419 W High St · Elkhart, IN 46516

$249,900

3 bd · 1.0 ba · 2,110 sqft · MultiFamily public records · 49 Days on market

Built 1910 6,970 sqft lot $118/sqft · 89% above area

---

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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

The moment you step through the front door your feet touch gleaming hardwood floors with a rich dark restored finish. These floors run throughout the home, adding warmth and character, each plank telling its own story through subtle imperfections that enhance the authenticity of the space. This updated two story home with four (possibly five) spacious bedrooms and two full bathrooms is close to the downtown Riverwalk, parks, shopping, restaurants, and the Aquatic Center. The kitchen, while respecting the home's vintage feel, features stainless steel appliances, new countertops, and plenty of cabinetry that complements the historical architecture. Two new modern tiled bathrooms, main level l

Key facts

• New countertops
• 6,970 sq ft lot
• 2 garage spots

Tags

• GLEAMING HARDWOOD FLOORS
• UPDATED TWO STORY HOME
• STAINLESS STEEL APPLIANCES
• NEW COUNTERTOPS
• BUILT IN BOOK SHELVES
• LARGE OPEN FRONT PORCH

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); Two stories
• Construction: Brick and vinyl siding exterior
• Exterior features: Level lot; Lot dimensions approximately 41 x 165; Lot about 0.16 acres

Interior

• Kitchen: Refrigerator; Gas range
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Forced air heating; No cooling system
• Interior features: Blinds on windows; Fireplace (1)
• Laundry & utility: Washer and dryer; Laundry on the main level; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $917 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: Mary Beck Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 384 students, 89% 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) — zoned schools average 75% FRL vs 60% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• At $3,291/mo this rent would consume 70% of the median local household income ($56k/yr) (locally 995% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $126k; list at $250k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.72%
• DSCR: 1.70
• GRM: 6.3

CMA / ARV

• ARV (median comp): $132,536
• List price: $249,900
• Delta: 88.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
607 W Marion St	0.21mi	4/4.0 (+1)	2,028 (-4%)	5mo	$95,000	$47	63
421 Vistula St	0.07mi	3/2.5	1,983 (-6%)	23mo	$166,000	$84	62
719 W Franklin St	0.25mi	3/2.0	2,300 (+9%)	10mo	$121,000	$53	61

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $17,904
• Equity at exit: $37,261

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $90,851
• Equity at exit: $21,607

Cash invested: $69,972 (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: 146
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $3,291 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$269 /mo · $3,225/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $917

Break-even live

Break-even rent $2,131

Max offer price $249,900

Occupancy floor 67%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,292
Total (4 units)			$3,291

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 N Michigan St Elkhart, IN	4.0	2.0	1952	$2,499	$1.28	21d	1	0.73mi
1568 W Franklin St Elkhart, IN	3.0	2.0	1486	$1,600	$1.08	21d	1	0.96mi

Listing history 30 events

1. 2026-06-19
   days on market $249,900 Active 49 DOM
2. 2026-06-18
   days on market $249,900 Active 48 DOM
3. 2026-06-17
   days on market $249,900 Active 47 DOM
4. 2026-06-16
   days on market $249,900 Active 46 DOM
5. 2026-06-15
   days on market $249,900 Active 45 DOM
6. 2026-06-14
   days on market $249,900 Active 43 DOM
7. 2026-06-13
   days on market $249,900 Active 42 DOM
8. 2026-06-10
   days on market $249,900 Active 40 DOM
9. 2026-06-09
   days on market $249,900 Active 39 DOM
10. 2026-06-08
    days on market $249,900 Active 38 DOM
11. 2026-06-07
    days on market $249,900 Active 37 DOM
12. 2026-06-05
    days on market $249,900 Active 34 DOM
13. 2026-06-03
    days on market $249,900 Active 33 DOM
14. 2026-06-02
    days on market $249,900 Active 32 DOM
15. 2026-06-01
    days on market $249,900 Active 31 DOM
16. 2026-05-31
    days on market $249,900 Active 30 DOM
17. 2026-05-30
    days on market $249,900 Active 29 DOM
18. 2026-05-01
    listed $249,900 Active 994-char remark
19. 2025-10-30
    price $249,900
20. 2025-10-10
    listed $252,900 Active
21. 2025-09-23
    price $252,900
22. 2025-08-23
    status Active
23. 2025-08-23
    historical
24. 2025-08-15
    price $257,400
25. 2025-07-10
    price $259,900
26. 2025-02-28
    status Active
27. 2024-10-07
    listed $263,900 Active
28. 2024-03-14
    soldstatus $126,000 Closed
29. 2024-02-29
    status Pending
30. 2024-02-21
    listed $135,000 Active

ⓘ 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: $3,225 · $269/mo
• Projected year-2 tax: $3,225 · $269/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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: $39,492
• − Mortgage interest: −$13,998
• − Property taxes: −$3,225
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,159
• − Management: −$3,159
• − Depreciation: −$7,270
• Taxable income: $7,431
• Est. tax owed @ 24.0%: −$1,783
• After-tax cash flow: $9,215/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

+85.1% since first listed

13 events — show timeline

• 2026-05-01 Listed $249,900 IRMLS
• 2025-10-30 Price Changed $249,900 IRMLS
• 2025-10-10 Listed $252,900 IRMLS
• 2025-09-23 Price Changed $252,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-08-15 Price Changed $257,400 IRMLS
• 2025-07-10 Price Changed $259,900 IRMLS
• 2025-02-28 Relisted — IRMLS
• 2024-10-07 Listed $263,900 IRMLS
• 2024-03-14 Sold (MLS) $126,000 IRMLS
• 2024-02-29 Pending — IRMLS
• 2024-02-21 Listed $135,000 IRMLS

Property tax history

+8.9%/yr

Latest (2025): $3,225 · +21.8% YoY. Source: county tax records.