15 Melrose MnrElkhartIN46516
INVESTMENT ANALYSIS
Investment Verdict
Solid Income15 Melrose Mnr, Elkhart, IN, 46516 in Elkhart is a solid income-producing rental, 9.33% gross yield, $3,500/mo rent, $512/mo net cash flow on a $450,000 buy. DSCR 1.73 qualifies the property for Ziffy Mortgage's financing without personal income documentation. Five-year appreciation of $124,327 and $4,145/yr in principal reduction project a total cumulative return of $204,444.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.3% | 6.2% |
| Monthly Cash Flow | $512 | $450 |
City averages based on Elkhart market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $3,500 |
| Total Monthly Debt Service | $2,809 |
| DSCR Ratio | 1.25x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Single Family
Built in 1958
0.36 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 46516, Elkhart, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,463 (100%) |
| Owner Occupied HU | 7,221 (53.6%) |
| Renter Occupied HU | 5,279 (39.2%) |
| Vacant Housing Units | 963 ( 7.2%) |
| Median Home Value | $172,789 |
| Average Home Value | $240,548 |
Housing Distribution
Address Breakdown
Residential
13,032
Single Family
11,652
Multi-Family
1,380
Businesses
1,157
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Single Family
Built in 1958
0.36 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 46516, Elkhart, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,463 (100%) |
| Owner Occupied HU | 7,221 (53.6%) |
| Renter Occupied HU | 5,279 (39.2%) |
| Vacant Housing Units | 963 ( 7.2%) |
| Median Home Value | $172,789 |
| Average Home Value | $240,548 |
Housing Distribution
Address Breakdown
Residential
13,032
Single Family
11,652
Multi-Family
1,380
Businesses
1,157
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Adam Pendley • Susie Tucker Realty
Mls Name: IRMLS
Mls Provider:
Mls ID: #202431233
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.