1812 Kentucky · Elkhart, IN 46514

$35,400

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 57 Days on market

Built 2026 Fair condition $34/sqft · 69% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own your own home in a quiet, well-maintained neighborhood! This 3 bed/2 bath home was manufactured in 1995. You could pay less to own your own home than you are to rent an apartment.

Key facts

• Built 2026
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $35k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.9% 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-, schools F, crime 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.
• Market conditions: Rents rising fast (+7.0%/yr); 269 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $245 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Recommended offer $34,338 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 3.26% ✓
• Cap rate: 28.88%
• Cash-on-cash: 80.67%
• DSCR: 4.59
• GRM: 2.6

CMA / ARV

• ARV (median comp): $113,082
• List price: $35,400
• Delta: -68.70%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25567 Homewood Ave	0.47mi	2/1.0	1,034 (-2%)	9mo	$87,000	$84	63
25621 North Park Ave	0.54mi	3/2.0 (+1)	1,028 (-3%)	23mo	$96,000	$93	46

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: 85.4%
• Equity multiple: 5.20×
• Total profit: $41,587
• Equity at exit: $5,278

10-year hold

• IRR: 89.5%
• Equity multiple: 12.36×
• Total profit: $112,630
• Equity at exit: $3,061

Cash invested: $9,912 (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: 269
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,153 high
• Mortgage (P&I): −$186
• Tax est. 1.5%: −$44 /mo · $531/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $666

Break-even live

Break-even rent $310

Max offer price $35,400

Occupancy floor 37%

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: $8,850
• Closing costs: $1,062
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1875 Osolo Rd Elkhart, IN	1.0–3.0	1.0–2.0	948	$875	$0.92	21d	1	0.14mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	21d	2	0.48mi
1308 County Road 6 E Elkhart, IN	2.0	1.0	868	$1,245	$1.43	43d	1	0.99mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	21d	1	1.12mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	43d	1	1.29mi

Listing history 18 events

1. 2026-06-19
   days on market $35,400 Active 57 DOM
2. 2026-06-18
   days on market $35,400 Active 56 DOM
3. 2026-06-17
   days on market $35,400 Active 55 DOM
4. 2026-06-16
   days on market $35,400 Active 54 DOM
5. 2026-06-15
   days on market $35,400 Active 53 DOM
6. 2026-06-14
   days on market $35,400 Active 51 DOM
7. 2026-06-13
   days on market $35,400 Active 50 DOM
8. 2026-06-10
   days on market $35,400 Active 48 DOM
9. 2026-06-09
   days on market $35,400 Active 47 DOM
10. 2026-06-08
    days on market $35,400 Active 46 DOM
11. 2026-06-07
    days on market $35,400 Active 45 DOM
12. 2026-06-05
    days on market $35,400 Active 42 DOM
13. 2026-06-03
    days on market $35,400 Active 41 DOM
14. 2026-06-02
    days on market $35,400 Active 40 DOM
15. 2026-06-01
    days on market $35,400 Active 39 DOM
16. 2026-05-31
    days on market $35,400 Active 38 DOM
17. 2026-05-30
    days on market $35,400 Active 37 DOM
18. 2026-04-23
    listed $35,400 Active 183-char remark

    Show marketing remark (183 chars)

    Own your own home in a quiet, well-maintained neighborhood! This 3 bed/2 bath home was manufactured in 1995. You could pay less to own your own home than you are to rent an apartment.

ⓘ 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: $13,838
• − Mortgage interest: −$1,983
• − Property taxes: −$531
• − Insurance: −$177
• − Repairs & maintenance: −$1,107
• − Management: −$1,107
• − Depreciation: −$1,030
• Taxable income: $7,903
• Est. tax owed @ 24.0%: −$1,897
• After-tax cash flow: $6,100/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 · 12 photos

Fair 45/100 Moderate rehab

This 1995 manufactured home requires moderate repairs and updates to improve its condition and value. Key areas for improvement include exterior siding, kitchen cabinets, and bathroom fixtures.

Repairs flagged

• Minor exterior siding — Some discoloration
• Moderate kitchen cabinets — Old and outdated
• Minor bathroom fixtures — Standard, some wear

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace worn carpet — Improves comfort and reduces maintenance
• Both Update kitchen cabinets — Modernizes the space and increases appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
kitchen cabinets · Old and outdated	Moderate	$3,000–15,000
bathroom fixtures · Standard, some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace worn carpet — Improves comfort and reduces maintenance ↑
• Both Update kitchen cabinets — Modernizes the space and increases appeal ↑

ⓘ 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

1 event — show timeline

• 2026-04-23 Listed $35,400 Zillow