1812 Kentucky · Elkhart, IN 46514

$35,400

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 154 Days on market

Manufactured home Built 2026 Fair condition $34/sqft · 61% 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
• Schools +2.8/10.0
• Appreciation +2.5/10.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -5.8

Listing remarks

Own your own home in a quiet, well-maintained neighborhood! This 2 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 153 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 $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.8% 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); 507 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent is only 18% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 154 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Recommended offer $31,152 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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.
8. 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.
9. 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: 2.72% ✓
• Cap rate: 23.78%
• Cash-on-cash: 62.46%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (median comp): $89,834
• List price: $35,400
• Delta: -60.59%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2021 Autumn Ridge Ln	0.40mi	2/1.0	1,098 (+4%)	3mo	$199,000	$181	69
1843 Grant St	0.82mi	3/1.0 (+1)	1,079 (+2%)	1mo	$200,000	$185	51
503 Sunset Ave	1.29mi	3/1.0 (+1)	990 (-6%)	0mo	$170,000	$172	45
2832 Neff St	1.13mi	3/1.0 (+1)	988 (-6%)	3mo	$238,000	$241	43
53268 Stryker St	0.53mi	3/1.0 (+1)	840 (-20%)	0mo	$189,900	$226	41
1635 Cone St	1.10mi	3/1.0 (+1)	960 (-9%)	1mo	$205,500	$214	40
1111 Mcpherson St	1.20mi	3/1.0 (+1)	950 (-10%)	0mo	$185,000	$195	39
1077 Greenleaf Blvd	1.42mi	2/2.0	1,291 (+22%)	2mo	$190,000	$147	38
1077 Greenleaf Blvd #114	1.42mi	2/2.0	1,291 (+22%)	2mo	$180,000	$139	38
169 Simpson Ave	1.45mi	2/1.0	910 (-14%)	1mo	$155,000	$170	37
2919 Calumet Ave	1.23mi	2/1.0	1,208 (+14%)	2mo	$213,000	$176	36
1327 Mcpherson St	1.02mi	2/1.0	864 (-18%)	2mo	$183,500	$212	34

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: 65.9%
• Equity multiple: 4.15×
• Total profit: $31,198
• Equity at exit: $5,278

10-year hold

• IRR: 71.5%
• Equity multiple: 9.84×
• Total profit: $87,648
• 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 →

Active competition Active MLS

• For sale now: 8 active
• Median asking: $60,000 ($65/sqft)
• Median days on market: 75 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +31.0% 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: 507
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $963 high
• Mortgage (P&I): −$186
• Tax est. 1.5%: −$44 /mo · $531/yr
• Insurance: −$15
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $516

Break-even live

Break-even rent $310

Max offer price $35,400

Occupancy floor 41%

Sensitivity live

Price	-10% $540	-5% $528	+0% $516	+5% $504	+10% $491
Rent	-10% $440	-5% $478	+0% $516	+5% $554	+10% $592
Rate	-1.0pp $534	-0.5pp $525	base $516	+0.5pp $507	+1.0pp $497

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	116d	1	0.14mi
2001 Sugar Maple Ln Elkhart, IN	1.0–2.0	1.0–2.0	923	$1,445	$1.56	0d	39	0.25mi
2002 Raintree Dr Elkhart, IN	2.0	1.5	1034	$1,479	$1.43	116d	2	0.48mi
2002 Raintree Dr Unit 2103-1 Elkhart, IN	2.0	1.5	1034	$1,609	$1.56	6d	1	0.48mi
1308 County Road 6 E Elkhart, IN	2.0	1.0	868	$1,245	$1.43	139d	1	0.99mi
1120 Worthmore Ave Elkhart, IN	2.0	1.0	987	$1,700	$1.72	116d	1	1.12mi
1301 Cone St Elkhart, IN	2.0	1.0	888	$1,100	$1.24	139d	1	1.29mi

Property features AI

Finance

• Financial info: List price $35,400

Exterior

• Utilities: Natural gasCentral air conditioning
• Home design: Single-family spec home (Fairmont 139 Boardwalk)
• Construction: 1,056 living area
• Exterior features: Shake roof

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Active listing (Spec build, Fairmont 139 Boardwalk plan)

