509 Prospect St Elkhart, IN 46514
Riverside NeighborhoodEstimated payment $1,798/month
Highlights
- Wood Flooring
- Forced Air Heating System
- 3-minute walk to Weston Park
- 1 Car Detached Garage
- Level Lot
About This Home
This unique property offers two properties on one tax-key ... a spacious two-story duplex plus a charming single bungalow home. Each unit features 2 bedrooms and 1 full bath, providing versatile living options for investors or owner-occupants. The main level of the duplex is already occupied by a long-term tenant of over 20 years, giving you immediate rental income! With properties in very good condition and minimal updates needed, you can move right in or start renting right away. Offering new windows, flooring, HVAC, cabinets and baths. Live in the bungalow while the duplex pays your mortgage, or rent all three units for a strong cash flow opportunity. A detached garage adds even more value and convenience. This is truly a must-see to appreciate property ... don’t miss your chance to own such a rare and profitable find! Since the upper level and single unit have been rehabbed current owner has not had renters ... So we do not have expenses at this time and the ROI is figured at the rental prices shown for each unit and is a guesstimate.
Listing Agent
McKinnies Realty, LLC Elkhart Brokerage Phone: 574-215-9291 Listed on: 09/24/2025
Property Details
Home Type
- Multi-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
- Duplex
- Vinyl Construction Material
Interior Spaces
- 2-Story Property
- Partially Finished Basement
Flooring
- Wood
- Carpet
- Laminate
- Luxury Vinyl Tile
Bedrooms and Bathrooms
- 4 Bedrooms
- 2 Full Bathrooms
Schools
- Beardsley Elementary School
- North Side Middle School
- Elkhart High School
Utilities
- Forced Air Heating System
- Heating System Uses Gas
Listing and Financial Details
- The owner pays for heating, water
- Assessor Parcel Number 20-06-05-157-011.000-012
Community Details
Overview
- 2 Units
Building Details
- 3 Separate Electric Meters
- 2 Separate Gas Meters
- 2 Separate Water Meters
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 |
|---|---|---|---|---|
| 11/10/2025 11/10/25 | Price Changed | $324,900 | -4.4% | $157 / Sq Ft |
| 10/11/2025 10/11/25 | Price Changed | $339,900 | -2.9% | $164 / Sq Ft |
| 09/24/2025 09/24/25 | For Sale | $349,900 | -- | $169 / 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: 202538768
APN: 20-06-05-157-011.000-012
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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.
- 507 Prospect St
- 626 Bower St
- 710 Kilbourn St
- 915 Fulton St
- TBD W Washington St
- 100 S Michigan St
- 709 Strong Ave
- 154 N 6th St
- 1118 Cedar St
- 225 W Washington St
- 1121 Maple Row
- 120 W Sycamore St
- 726 W Lexington Ave
- 207 N 2nd St
- 302 W Jackson Blvd
- 1021 Strong Ave
- 1106 Strong Ave
- 226/228 & 230 W Jackson St
- 1105 Edwardsburg Ave
- 301 W Jackson Blvd
- 636 Moody Ave
- 680 Stamp Dr
- 304 E Jackson Blvd
- 318 S Elkhart Ave
- 200 Jr Achievement Dr
- 742 W Bristol St
- 1504 Locust St
- 908 S Main St
- 200 Windsor Cir
- 2301 Lexington Ave
- 619 W Cleveland Ave
- 915 Northway Cir
- 128 Manor Ave
- 20 Cedar View Dr
- 2641 Muirfield Dr
- 2122 E Bristol St
- 123 W Hively Ave
- 2002 Raintree Dr
- 1100 Clarinet Blvd W
- 2001 Sugar Maple Ln