1736 New York · Elkhart, IN 46514

$67,500

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 390 Days on market

Manufactured home Built 2025 Fair condition $46/sqft · 65% below area ↓ 24% since listing

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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
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -5.8

Listing remarks MLS

This home is truly a must see, offering comfortable and accessible living space. It features 3 bedrooms and 2 bathrooms, providing ample room for family or guests. Additionally, it includes a handicap ramp, ensuring easy access for everyone. It has a convenient 1-car detached garage with easy access, and a lovely back deck, perfect for relaxing or entertaining. Call today to schecule an appointment to view this home.

Key facts

• Back deck
• Built 2025
• Listed 389 days

Tags

• BACK DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $68k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.2% 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: Osolo Elementary School (math 20% / reading 18%, grade F, #829 of 994 statewide, top 84%, 490 students, 76% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $467 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 390 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Recommended offer $59,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 390 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: 1.81% ✓
• Cap rate: 15.19%
• Cash-on-cash: 31.78%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (median comp): $193,334
• List price: $67,500
• Delta: -65.09%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54135 County Road 5	1.09mi	3/2.5	1,456 (0%)	6mo	$272,000	$187	58
51940 Audra Dr	1.37mi	3/2.0	1,372 (-6%)	4mo	$220,000	$160	52
53084 County Road 9	0.82mi	3/2.0	1,545 (+6%)	4mo	$206,100	$133	51
26188 County Road 4 Unit 26188/26194	1.38mi	4/2.0 (+1)	1,368 (-6%)	4mo	$165,000	$121	46
27002 Water Edge Dr	0.67mi	2/2.0 (-1)	1,296 (-11%)	5mo	$315,000	$243	41
26299 CR 4	1.37mi	3/2.0	1,200 (-18%)	2mo	$287,500	$240	38
54090 Southwood Dr	1.22mi	3/1.0	1,216 (-16%)	2mo	$200,100	$165	35
53515 County Road 5	1.11mi	3/1.0	1,232 (-15%)	4mo	$231,001	$188	33
27500 Lamplighter Ln	1.32mi	4/2.0 (+1)	1,730 (+19%)	3mo	$300,000	$173	33
25838 Meadow Oak Ln	0.95mi	3/4.0	1,280 (-12%)	6mo	$240,000	$188	32
27425 Bison Ridge Rdg	1.15mi	2/1.5 (-1)	1,222 (-16%)	3mo	$205,000	$168	31
26522 Parkview Pl	1.45mi	2/1.0 (-1)	1,152 (-21%)	3mo	$125,000	$109	29

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: 31.2%
• Equity multiple: 2.38×
• Total profit: $26,129
• Equity at exit: $10,064

10-year hold

• IRR: 40.6%
• Equity multiple: 5.60×
• Total profit: $86,916
• Equity at exit: $5,836

Cash invested: $18,900 (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: 1 active
• Median asking: $74,900 ($42/sqft)
• Median days on market: 154 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +217.7% 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: 4.6×

Monthly cashflow live

• Estimated rent: $1,224 medium
• Mortgage (P&I): −$354
• Tax est. 1.5%: −$84 /mo · $1,012/yr
• Insurance: −$28
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $501

Break-even live

Break-even rent $590

Max offer price $67,500

Occupancy floor 54%

Sensitivity live

Price	-10% $547	-5% $524	+0% $501	+5% $477	+10% $454
Rent	-10% $404	-5% $452	+0% $501	+5% $549	+10% $597
Rate	-1.0pp $535	-0.5pp $518	base $501	+0.5pp $483	+1.0pp $465

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: $16,875
• Closing costs: $2,025
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2641 Muirfield Dr Elkhart, IN	1.0–2.0	1.0–2.0	865	$1,608	$1.86	0d	16	0.09mi
1504 Locust St Elkhart, IN	1.0–2.0	1.0–2.0	1012	$1,285	$1.27	0d	29	1.08mi
3330 Northpointe Blvd Elkhart, IN	1.0–2.0	1.0–2.0	825	$1,497	$1.81	0d	29	1.10mi

