1329 N Elmer St · South Bend, IN 46628

$125,000

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 5 Days on market

Built 1942 5,227 sqft lot Est $105k · 19% over

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Why this score? — see what drove the D+ 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 +24.5/30.0
• DSCR +7.9/10.0
• 1% rule +6.2/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity with tenant in place through February 2027. This 3-bedroom, 1.5-bath home features hardwood floors, a full basement, detached garage, and partially fenced backyard. The upper level ½ bath is plumbed for a future full bath conversion. Established rental income and a long-term lease make this a great addition to any investment portfolio.

Key facts

• Full basement
• Hardwood floors
• Detached garage

Tags

• HARDWOOD FLOORS
• FULL BASEMENT
• DETACHED GARAGE
• PARTIALLY FENCED BACKYARD
• ESTABLISHED RENTAL INCOME

Property features AI

Finance

• Financial info: Annual taxes reported

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence, site-built; One story
• Construction: Metal siding; Block foundation; Built above grade finished area
• Exterior features: Shingle roof; Lot approximately 130 x 40 (0.12 acre)

Interior

• Kitchen: Microwave; Refrigerator; Electric oven
• Bedrooms: Total rooms: 8
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Microwave; Refrigerator; Electric oven; Electric water heater; Water heater; Full unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.8% 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: Muessel Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 241 students, 88% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% FRL); Clay High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 628 students, 65% FRL) — zoned schools at 69% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.12% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.80%
• DSCR: 1.39
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $105,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1207 N Olive St	0.14mi	4/1.5 (+1)	1,386 (-4%)	5mo	$149,000	$108	78
1421 N Brookfield St	0.28mi	4/1.0 (+1)	1,440 (0%)	5mo	$107,500	$75	76
1337 N Adams St	0.38mi	3/1.0	1,366 (-5%)	2mo	$95,000	$70	70
1210 Johnson St	0.24mi	3/2.0	1,568 (+9%)	4mo	$98,000	$63	69
1501 N Huey St	0.16mi	3/1.0	1,270 (-12%)	5mo	$95,000	$75	67
1115 Johnson St	0.28mi	3/1.0	1,300 (-10%)	4mo	$88,000	$68	65
1521 Huey St	0.19mi	2/1.0 (-1)	1,280 (-11%)	2mo	$105,900	$83	64
1054 Huey St	0.27mi	4/1.5 (+1)	1,288 (-11%)	2mo	$85,251	$66	63
2510 Fredrickson St	0.53mi	3/1.0	1,540 (+7%)	1mo	$76,000	$49	61
2205 Fredrickson St	0.50mi	3/2.0	1,548 (+8%)	5mo	$105,000	$68	58
740 Johnson St	0.55mi	3/1.0	1,264 (-12%)	0mo	$146,200	$116	52
2518 Rogers St	0.74mi	3/1.0	1,232 (-14%)	1mo	$90,000	$73	38

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $1,621
• Equity at exit: $18,638

10-year hold

• IRR: 14.2%
• Equity multiple: 2.34×
• Total profit: $47,001
• Equity at exit: $10,808

Cash invested: $35,000 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$656
• Tax from tax record: −$141 /mo · $1,693/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $257

Break-even live

Break-even rent $1,074

Max offer price $125,000

Occupancy floor 77%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	13d	1	0.22mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	20d	1	0.26mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	0.26mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	20d	1	0.28mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.29mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	0.29mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.35mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.36mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	43d	1	0.40mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	20d	1	0.40mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	13d	1	0.40mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	43d	1	0.45mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	20d	1	0.47mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	13d	1	0.66mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	0.80mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	43d	1	0.83mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.83mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	0.83mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	0.85mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	0.90mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.90mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.92mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	43d	1	0.95mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	20d	1	0.97mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	20d	1	0.97mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	43d	1	1.10mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	13d	1	1.42mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	20d	1	1.42mi

Listing history 6 events

1. 2026-06-18
   days on market $125,000 Active 5 DOM
2. 2026-06-17
   days on market $125,000 Active 4 DOM
3. 2026-06-16
   days on market $125,000 Active 3 DOM
4. 2026-06-15
   days on market $125,000 Active 2 DOM
5. 2026-06-14
   remarks 358-char remark
6. 2026-06-14
   listed $125,000 Active 1 DOM

ⓘ 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: $1,693 · $141/mo
• Projected year-2 tax: $1,693 · $141/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: $16,788
• − Mortgage interest: −$7,002
• − Property taxes: −$1,693
• − Insurance: −$625
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$3,636
• Taxable income: $1,146
• Est. tax owed @ 24.0%: −$275
• After-tax cash flow: $2,804/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

+9703.9% since first listed

6 events — show timeline

• 2026-06-13 Listed $125,000 IRMLS
• 2026-02-28 Rental Removed $1,175 APPFOLIO
• 2026-01-13 Listed for Rent $1,175 APPFOLIO
• 2025-04-03 Rental Removed $1,175 APPFOLIO
• 2025-03-29 Price Changed $1,175 APPFOLIO
• 2025-02-07 Listed for Rent $1,275 APPFOLIO

Property tax history

+16.9%/yr

Latest (2025): $1,693 · +3.8% YoY. Source: county tax records.