Listing history 50 events

1. 2026-09-24
   days on market $35,400 Active 154 DOM
2. 2026-09-24
   days on market $35,400 Active 153 DOM
3. 2026-09-22
   days on market $35,400 Active 152 DOM
4. 2026-09-20
   days on market $35,400 Active 150 DOM
5. 2026-09-18
   days on market $35,400 Active 148 DOM
6. 2026-09-17
   days on market $35,400 Active 147 DOM
7. 2026-09-16
   days on market $35,400 Active 146 DOM
8. 2026-09-15
   days on market $35,400 Active 145 DOM
9. 2026-09-14
   days on market $35,400 Active 144 DOM
10. 2026-09-13
    days on market $35,400 Active 143 DOM
11. 2026-09-12
    days on market $35,400 Active 142 DOM
12. 2026-09-11
    days on market $35,400 Active 141 DOM
13. 2026-09-05
    days on market $35,400 Active 135 DOM
14. 2026-09-04
    days on market $35,400 Active 134 DOM
15. 2026-09-03
    days on market $35,400 Active 133 DOM
16. 2026-08-31
    days on market $35,400 Active 130 DOM
17. 2026-08-30
    days on market $35,400 Active 129 DOM
18. 2026-08-29
    days on market $35,400 Active 128 DOM
19. 2026-08-28
    days on market $35,400 Active 127 DOM
20. 2026-08-27
    days on market $35,400 Active 126 DOM
21. 2026-08-25
    days on market $35,400 Active 124 DOM
22. 2026-08-24
    days on market $35,400 Active 123 DOM
23. 2026-08-23
    days on market $35,400 Active 122 DOM
24. 2026-08-22
    days on market $35,400 Active 121 DOM
25. 2026-08-21
    days on market $35,400 Active 120 DOM
26. 2026-08-20
    days on market $35,400 Active 119 DOM
27. 2026-08-19
    days on market $35,400 Active 118 DOM
28. 2026-08-18
    days on market $35,400 Active 117 DOM
29. 2026-08-17
    days on market $35,400 Active 116 DOM
30. 2026-08-16
    days on market $35,400 Active 115 DOM
31. 2026-08-15
    days on market $35,400 Active 114 DOM
32. 2026-08-15
    days on market $35,400 Active 113 DOM
33. 2026-08-13
    days on market $35,400 Active 112 DOM
34. 2026-08-12
    days on market $35,400 Active 111 DOM
35. 2026-08-11
    days on market $35,400 Active 110 DOM
36. 2026-08-10
    days on market $35,400 Active 109 DOM
37. 2026-08-09
    days on market $35,400 Active 108 DOM
38. 2026-08-08
    days on market $35,400 Active 107 DOM
39. 2026-08-07
    days on market $35,400 Active 106 DOM
40. 2026-08-06
    days on market $35,400 Active 105 DOM
41. 2026-08-05
    days on market $35,400 Active 104 DOM
42. 2026-08-04
    days on market $35,400 Active 103 DOM
43. 2026-08-03
    days on market $35,400 Active 102 DOM
44. 2026-07-31
    days on market $35,400 Active 99 DOM
45. 2026-07-30
    days on market $35,400 Active 98 DOM
46. 2026-07-29
    days on market $35,400 Active 97 DOM
47. 2026-07-27
    days on market $35,400 Active 95 DOM
48. 2026-07-25
    days on market $35,400 Active 93 DOM
49. 2026-07-23
    days on market $35,400 Active 91 DOM
50. 2026-07-22
    days on market $35,400 Active 90 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: $11,553
• − Mortgage interest: −$1,983
• − Property taxes: −$531
• − Insurance: −$177
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$1,030
• Taxable income: $5,983
• Est. tax owed @ 24.0%: −$1,436
• After-tax cash flow: $4,755/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 Est. rehab $26,400–$47,520 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate 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

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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%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 8% · Canada
• 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

Property features AI

Finance

• Financial info: List price $35,400

Exterior

• Utilities: Natural gasCentral air conditioning
• Home design: Single-family spec home (Fairmont 139 Boardwalk)
• Construction: 1,056 living area
• Exterior features: Shake roof

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Active listing (Spec build, Fairmont 139 Boardwalk plan)