60215 Ruby St · South Bend, IN 46614

$159,000

3 bd · 1.5 ba · 1,197 sqft · SingleFamily public records · 3 Days on market

Built 1968 0.36 ac lot $133/sqft · 19% below area Est $196k · 19% 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 +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 1.5-bath home on a quiet corner lot in South Bend. Features include a fenced backyard, two storage sheds, and a convenient location close to shopping, restaurants, and everything the South Side has to offer. The home needs some updating and TLC, but offers great potential for an investor or buyer looking for an affordable opportunity to make it their own.

Key facts

• Two storage sheds
• Convenient location
• Fenced backyard

Tags

• FENCED BACKYARD
• TWO STORAGE SHEDS
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Brick and wood siding exterior
• Exterior features: Corner lot; Shed(s)

Interior

• Kitchen: Dishwasher; Gas cooktop
• Bedrooms: Total of 6 rooms (bedroom breakdown not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 bathrooms located on the main level
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Dishwasher; Gas cooktop; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (1.6% below list).
• Recommended offer: $156k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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, crime 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.
• Zoned schools: Monroe Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 418 students, 90% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: 193 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,421 (1.6% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.11%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

• ARV (median comp): $195,602
• List price: $159,000
• Delta: -18.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60215 Ruby St	0.00mi	3/1.5	1,197 (0%)	1mo	$167,000	$140	99
20155 Jewell Ave	0.21mi	3/2.0	1,192 (-0%)	13mo	$200,000	$168	76
20305 Topaz St	0.03mi	3/1.5	1,374 (+15%)	4mo	$220,000	$160	71
19694 Ruth Ave	0.60mi	3/2.0	1,224 (+2%)	0mo	$160,000	$131	66
20154 Jackson Rd	0.25mi	2/1.0 (-1)	1,035 (-14%)	2mo	$179,900	$174	57
20134 Pulling St	0.41mi	2/2.0 (-1)	1,140 (-5%)	15mo	$110,000	$96	54
19705 Jewell Ave	0.55mi	3/1.5	1,056 (-12%)	2mo	$198,000	$188	53
19598 Yoder St	0.72mi	3/2.0	1,125 (-6%)	2mo	$203,000	$180	53
19796 Pulling St	0.60mi	2/1.0 (-1)	1,138 (-5%)	14mo	$105,000	$92	45
60337 Saint Joseph St	0.54mi	2/1.5 (-1)	1,072 (-10%)	10mo	$179,500	$167	44
19776 Gilmer St	0.64mi	3/2.0	1,314 (+10%)	12mo	$220,000	$167	41
19551 Jewell Ave	0.71mi	2/1.0 (-1)	1,121 (-6%)	10mo	$190,000	$169	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-17,892
• Equity at exit: $23,707

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-5,352
• Equity at exit: $13,747

Cash invested: $44,520 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 193
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,564 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$146 /mo · $1,753/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $123

Break-even live

Break-even rent $1,408

Max offer price $159,000

Occupancy floor 87%

Sensitivity live

Price	-10% $213	-5% $168	+0% $123	+5% $78	+10% $33
Rent	-10% $0	-5% $61	+0% $123	+5% $185	+10% $247
Rate	-1.0pp $203	-0.5pp $164	base $123	+0.5pp $82	+1.0pp $40

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.26mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	45d	1	1.34mi

Listing history 2 events

1. 2026-05-04
   status Pending 368-char remark
2. 2026-05-02
   listed $159,000 Active 368-char remark

ⓘ 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: $1,753 · $146/mo
• Projected year-2 tax: $1,753 · $146/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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,771
• − Mortgage interest: −$8,906
• − Property taxes: −$1,753
• − Insurance: −$1,592
• − Repairs & maintenance: −$1,502
• − Management: −$1,502
• − Depreciation: −$4,625
• Taxable loss: −$1,110
• Est. tax savings @ 24.0%: +$266
• After-tax cash flow: $1,744/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

• County: Saint Joseph County · 189,048 people
• City population: 99,767
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

+5.0% since first listed

3 events — show timeline

• 2026-06-01 Sold (MLS) $167,000 IRMLS
• 2026-05-04 Pending — IRMLS
• 2026-05-02 Listed $159,000 IRMLS

Property tax history

+5.7%/yr

Latest (2025): $1,753 · +2.0% YoY. Source: county tax records.