	0.49mi	3/1.5	1,059 (-21%)	0mo	$207,900	$196	50
2000 Greenleaf Blvd	1.48mi	3/1.0	1,264 (-6%)	6mo	$345,000	$273	46
1605 Erwin St	1.39mi	3/2.0	1,470 (+9%)	5mo	$239,000	$163	46
2020 Woodland Estates Dr	0.61mi	3/2.0	1,546 (+15%)	4mo	$326,000	$211	43
612 Sunset Ave	1.35mi	3/2.0	1,104 (-18%)	1mo	$150,000	$136	39
1400 Grant St	1.41mi	3/1.0	1,506 (+12%)	3mo	$203,000	$135	39
1430 Mcpherson St	1.32mi	3/2.0	1,158 (-14%)	4mo	$165,000	$142	38
52035 County Road 9	1.40mi	3/1.5	1,656 (+23%)	1mo	$249,000	$150	37
1843 Grant St	1.37mi	3/1.0	1,079 (-20%)	3mo	$200,000	$185	34
2015 Autumn Ridge Ln	0.98mi	2/1.5 (-1)	1,098 (-18%)	5mo	$190,000	$173	29
2021 Autumn Ridge Ln	0.98mi	2/1.0 (-1)	1,098 (-18%)	4mo	$199,000	$181	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: -13.5%
• Equity multiple: 0.50×
• Total profit: $-18,687
• Equity at exit: $19,816

10-year hold

• IRR: 0.8%
• Equity multiple: 1.07×
• Total profit: $2,492
• Equity at exit: $11,491

Cash invested: $37,212 (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: 66 active
• Median asking: $126,700 ($87/sqft)
• Median days on market: 100 d
• This list price: 61% of active listings are priced below it
• ARV vs active asking: +62.4% 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: 9.8×

Monthly cashflow live

• Estimated rent: $1,125 high
• Mortgage (P&I): −$697
• Tax est. 1.5%: −$166 /mo · $1,994/yr
• Insurance: −$55
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $-30

Break-even live

Break-even rent $1,163

Max offer price $128,554

Occupancy floor 98%

Sensitivity live

Price	-10% $62	-5% $16	+0% $-30	+5% $-76	+10% $-122
Rent	-10% $-119	-5% $-74	+0% $-30	+5% $14	+10% $59
Rate	-1.0pp $37	-0.5pp $4	base $-30	+0.5pp $-64	+1.0pp $-100

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: $33,225
• Closing costs: $3,987
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 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	0.22mi
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$1,300	$1.37	0d	1	0.69mi
2001 Sugar Maple Ln Elkhart, IN	1.0–2.0	1.0	823	$1,225	$1.49	0d	12	0.75mi
2002 Raintree Dr Elkhart, IN	2.0	1.5–2.0	1049	$1,554	$1.48	0d	4	1.02mi
2002 Raintree Dr Unit 2103-1 Elkhart, IN	2.0	1.5	1034	$1,609	$1.56	51d	1	1.02mi
26154 Rogers Rd Unit C Elkhart, IN	3.0	1.5	1440	$1,800	$1.25	0d	1	1.23mi
2641 Muirfield Dr Elkhart, IN	1.0–2.0	1.0–2.0	865	$1,513	$1.75	0d	3	1.38mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	184d	1	1.42mi

