HPK 99 Boardwalk Plan · Elkhart, IN 46514

$90,400

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 175 Days on market

Manufactured home Good condition

---

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 +9.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• 1% rule +2.8/10.0
• Schools +2.8/10.0
• DSCR +2.6/10.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -3.1

Listing remarks MLS

Don't miss this beautifully maintained home featuring 3 spacious bedrooms and 2 full bathrooms, including a brand-new walk-in shower. Enjoy the convenience of a mud room, mewer HVAC for yer-round comfort, and a covered carport. Additional storge is available in the included shed. This move-in ready property combines modern updates with functional features. Schedule your showing today!

Key facts

• Covered carport
• Included shed
• Walk-in shower

Tags

• WALK-IN SHOWER
• MUD ROOM
• COVERED CARPORT
• INCLUDED SHED

🏗️ New construction. The $90,400 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $153,654.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $80k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.4% 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: Pinewood Elementary School (math 30% / reading 25%, grade F, #733 of 994 statewide, top 74%, 570 students, 64% 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); 403 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $1k of loan paydown is wiped out by about $5k 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 175 days — a 12% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.

Recommended offer $79,552 (12.0% 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 175 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.78% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• GRM: 10.6

CMA / ARV

• ARV (median comp): $153,654
• List price: $90,400
• Delta: -41.17%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2020 Woodland Estates Dr	0.39mi	3/2.0	1,546 (-1%)	2mo	$326,000	$211	78
156 St. Clair Ave	1.41mi	3/2.0	1,503 (-4%)	1mo	$220,000	$146	57
903 Mcpherson St	1.31mi	3/2.0	1,488 (-5%)	1mo	$215,000	$144	55
162 Manor Ave	1.44mi	3/1.5	1,502 (-4%)	1mo	$240,000	$160	55
25092 Grover St	0.37mi	3/1.0	1,917 (+22%)	2mo	$168,000	$88	52
502 Sunset Ave	1.18mi	3/2.0	1,821 (+16%)	1mo	$227,000	$125	39
1024 E Beardsley Ave	1.27mi	3/1.5	1,912 (+22%)	1mo	$175,000	$92	37
1232 Cone St	1.26mi	3/1.0	1,296 (-17%)	1mo	$201,000	$155	35
1077 Greenleaf Blvd	1.36mi	2/2.0 (-1)	1,291 (-18%)	0mo	$190,000	$147	35
1077 Greenleaf Blvd #114	1.36mi	2/2.0 (-1)	1,291 (-18%)	0mo	$180,000	$139	35
2919 Calumet Ave	1.27mi	2/1.0 (-1)	1,208 (-23%)	0mo	$213,000	$176	31
1815 E Beardsley Ave	0.89mi	2/1.0 (-1)	1,944 (+24%)	0mo	$130,000	$67	31

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: -17.0%
• Equity multiple: 0.38×
• Total profit: $-26,785
• Equity at exit: $22,910

10-year hold

• IRR: -2.8%
• Equity multiple: 0.78×
• Total profit: $-9,574
• Equity at exit: $13,285

Cash invested: $43,023 (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: 53 active
• Median asking: $134,121 ($93/sqft)
• Median days on market: 15 d
• This list price: 28% of active listings are priced below it
• ARV vs active asking: +5.4% vs 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: 403
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,205 medium
• Mortgage (P&I): −$806
• Tax est. 1.5%: −$192 /mo · $2,305/yr
• Insurance: −$64
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $-110

Break-even live

Break-even rent $1,344

Max offer price $137,775

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-57	+0% $-110	+5% $-163	+10% $-216
Rent	-10% $-205	-5% $-157	+0% $-110	+5% $-62	+10% $-15
Rate	-1.0pp $-32	-0.5pp $-71	base $-110	+0.5pp $-150	+1.0pp $-190

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: $38,414
• Closing costs: $4,610
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	70d	1	0.18mi
1626 Osolo Rd Elkhart, IN	4.0	2.0	2190	$2,595	$1.18	70d	1	0.46mi
2304 Grant St Elkhart, IN	4.0	2.0	1450	$1,800	$1.24	93d	1	0.89mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	93d	1	1.48mi

