1805 New York · Elkhart, IN 46514

$109,500

2 bd · 2.0 ba · 1,008 sqft · Manufactured · 93 Days on market

Built 2024 Good condition $109/sqft · 17% below area Est $131k · 17% under

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Why this score? — see what drove the B- 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Rent growth +4.3/5.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2026 Fairmont home features a spacious layout with 2 bedrooms and 2 bathrooms. The interior is fully finished with complete drywall and viny plank flooring throughout, offering a modern and durable surface in every room. Both bathrooms are designed with convenience and accessibility in mind, featuring walk-in showers and raised toilets for enhanced comfort. The kitchen stands out with a huge island, , and stainless steel appliances, making it ideal for both everyday use and entertaining guests. Enjoy relaxing or entertaining outdoors with a covered front porch and a large back deck. Additionally, there is an 8x10 shed providing extra storage space. Don't miss out on this home! Call today to make an appointment to view this home in Boardwalk a 55+ community.

Key facts

• Great deck
• Handicap accessible
• Built 2024

Tags

• GREAT DECK
• HANDICAP ACCESSIBLE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.9% 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 Feeser Elementary School (math 21% / reading 21%, grade F, #807 of 994 statewide, top 81%, 504 students, 61% FRL); West Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 582 students, 67% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents rising fast (+7.0%/yr); 270 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $757 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask is 57% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $99,645 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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. 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: 1.18% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.35%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $131,250
• List price: $109,500
• Delta: -16.57%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.7%
• Equity multiple: 1.15×
• Total profit: $4,577
• Equity at exit: $16,327

10-year hold

• IRR: 16.7%
• Equity multiple: 2.63×
• Total profit: $50,079
• Equity at exit: $9,468

Cash invested: $30,660 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,293 medium
• Mortgage (P&I): −$574
• Tax est. 1.5%: −$137 /mo · $1,642/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $265

Break-even live

Break-even rent $958

Max offer price $109,500

Occupancy floor 75%

Sensitivity live

Price	-10% $340	-5% $302	+0% $265	+5% $227	+10% $189
Rent	-10% $162	-5% $213	+0% $265	+5% $316	+10% $367
Rate	-1.0pp $320	-0.5pp $292	base $265	+0.5pp $236	+1.0pp $207

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: $27,375
• Closing costs: $3,285
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1308 County Road 6 E Elkhart, IN	2.0	1.0	868	$1,245	$1.43	45d	1	0.83mi

Listing history 14 events

1. 2026-06-10
   days on market $109,500 Active 93 DOM
2. 2026-06-09
   days on market $109,500 Active 92 DOM
3. 2026-06-08
   days on market $109,500 Active 91 DOM
4. 2026-06-07
   days on market $109,500 Active 90 DOM
5. 2026-06-05
   days on market $109,500 Active 87 DOM
6. 2026-06-03
   days on market $109,500 Active 86 DOM
7. 2026-06-02
   days on market $109,500 Active 85 DOM
8. 2026-06-01
   days on market $109,500 Active 84 DOM
9. 2026-05-31
   days on market $109,500 Active 83 DOM
10. 2026-05-30
    days on market $109,500 Active 82 DOM
11. 2026-03-24
    status Active 772-char remark

    Show marketing remark (772 chars)

    This 2026 Fairmont home features a spacious layout with 2 bedrooms and 2 bathrooms. The interior is fully finished with complete drywall and viny plank flooring throughout, offering a modern and durable surface in every room. Both bathrooms are designed with convenience and accessibility in mind, featuring walk-in showers and raised toilets for enhanced comfort. The kitchen stands out with a huge island, , and stainless steel appliances, making it ideal for both everyday use and entertaining guests. Enjoy relaxing or entertaining outdoors with a covered front porch and a large back deck. Additionally, there is an 8x10 shed providing extra storage space. Don't miss out on this home! Call today to make an appointment to view this home in Boardwalk a 55+ community.

12. 2026-03-24
    price $109,500 772-char remark

    Show marketing remark (772 chars)

    This 2026 Fairmont home features a spacious layout with 2 bedrooms and 2 bathrooms. The interior is fully finished with complete drywall and viny plank flooring throughout, offering a modern and durable surface in every room. Both bathrooms are designed with convenience and accessibility in mind, featuring walk-in showers and raised toilets for enhanced comfort. The kitchen stands out with a huge island, , and stainless steel appliances, making it ideal for both everyday use and entertaining guests. Enjoy relaxing or entertaining outdoors with a covered front porch and a large back deck. Additionally, there is an 8x10 shed providing extra storage space. Don't miss out on this home! Call today to make an appointment to view this home in Boardwalk a 55+ community.

13. 2024-09-05
    historical 772-char remark

    Show marketing remark (772 chars)

    This 2026 Fairmont home features a spacious layout with 2 bedrooms and 2 bathrooms. The interior is fully finished with complete drywall and viny plank flooring throughout, offering a modern and durable surface in every room. Both bathrooms are designed with convenience and accessibility in mind, featuring walk-in showers and raised toilets for enhanced comfort. The kitchen stands out with a huge island, , and stainless steel appliances, making it ideal for both everyday use and entertaining guests. Enjoy relaxing or entertaining outdoors with a covered front porch and a large back deck. Additionally, there is an 8x10 shed providing extra storage space. Don't miss out on this home! Call today to make an appointment to view this home in Boardwalk a 55+ community.

14. 2024-08-21
    listed $69,900 Active 772-char remark

    Show marketing remark (772 chars)

    This 2026 Fairmont home features a spacious layout with 2 bedrooms and 2 bathrooms. The interior is fully finished with complete drywall and viny plank flooring throughout, offering a modern and durable surface in every room. Both bathrooms are designed with convenience and accessibility in mind, featuring walk-in showers and raised toilets for enhanced comfort. The kitchen stands out with a huge island, , and stainless steel appliances, making it ideal for both everyday use and entertaining guests. Enjoy relaxing or entertaining outdoors with a covered front porch and a large back deck. Additionally, there is an 8x10 shed providing extra storage space. Don't miss out on this home! Call today to make an appointment to view this home in Boardwalk a 55+ community.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $15,513
• − Mortgage interest: −$6,134
• − Property taxes: −$1,642
• − Insurance: −$548
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$3,185
• Taxable income: $1,521
• Est. tax owed @ 24.0%: −$365
• After-tax cash flow: $2,809/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 · 3 photos

Good 75/100 Cosmetic rehab

This 2026 Fairmont manufactured home is in good condition with modern finishes and a spacious layout. It offers a good investment opportunity with minimal repairs needed and potential for value increases through cosmetic upgrades.

Value-add opportunities

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Landscaping improvements — A well-maintained lawn and landscaping can increase both resale and rental value.
• Both Upgrading the HVAC system — A modern HVAC system can improve comfort and energy efficiency, attracting more buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — A well-maintained lawn and landscaping can increase both resale and rental value. ↑
• Both Upgrading the HVAC system — A modern HVAC system can improve comfort and energy efficiency, attracting more buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+56.7% since first listed

4 events — show timeline

• 2026-03-24 Price Changed $109,500 Zillow
• 2026-03-24 Relisted — Zillow
• 2024-09-05 Delisted — Zillow
• 2024-08-21 Listed $69,900 Zillow