Listing history 50 events

1. 2026-09-24
   days on market $67,500 Active 390 DOM
2. 2026-09-24
   days on market $67,500 Active 389 DOM
3. 2026-09-22
   days on market $67,500 Active 388 DOM
4. 2026-09-20
   days on market $67,500 Active 386 DOM
5. 2026-09-18
   pricedays on market $67,500 Active 384 DOM
6. 2026-09-17
   days on market $70,000 Active 383 DOM
7. 2026-09-16
   days on market $70,000 Active 382 DOM
8. 2026-09-15
   days on market $70,000 Active 381 DOM
9. 2026-09-14
   days on market $70,000 Active 380 DOM
10. 2026-09-13
    days on market $70,000 Active 379 DOM
11. 2026-09-12
    days on market $70,000 Active 378 DOM
12. 2026-09-11
    days on market $70,000 Active 377 DOM
13. 2026-09-05
    days on market $70,000 Active 371 DOM
14. 2026-09-04
    days on market $70,000 Active 370 DOM
15. 2026-09-03
    days on market $70,000 Active 369 DOM
16. 2026-08-31
    days on market $70,000 Active 366 DOM
17. 2026-08-30
    days on market $70,000 Active 365 DOM
18. 2026-08-29
    days on market $70,000 Active 364 DOM
19. 2026-08-28
    days on market $70,000 Active 363 DOM
20. 2026-08-25
    days on market $70,000 Active 361 DOM
21. 2026-08-24
    days on market $70,000 Active 360 DOM
22. 2026-08-23
    days on market $70,000 Active 359 DOM
23. 2026-08-22
    days on market $70,000 Active 358 DOM
24. 2026-08-21
    days on market $70,000 Active 357 DOM
25. 2026-08-20
    days on market $70,000 Active 356 DOM
26. 2026-08-19
    days on market $70,000 Active 355 DOM
27. 2026-08-18
    days on market $70,000 Active 354 DOM
28. 2026-08-17
    days on market $70,000 Active 353 DOM
29. 2026-08-16
    days on market $70,000 Active 352 DOM
30. 2026-08-15
    days on market $70,000 Active 351 DOM
31. 2026-08-15
    days on market $70,000 Active 350 DOM
32. 2026-08-13
    days on market $70,000 Active 349 DOM
33. 2026-08-12
    days on market $70,000 Active 348 DOM
34. 2026-08-11
    days on market $70,000 Active 347 DOM
35. 2026-08-10
    days on market $70,000 Active 346 DOM
36. 2026-08-09
    days on market $70,000 Active 345 DOM
37. 2026-08-08
    days on market $70,000 Active 344 DOM
38. 2026-08-07
    days on market $70,000 Active 343 DOM
39. 2026-08-06
    days on market $70,000 Active 342 DOM
40. 2026-08-05
    days on market $70,000 Active 341 DOM
41. 2026-08-04
    days on market $70,000 Active 340 DOM
42. 2026-08-03
    days on market $70,000 Active 339 DOM
43. 2026-07-31
    days on market $70,000 Active 336 DOM
44. 2026-07-30
    days on market $70,000 Active 335 DOM
45. 2026-07-29
    days on market $70,000 Active 334 DOM
46. 2026-07-27
    days on market $70,000 Active 332 DOM
47. 2026-07-25
    days on market $70,000 Active 330 DOM
48. 2026-07-23
    days on market $70,000 Active 328 DOM
49. 2026-07-22
    days on market $70,000 Active 327 DOM
50. 2026-07-21
    days on market $70,000 Active 326 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: $14,690
• − Mortgage interest: −$3,781
• − Property taxes: −$1,012
• − Insurance: −$338
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$1,964
• Taxable income: $5,245
• Est. tax owed @ 24.0%: −$1,259
• After-tax cash flow: $4,749/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 · 2 photos

Fair 45/100 Cosmetic rehab Est. rehab $7,280–$21,840 screening

This manufactured home has average exterior condition with faded paint and basic landscaping. Painting and landscaping improvements would significantly enhance its resale and rental value.

Repairs flagged

• Major Paint — Paint is faded and needs repainting
• Minor Landscaping — Basic landscaping could be improved

Value-add opportunities

• Both Painting the exterior — Fresh paint would improve curb appeal and home value ↑
• Both Landscaping improvements — Enhanced landscaping would increase curb appeal and home value ↑

ⓘ 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 25/100

Zoned Schools

Elementary Osolo Elementary School F IN #829/994 Nat'l #34,564/41,679 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

Price history

-24.3% since first listed

2 events — show timeline

• 2026-05-20 Price Changed $70,000 Zillow
• 2025-08-29 Listed $92,500 Zillow