Listing history 50 events

1. 2026-10-30
   days on market $132,900 Active 435 DOM
2. 2026-10-29
   days on market $132,900 Active 434 DOM
3. 2026-10-28
   days on market $132,900 Active 433 DOM
4. 2026-10-27
   days on market $132,900 Active 432 DOM
5. 2026-10-26
   days on market $132,900 Active 431 DOM
6. 2026-10-25
   days on market $132,900 Active 430 DOM
7. 2026-10-24
   days on market $132,900 Active 429 DOM
8. 2026-10-23
   days on market $132,900 Active 428 DOM
9. 2026-10-22
   days on market $132,900 Active 427 DOM
10. 2026-10-21
    days on market $132,900 Active 426 DOM
11. 2026-10-20
    days on market $132,900 Active 425 DOM
12. 2026-10-19
    days on market $132,900 Active 424 DOM
13. 2026-10-18
    days on market $132,900 Active 423 DOM
14. 2026-10-17
    days on market $132,900 Active 422 DOM
15. 2026-10-16
    days on market $132,900 Active 421 DOM
16. 2026-10-15
    days on market $132,900 Active 420 DOM
17. 2026-10-14
    days on market $132,900 Active 419 DOM
18. 2026-10-13
    days on market $132,900 Active 418 DOM
19. 2026-10-12
    days on market $132,900 Active 417 DOM
20. 2026-10-11
    days on market $132,900 Active 416 DOM
21. 2026-10-10
    days on market $132,900 Active 415 DOM
22. 2026-10-09
    days on market $132,900 Active 414 DOM
23. 2026-10-08
    days on market $132,900 Active 413 DOM
24. 2026-10-07
    days on market $132,900 Active 412 DOM
25. 2026-10-06
    days on market $132,900 Active 411 DOM
26. 2026-10-05
    days on market $132,900 Active 410 DOM
27. 2026-10-04
    days on market $132,900 Active 409 DOM
28. 2026-10-03
    days on market $132,900 Active 408 DOM
29. 2026-10-02
    days on market $132,900 Active 407 DOM
30. 2026-10-01
    days on market $132,900 Active 406 DOM
31. 2026-09-30
    days on market $132,900 Active 405 DOM
32. 2026-09-29
    days on market $132,900 Active 404 DOM
33. 2026-09-28
    days on market $132,900 Active 403 DOM
34. 2026-09-27
    days on market $132,900 Active 402 DOM
35. 2026-09-26
    days on market $132,900 Active 401 DOM
36. 2026-09-25
    days on market $132,900 Active 400 DOM
37. 2026-09-24
    days on market $132,900 Active 399 DOM
38. 2026-09-24
    days on market $132,900 Active 398 DOM
39. 2026-09-22
    days on market $132,900 Active 397 DOM
40. 2026-09-20
    days on market $132,900 Active 395 DOM
41. 2026-09-18
    days on market $132,900 Active 393 DOM
42. 2026-09-17
    days on market $132,900 Active 392 DOM
43. 2026-09-16
    days on market $132,900 Active 391 DOM
44. 2026-09-15
    days on market $132,900 Active 390 DOM
45. 2026-09-14
    days on market $132,900 Active 389 DOM
46. 2026-09-13
    days on market $132,900 Active 388 DOM
47. 2026-09-12
    days on market $132,900 Active 387 DOM
48. 2026-09-11
    days on market $132,900 Active 386 DOM
49. 2026-09-05
    days on market $132,900 Active 380 DOM
50. 2026-09-04
    days on market $132,900 Active 379 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: $13,495
• − Mortgage interest: −$7,444
• − Property taxes: −$1,994
• − Insurance: −$664
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$3,866
• Taxable loss: −$2,633
• Est. tax savings @ 24.0%: +$632
• After-tax cash flow: $272/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 · 2 photos

Excellent 95/100 None rehab

This 2025 manufactured home is in excellent condition with no visible repairs needed. It offers a modern farmhouse aesthetic and is move-in ready, making it an attractive investment for both buyers and renters.

Value-add opportunities

• Both Paint the exterior and interior to enhance curb appeal and value. — Fresh paint can significantly improve the home's appearance and attract more buyers. ↑
• Rental Install a smart thermostat to improve energy efficiency and comfort. — Smart thermostats can reduce energy costs and appeal to tech-savvy renters. ↑
• Both Add a smart lock system for enhanced security. — A smart lock system can deter potential intruders and provide peace of mind for both buyers and renters. ↑
• Both Install energy-efficient windows to reduce heating and cooling costs. — Energy-efficient windows can lower utility bills and improve the home's energy rating, making it more attractive to buyers and renters. ↑
• Both Add a smart home hub to integrate smart devices. — A smart home hub can simplify home automation and provide a modern, tech-savvy experience for both 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%
• 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

Price history

-3.5% since first listed

2 events — show timeline

• 2026-02-24 Price Changed $144,800 Zillow
• 2025-08-22 Listed $150,000 Zillow