1631 S Scott St · South Bend, IN 46613

$117,000

2 bd · 1.5 ba · 1,248 sqft · SingleFamily public records · 110 Days on market

Built 1910 4,356 sqft lot $94/sqft · 9% below area Est $129k · 9% under

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Why this score? — see what drove the C- 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 +19.0/30.0
• ARV discount +11.6/15.0
• DSCR +6.0/10.0
• 1% rule +5.7/10.0
• 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

Need an Investment Opportunity with Lots of Updates & Occupied Tenant- would like to stay! Its 4 Bedrooms/2 Full Baths/Shed, new roof, new furnace & water heater, plumbing, vents, flooring & newer windows. Lease Ends: August 2026. A great location near Four Winds Casino. Property sold in As-Is Condition. 24 Hrs Advance Notice for Showings

Key facts

• Plumbing
• New furnace
• Vents

Tags

• NEW ROOF
• NEW FURNACE
• WATER HEATER
• PLUMBING
• VENTS
• FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $117k).
• Recommended offer: $106k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• This rent runs 35% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,470 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.07% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (median comp): $128,831
• List price: $117,000
• Delta: -9.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2124 Kemble Ave	0.42mi	2/1.5	1,248 (0%)	8mo	$158,000	$127	73
2009 Catalpa St	0.32mi	3/1.5 (+1)	1,272 (+2%)	5mo	$52,500	$41	72
712 W Calvert St	0.19mi	3/1.0 (+1)	1,152 (-8%)	1mo	$154,000	$134	71
122 E Indiana Ave	0.53mi	3/1.0 (+1)	1,248 (0%)	4mo	$110,000	$88	65
1909 S Lafayette Blvd	0.34mi	2/1.5	1,066 (-15%)	1mo	$151,000	$142	59
1819 Magnolia St	0.73mi	3/1.0 (+1)	1,284 (+3%)	1mo	$164,900	$128	53
316 E Dayton St	0.70mi	3/1.0 (+1)	1,176 (-6%)	2mo	$77,000	$65	49
1778 Prairie Ave	0.55mi	2/1.0	1,122 (-10%)	9mo	$37,500	$33	48
1317 W Indiana Ave Ave	0.53mi	3/2.0 (+1)	1,388 (+11%)	6mo	$135,000	$97	45
1508 Carroll St	0.69mi	3/1.0 (+1)	1,144 (-8%)	4mo	$105,000	$92	43
1526 Calvert St	0.69mi	3/1.0 (+1)	1,344 (+8%)	8mo	$145,000	$108	41
211 E Dayton St	0.62mi	3/2.0 (+1)	1,100 (-12%)	9mo	$185,000	$168	37

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: -8.0%
• Equity multiple: 0.70×
• Total profit: $-9,742
• Equity at exit: $17,445

10-year hold

• IRR: 3.0%
• Equity multiple: 1.23×
• Total profit: $7,525
• Equity at exit: $10,116

Cash invested: $32,760 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,250 high
• Mortgage (P&I): −$614
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $122

Break-even live

Break-even rent $1,095

Max offer price $117,000

Occupancy floor 85%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	13d	1	0.25mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	0.31mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	43d	1	0.33mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	13d	1	0.61mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	21d	1	0.62mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	43d	1	0.65mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.71mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	21d	1	0.80mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	43d	1	0.85mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	21d	1	0.92mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	43d	1	1.09mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	43d	1	1.09mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	1.12mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	13d	1	1.18mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	43d	1	1.18mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	43d	1	1.23mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	43d	1	1.26mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	43d	1	1.27mi
1142 E Indiana Ave South Bend, IN	1.0	1.0	751	$599	$0.80	13d	1	1.34mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$5,399	$4.64	21d	19	1.40mi

Listing history 16 events

1. 2026-06-18
   days on market $117,000 Active 110 DOM
2. 2026-06-17
   days on market $117,000 Active 109 DOM
3. 2026-06-16
   days on market $117,000 Active 108 DOM
4. 2026-06-15
   days on market $117,000 Active 107 DOM
5. 2026-06-14
   days on market $117,000 Active 105 DOM
6. 2026-06-13
   days on market $117,000 Active 104 DOM
7. 2026-06-10
   days on market $117,000 Active 102 DOM
8. 2026-06-09
   days on market $117,000 Active 101 DOM
9. 2026-06-08
   days on market $117,000 Active 100 DOM
10. 2026-06-07
    days on market $117,000 Active 99 DOM
11. 2026-06-03
    days on market $117,000 Active 95 DOM
12. 2026-06-02
    days on market $117,000 Active 94 DOM
13. 2026-06-01
    days on market $117,000 Active 93 DOM
14. 2026-05-31
    days on market $117,000 Active 92 DOM
15. 2026-02-28
    listed $117,000 Active 358-char remark

    Show marketing remark (358 chars)

    Need an Investment Opportunity with Lots of Updates & Occupied Tenant- would like to stay! Its 4 Bedrooms/2 Full Baths/Shed, new roof, new furnace & water heater, plumbing, vents, flooring & newer windows. Lease Ends: August 2026. A great location near Four Winds Casino. Property sold in As-Is Condition. 24 Hrs Advance Notice for Showings

16. 2025-08-30
    listed $117,500 Active

ⓘ 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: $2,436 · $203/mo
• Projected year-2 tax: $2,436 · $203/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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,001
• − Mortgage interest: −$6,554
• − Property taxes: −$2,436
• − Insurance: −$585
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$3,404
• Taxable loss: −$377
• Est. tax savings @ 24.0%: +$90
• After-tax cash flow: $1,558/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

-0.4% since first listed

2 events — show timeline

• 2026-02-28 Listed $117,000 IRMLS
• 2025-08-30 Listed $117,500 IRMLS

Property tax history

-1.8%/yr

Latest (2023): $2,436 · +28.4% YoY. Source: county tax records.