1512 Hermosa Pl · South Bend, IN 46613

$79,000

1 bd · 1.0 ba · 689 sqft · SingleFamily public records · 143 Days on market

Built 1923 1,833 sqft lot $115/sqft · 30% below area Est $113k · 30% under

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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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• 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

Listing remarks MLS

Make this your home instead of paying rent! Affordable utilities too! Or if an investor has been a rental for many years in good condition. Sold AS IS

Key facts

• 1,833 sq ft lot
• Built 1923
• Listed 143 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $11k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — 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 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: 1.32% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.17%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $113,230
• List price: $79,000
• Delta: -30.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 E Fairview Ave	0.73mi	1/1.0	700 (+2%)	7mo	$109,000	$156	58
804 E Calvert St	0.39mi	2/1.0 (+1)	779 (+13%)	1mo	$72,000	$92	54
312 E Donald St	0.45mi	2/1.0 (+1)	748 (+9%)	8mo	$25,000	$33	53
1512 Marine St	0.58mi	2/1.0 (+1)	672 (-2%)	15mo	$40,000	$60	52
1141 Milton St	0.59mi	2/1.0 (+1)	624 (-9%)	3mo	$70,000	$112	50
1703 Marine St	0.60mi	2/1.0 (+1)	660 (-4%)	12mo	$122,500	$186	50
1110 Roberts St	0.75mi	2/1.0 (+1)	752 (+9%)	3mo	$146,000	$194	42
826 E Victoria St	0.74mi	2/1.0 (+1)	768 (+12%)	15mo	$85,000	$111	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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 7.1%
• Equity multiple: 1.28×
• Total profit: $6,176
• Equity at exit: $11,779

10-year hold

• IRR: 17.3%
• Equity multiple: 2.50×
• Total profit: $33,194
• Equity at exit: $6,830

Cash invested: $22,120 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,045 high
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $280

Break-even live

Break-even rent $691

Max offer price $79,000

Occupancy floor 68%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
602 E Dayton St South Bend, IN	—	1.0	500	$700	$1.40	44d	1	0.24mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	44d	1	0.71mi
533 Columbia St Unit C South Bend, IN	1.0	1.0	600	$700	$1.17	21d	1	0.76mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.77mi
106 S Niles Ave South Bend, IN	—	1.0	400	$1,599	$4.00	44d	1	1.19mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	1.21mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$3,306	$2.84	21d	19	1.30mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	13d	1	1.39mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$1,809	$1.79	13d	31	1.39mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$649	$0.73	13d	1	1.41mi
307 E Lasalle Ave South Bend, IN	1.0–2.0	1.0–2.0	925	$1,345	$1.45	13d	22	1.41mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	44d	1	1.43mi

Listing history 17 events

1. 2026-06-18
   days on market $79,000 Active 143 DOM
2. 2026-06-17
   days on market $79,000 Active 142 DOM
3. 2026-06-16
   days on market $79,000 Active 141 DOM
4. 2026-06-15
   days on market $79,000 Active 140 DOM
5. 2026-06-14
   days on market $79,000 Active 138 DOM
6. 2026-06-13
   days on market $79,000 Active 137 DOM
7. 2026-06-10
   days on market $79,000 Active 135 DOM
8. 2026-06-09
   days on market $79,000 Active 134 DOM
9. 2026-06-08
   days on market $79,000 Active 133 DOM
10. 2026-06-07
    days on market $79,000 Active 132 DOM
11. 2026-06-03
    days on market $79,000 Active 128 DOM
12. 2026-06-02
    days on market $79,000 Active 127 DOM
13. 2026-06-01
    days on market $79,000 Active 126 DOM
14. 2026-05-31
    days on market $79,000 Active 125 DOM
15. 2026-02-12
    price $79,000 150-char remark

    Show marketing remark (150 chars)

    Make this your home instead of paying rent! Affordable utilities too! Or if an investor has been a rental for many years in good condition. Sold AS IS

16. 2026-01-26
    listed $90,000 Active 150-char remark

    Show marketing remark (150 chars)

    Make this your home instead of paying rent! Affordable utilities too! Or if an investor has been a rental for many years in good condition. Sold AS IS

17. 2014-05-01
    listed $25,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $12,541
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$1,003
• − Management: −$1,003
• − Depreciation: −$2,298
• Taxable income: $2,231
• Est. tax owed @ 24.0%: −$536
• After-tax cash flow: $2,821/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

+205.0% since first listed

3 events — show timeline

• 2026-02-12 Price Changed $79,000 IRMLS
• 2026-01-26 Listed $90,000 IRMLS
• 2014-05-01 Listed $25,900 IRMLS

Property tax history

-37.1%/yr

Latest (2021): $43 · +0.0% YoY. Source: county tax records.