1206 E Indiana Ave · South Bend, IN 46613

$105,000

4 bd · 2.0 ba · 1,860 sqft · MultiFamily public records · 85 Days on market

Built 1927 6,970 sqft lot $56/sqft · 30% below area Est $150k · 30% under ↓ 5% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 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 MLS

Solid two-story investment property with a strong tenant history and immediate income potential. The upper level features three bedrooms and a full bathroom, while the main level offers a spacious living room, formal dining room, additional bedroom, kitchen, convenient main-level laundry, and a half bath. Add this reliable, income-producing property to your portfolio. Don't miss you chance at this great property!

Key facts

• 6,970 sq ft lot
• Built 1927
• Listed 85 days

🏷️ Possibly a rental listed for sale. The $105,000 price doesn't fit this home's estimated sale value (~$150,130) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.7% vs local median 4.4% in South Bend — 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 64/100 on livability (#365 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, employment D, schools F.
• South Bend Community School Corporation (urban): math 12% / reading 21% proficiency, ranked #284 of 301 in IN (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $3,233/mo this rent would consume 91% of the median local household income ($43k/yr) (locally 545% 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $29k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 3.08% ✓
• Cap rate: 27.71%
• Cash-on-cash: 76.47%
• DSCR: 4.40
• GRM: 2.7

CMA / ARV

• ARV (median comp): $150,130
• List price: $105,000
• Delta: -30.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1224 E Lincoln Way	0.15mi	4/2.0	1,814 (-2%)	3mo	$150,000	$83	87
1416 Miami St	0.18mi	3/3.0 (-1)	2,048 (+10%)	13mo	$164,000	$80	55

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 77.6%
• Equity multiple: 4.60×
• Total profit: $105,887
• Equity at exit: $15,656

10-year hold

• IRR: 81.5%
• Equity multiple: 9.87×
• Total profit: $260,840
• Equity at exit: $9,078

Cash invested: $29,400 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,233 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$86 /mo · $1,033/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $1,874

Break-even live

Break-even rent $861

Max offer price $105,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,262
▸ 2× units	1	0.5	$1,970
Total (3 units)			$3,233

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	13d	1	0.07mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	0.18mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	43d	1	0.29mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.69mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	43d	1	0.74mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	43d	1	0.98mi
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	43d	1	1.05mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	1.13mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	43d	1	1.16mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	1.33mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	13d	1	1.36mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	43d	1	1.39mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	43d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $105,000 Active 85 DOM
2. 2026-06-17
   days on market $105,000 Active 84 DOM
3. 2026-06-16
   days on market $105,000 Active 83 DOM
4. 2026-06-15
   days on market $105,000 Active 82 DOM
5. 2026-06-14
   days on market $105,000 Active 80 DOM
6. 2026-06-13
   days on market $105,000 Active 79 DOM
7. 2026-06-10
   days on market $105,000 Active 77 DOM
8. 2026-06-09
   days on market $105,000 Active 76 DOM
9. 2026-06-08
   days on market $105,000 Active 75 DOM
10. 2026-06-07
    days on market $105,000 Active 74 DOM
11. 2026-06-03
    days on market $105,000 Active 70 DOM
12. 2026-06-02
    days on market $105,000 Active 69 DOM
13. 2026-06-01
    days on market $105,000 Active 68 DOM
14. 2026-05-31
    days on market $105,000 Active 67 DOM
15. 2026-05-30
    days on market $105,000 Active 66 DOM
16. 2026-04-21
    price $105,000 416-char remark

    Show marketing remark (416 chars)

    Solid two-story investment property with a strong tenant history and immediate income potential. The upper level features three bedrooms and a full bathroom, while the main level offers a spacious living room, formal dining room, additional bedroom, kitchen, convenient main-level laundry, and a half bath. Add this reliable, income-producing property to your portfolio. Don't miss you chance at this great property!

17. 2026-03-25
    listed $110,000 Active 416-char remark

    Show marketing remark (416 chars)

    Solid two-story investment property with a strong tenant history and immediate income potential. The upper level features three bedrooms and a full bathroom, while the main level offers a spacious living room, formal dining room, additional bedroom, kitchen, convenient main-level laundry, and a half bath. Add this reliable, income-producing property to your portfolio. Don't miss you chance at this great property!

ⓘ 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: $1,033 · $86/mo
• Projected year-2 tax: $1,033 · $86/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 2/10 Low 7 d/yr ≥99°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: $38,796
• − Mortgage interest: −$5,882
• − Property taxes: −$1,033
• − Insurance: −$525
• − Repairs & maintenance: −$3,104
• − Management: −$3,104
• − Depreciation: −$3,055
• Taxable income: $22,094
• Est. tax owed @ 24.0%: −$5,303
• After-tax cash flow: $17,180/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: South Bend Community School Corporation
• NCES district ID: 1810290
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $41,935
• Composite: 14.21/100
• National rank: #9452
• State rank: #284 of 301 in IN

Livability — South Bend

• Score: 64/100
• State rank: #365
• US rank: #13730

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment D Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Bend, IN
• County: Saint Joseph County · 189,048 people
• City population: 99,767
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• Metro: South Bend-Mishawaka, IN-MI
• 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

-4.5% since first listed

2 events — show timeline

• 2026-04-21 Price Changed $105,000 IRMLS
• 2026-03-25 Listed $110,000 IRMLS

Property tax history

-12.2%/yr

Latest (2023): $1,033 · -0.7% YoY. Source: county tax records.