507 Prospect St Elkhart, IN 46514
Riverside NeighborhoodEstimated payment $1,872/month
Highlights
- 1 Car Detached Garage
- 1-Story Property
- Level Lot
- Eat-In Kitchen
- Forced Air Heating System
- 3-minute walk to Weston Park
About This Home
This unique property features two separate residences on a single tax key: a charming single-story bungalow and a spacious two-story duplex. Each duplex unit offers two bedrooms and one full bath, providing flexible living arrangements for an owner-occupant or an investor seeking strong rental returns. The main level of the duplex is occupied by a long-term tenant of over 20 years, offering immediate, stable rental income. Both the upper duplex unit and the bungalow have been recently updated, meaning minimal work is needed before moving in or renting out. Updates include new windows, flooring, HVAC systems, cabinetry, and refreshed baths. Live in the bungalow while the duplex helps pay your mortgage, or rent out all three units for excellent cash flow potential. A detached garage adds even more convenience and value. This rare and profitable property is in very good condition and truly a must-see—don’t miss your chance to own such a versatile investment!
Listing Agent
McKinnies Realty, LLC Elkhart Brokerage Phone: 574-215-9291 Listed on: 10/11/2025
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $1,073
Year Built
- Built in 1880
Lot Details
- 9,845 Sq Ft Lot
- Lot Dimensions are 66x149
- Level Lot
Parking
- 1 Car Detached Garage
Home Design
- Vinyl Construction Material
Interior Spaces
- 1-Story Property
- Unfinished Basement
Kitchen
- Eat-In Kitchen
- Laminate Countertops
Bedrooms and Bathrooms
- 2 Bedrooms
- 1 Full Bathroom
Schools
- Beardsley Elementary School
- North Side Middle School
- Elkhart High School
Utilities
- Forced Air Heating System
- Heating System Uses Gas
- Cable TV Available
Listing and Financial Details
- Assessor Parcel Number 20-06-05-157-011.000-012
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $1,074 | $52,300 | -- | $52,300 |
| 2022 | $1,074 | $94,200 | $25,900 | $68,300 |
| 2021 | $1,816 | $88,800 | $25,900 | $62,900 |
| 2020 | $1,933 | $88,800 | $25,900 | $62,900 |
| 2019 | $1,189 | $54,600 | $6,600 | $48,000 |
| 2018 | $1,433 | $65,500 | $6,600 | $58,900 |
| 2017 | $1,463 | $66,700 | $6,600 | $60,100 |
| 2016 | $1,411 | $64,500 | $6,600 | $57,900 |
| 2014 | $1,106 | $51,900 | $6,600 | $45,300 |
| 2013 | $1,320 | $66,000 | $20,700 | $45,300 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 10/11/2025 10/11/25 | Price Changed | $339,900 | -2.9% | $434 / Sq Ft |
| 10/11/2025 10/11/25 | For Sale | $349,900 | -- | $446 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | $425,000 | Fidelity National Title Compan | |
| Quit Claim Deed | $425,000 | Fidelity National Title Compan |
Source: Indiana Regional MLS
MLS Number: 202541262
APN: 20-06-05-157-011.000-012
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