Listing history 47 events

1. 2026-07-25
   days on market $90,400 Active 175 DOM
2. 2026-07-23
   days on market $90,400 Active 173 DOM
3. 2026-07-22
   days on market $90,400 Active 172 DOM
4. 2026-07-21
   days on market $90,400 Active 171 DOM
5. 2026-07-18
   days on market $90,400 Active 168 DOM
6. 2026-07-16
   days on market $90,400 Active 166 DOM
7. 2026-07-16
   days on market $90,400 Active 165 DOM
8. 2026-07-14
   days on market $90,400 Active 164 DOM
9. 2026-07-13
   days on market $90,400 Active 163 DOM
10. 2026-07-12
    days on market $90,400 Active 162 DOM
11. 2026-07-11
    days on market $90,400 Active 161 DOM
12. 2026-07-10
    days on market $90,400 Active 160 DOM
13. 2026-07-09
    days on market $90,400 Active 159 DOM
14. 2026-07-08
    days on market $90,400 Active 158 DOM
15. 2026-07-07
    days on market $90,400 Active 157 DOM
16. 2026-07-06
    days on market $90,400 Active 156 DOM
17. 2026-07-05
    days on market $90,400 Active 155 DOM
18. 2026-07-04
    days on market $90,400 Active 154 DOM
19. 2026-07-03
    days on market $90,400 Active 153 DOM
20. 2026-07-02
    days on market $90,400 Active 152 DOM
21. 2026-07-01
    days on market $90,400 Active 151 DOM
22. 2026-06-30
    days on market $90,400 Active 150 DOM
23. 2026-06-29
    days on market $90,400 Active 149 DOM
24. 2026-06-28
    days on market $90,400 Active 148 DOM
25. 2026-06-28
    days on market $90,400 Active 147 DOM
26. 2026-06-27
    days on market $90,400 Active 146 DOM
27. 2026-06-26
    days on market $90,400 Active 145 DOM
28. 2026-06-23
    days on market $90,400 Active 142 DOM
29. 2026-06-21
    days on market $90,400 Active 141 DOM
30. 2026-06-19
    days on market $90,400 Active 139 DOM
31. 2026-06-18
    days on market $90,400 Active 138 DOM
32. 2026-06-17
    days on market $90,400 Active 137 DOM
33. 2026-06-16
    days on market $90,400 Active 136 DOM
34. 2026-06-15
    days on market $90,400 Active 135 DOM
35. 2026-06-14
    days on market $90,400 Active 133 DOM
36. 2026-06-13
    days on market $90,400 Active 132 DOM
37. 2026-06-10
    days on market $90,400 Active 130 DOM
38. 2026-06-09
    days on market $90,400 Active 129 DOM
39. 2026-06-08
    days on market $90,400 Active 128 DOM
40. 2026-06-07
    days on market $90,400 Active 127 DOM
41. 2026-06-05
    days on market $90,400 Active 124 DOM
42. 2026-06-03
    days on market $90,400 Active 123 DOM
43. 2026-06-02
    days on market $90,400 Active 122 DOM
44. 2026-06-01
    days on market $90,400 Active 121 DOM
45. 2026-05-31
    days on market $90,400 Active 120 DOM
46. 2026-05-30
    days on market $90,400 Active 119 DOM
47. 2026-01-31
    listed $90,400 Active 387-char remark

    Show marketing remark (387 chars)

    Don't miss this beautifully maintained home featuring 3 spacious bedrooms and 2 full bathrooms, including a brand-new walk-in shower. Enjoy the convenience of a mud room, mewer HVAC for yer-round comfort, and a covered carport. Additional storge is available in the included shed. This move-in ready property combines modern updates with functional features. Schedule your showing today!

ⓘ 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: $14,463
• − Mortgage interest: −$8,607
• − Property taxes: −$2,305
• − Insurance: −$768
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$4,470
• Taxable loss: −$4,001
• Est. tax savings @ 24.0%: +$960
• After-tax cash flow: $-357/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 · 1 photo

Good 75/100 Cosmetic rehab Est. rehab $7,840–$23,520 screening

This move-in ready manufactured home features modern updates and functional features, with good exterior and interior conditions.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and value ↑
• Both HVAC maintenance — Ensures year-round comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 28/100

Zoned Schools

Elementary Pinewood Elementary School F IN #733/994 Nat'l #28,299/41,679 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

---

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

1 event — show timeline

• 2026-01-31 Listed $90,400 Zillow