237 Park Ave · Elkhart, IN 46516

$139,900

3 bd · 1.0 ba · 1,576 sqft · SingleFamily public records · 7 Days on market

Built 1910 9,148 sqft lot Est $153k · 8% under

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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 +25.8/30.0
• ARV discount +11.3/15.0
• DSCR +8.6/10.0
• 1% rule +6.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Newly Remodeled 2 story home on the southside of downtown Elkhart. Close to downtown shopping, city parks. This home has a nice entry/mud room at the front of the home to greet guests. Formal Dining room, kitchen, family room and full bathroom all on the main floor. The second floor has 3 bedrooms. All which have new carpet. Many upgrades include a fresh kitchen work area and main bathroom. This home has a fenced in yard and a 2 stall detached garage.

Key facts

• Formal dining room
• Entry mud room
• Fenced in yard

Tags

• REMODELED HOME
• SOUTHSIDE OF DOWNTOWN ELKHART
• ENTRY MUD ROOM
• FORMAL DINING ROOM
• FENCED IN YARD

Property features AI

Finance

• Other: Some energy-efficient features: doors, HVAC, water heater, windows, thermostat
• HOA & community: No association amenities

Exterior

• Parking: Detached garage with 2 parking spaces; Concrete driveway and off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding; Brick/mortar and block foundation; Asphalt shingle roof; Built as site-built home
• Exterior features: Deck; Chain link fencing; Level lot; Lot dimensions approximately 73 x 123

Interior

• Kitchen: Eat-in kitchen; Laminate counters
• Bedrooms: Total of 15 rooms (bedroom count not specified)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas and electric heating; Forced air and floor furnace; No central cooling
• Interior features: Eat-in kitchen; Laminate countertops; Insulated windows; Full basement with exterior entry
• Laundry & utility: Electric dryer hookup in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.2% 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: Monger Elementary School (math 25% / reading 24%, grade F, #762 of 994 statewide, top 78%, 427 students, 88% FRL); North Side Middle School (math 15% / reading 31%, grade F, #263 of 330 statewide, top 80%, 627 students, 72% FRL); Elkhart High School (math 17% / reading 51%, grade F, #285 of 369 statewide, top 78%, 3,325 students, 63% FRL).
• Market conditions: 152 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 33% of the median local income ($56k/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 $967 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $58k; list at $140k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.11% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.38%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $152,872
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 W Garfield Ave	0.24mi	2/1.0 (-1)	1,625 (+3%)	1mo	$170,000	$105	78
616 Mcdonald St	0.44mi	4/1.0 (+1)	1,588 (+1%)	0mo	$185,000	$116	73
314 Aspenwald Ave	0.33mi	4/1.0 (+1)	1,656 (+5%)	2mo	$160,000	$97	69
810 W Wolf Ave	0.65mi	4/1.0 (+1)	1,604 (+2%)	0mo	$64,000	$40	61
1618 Lane Ave	0.63mi	3/2.0	1,572 (-0%)	6mo	$121,000	$77	61
226 State St	0.46mi	3/1.0	1,440 (-9%)	9mo	$170,900	$119	57
2009 Roys Ave	0.62mi	3/1.5	1,682 (+7%)	6mo	$140,000	$83	52
916 W Cleveland Ave	0.70mi	3/1.0	1,484 (-6%)	7mo	$136,000	$92	51
510 W Franklin St	0.64mi	2/1.0 (-1)	1,703 (+8%)	2mo	$105,000	$62	50
1016 Princeton St	0.50mi	3/1.5	1,353 (-14%)	3mo	$140,000	$103	49
731 W Blaine Ave	0.69mi	3/1.0	1,752 (+11%)	5mo	$170,000	$97	46
934 W Garfield Ave	0.71mi	3/1.5	1,440 (-9%)	7mo	$180,000	$125	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-4,608
• Equity at exit: $20,860

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $19,272
• Equity at exit: $12,096

Cash invested: $39,172 (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 46516

• Active inventory: 152
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,555 high
• Mortgage (P&I): −$734
• Tax from tax record: −$97 /mo · $1,168/yr
• Insurance: −$58
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $283

Break-even live

Break-even rent $1,196

Max offer price $139,900

Occupancy floor 77%

Sensitivity live

Price	-10% $363	-5% $323	+0% $283	+5% $244	+10% $204
Rent	-10% $161	-5% $222	+0% $283	+5% $345	+10% $406
Rate	-1.0pp $354	-0.5pp $319	base $283	+0.5pp $247	+1.0pp $210

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Stamp Dr Elkhart, IN	2.0	1.0	1120	$1,250	$1.12	23d	1	0.83mi
200 Jr. Achievement Dr Elkhart, IN	1.0–2.0	1.0–2.0	946	$1,770	$1.87	23d	10	0.88mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	23d	1	1.15mi
2700 Ridgewood Dr Elkhart, IN	3.0	1.0–2.0	720	$1,450	$2.01	46d	1	1.28mi
1023 Cone St Elkhart, IN	2.0	1.0	1112	$1,200	$1.08	47d	1	1.38mi
721 N Michigan St Elkhart, IN	4.0	2.0	1952	$2,499	$1.28	23d	1	1.42mi

Listing history 2 events

1. 2026-05-19
   listed $139,900 Active
2. 2006-04-18
   soldstatus $57,500

ⓘ 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: $1,168 · $97/mo
• Projected year-2 tax: $1,179 · $98/mo
• Expected delta: +$10/yr (+$1/mo · 0.9%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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: $18,657
• − Mortgage interest: −$7,837
• − Property taxes: −$1,168
• − Insurance: −$1,366
• − Repairs & maintenance: −$1,493
• − Management: −$1,493
• − Depreciation: −$4,070
• Taxable income: $1,231
• Est. tax owed @ 24.0%: −$296
• After-tax cash flow: $3,106/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): 31,871
• Household income: $56,492
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 995.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Hispanic / Latino 26% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 15% · Canada
• Languages at home: 77% English-only · Spanish 19% Other Indo-European 3%

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: ▼ -233.42%
• Current HPI: 239.2508
• Rent YoY: —
• 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

+143.3% since first listed

3 events — show timeline

• 2026-05-27 Pending — IRMLS
• 2026-05-19 Listed $139,900 IRMLS
• 2006-04-18 Sold (Public Records) $57,500 Public Records

Property tax history

-5.0%/yr

Latest (2025): $1,168 · -19.7% YoY. Source: county tax records.