504 W Navarre St · South Bend, IN 46616

$139,900

4 bd · 1.5 ba · 1,520 sqft · SingleFamily public records · 58 Days on market

Built 1882 5,148 sqft lot $92/sqft · 13% below area Est $160k · 13% 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 +25.2/30.0
• ARV discount +13.1/15.0
• DSCR +8.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter home or investment property! Just 2 miles from Notre Dame and located in the NNN neighborhood! Features a first floor bedroom and half bathroom along with laundry! Upstairs there are 2 bedrooms with a full bathroom. The house also features: a large front porch, back deck, central air and a full basement. Unique with an open concept and more than one bathroom! Can be purchased along with 428 W. Navarre.

Key facts

• Large front porch
• Full basement
• Back deck

Tags

• FIRST FLOOR BEDROOM
• HALF BATHROOM
• LARGE FRONT PORCH
• BACK DECK
• CENTRAL AIR
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+6.5%/yr); 42 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 30% of the median local income ($59k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y ago; this cycle's ask is 9893% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $92k; list at $140k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1882 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1882 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.06% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• GRM: 7.9

CMA / ARV

• ARV (median comp): $159,984
• List price: $139,900
• Delta: -12.55%
• 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
319 W Madison St	0.17mi	3/1.0 (-1)	1,512 (-0%)	2mo	$84,900	$56	83
526 Leland Ave	0.05mi	5/2.0 (+1)	1,568 (+3%)	4mo	$225,000	$143	82
836 Forest Ave	0.29mi	4/1.0	1,664 (+10%)	4mo	$115,000	$69	66
228 Tonti St	0.61mi	4/2.0	1,500 (-1%)	3mo	$280,000	$187	65
210 Wakewa Ave	0.57mi	3/1.0 (-1)	1,530 (+1%)	2mo	$300,000	$196	64
744 Blaine Ave	0.55mi	3/1.0 (-1)	1,566 (+3%)	1mo	$152,000	$97	61
1060 Woodward Ave	0.54mi	4/2.0	1,640 (+8%)	0mo	$272,000	$166	59
706 California St	0.40mi	3/2.5 (-1)	1,392 (-8%)	1mo	$230,000	$165	57
320 Howard St	0.69mi	3/2.5 (-1)	1,512 (-0%)	4mo	$549,900	$364	54
1040 Woodward Ave	0.49mi	3/2.0 (-1)	1,656 (+9%)	4mo	$185,000	$112	52
1125 W Washington St	0.67mi	3/1.5 (-1)	1,636 (+8%)	4mo	$224,000	$137	48
402 Parkovash Ave	0.64mi	3/1.0 (-1)	1,352 (-11%)	1mo	$210,000	$155	44

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 · 6.49% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.07×
• Total profit: $2,551
• Equity at exit: $20,860

10-year hold

• IRR: 14.2%
• Equity multiple: 2.31×
• Total profit: $51,325
• Equity at exit: $12,096

Cash invested: $39,172 (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 46616

• Home prices YoY: -17.9%
• Rents YoY: 6.5%
• Active inventory: 42
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,477 high
• Mortgage (P&I): −$734
• Tax from tax record: −$63 /mo · $751/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $312

Break-even live

Break-even rent $1,082

Max offer price $139,900

Occupancy floor 74%

Sensitivity live

Price	-10% $392	-5% $352	+0% $312	+5% $273	+10% $233
Rent	-10% $196	-5% $254	+0% $312	+5% $371	+10% $429
Rate	-1.0pp $383	-0.5pp $348	base $312	+0.5pp $276	+1.0pp $239

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	14d	1	0.04mi
609 N Scott St South Bend, IN	5.0	1.5	1951	$1,450	$0.74	44d	1	0.18mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	21d	19	0.44mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	14d	1	0.55mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$3,009	$2.97	14d	31	0.56mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.58mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.59mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	44d	1	0.67mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	0.71mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.75mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	44d	1	0.85mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	14d	1	1.03mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	1.06mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	1.13mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	21d	1	1.18mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	1.20mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	44d	1	1.24mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	1.24mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	1.27mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	1.28mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	1.29mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	1.31mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	1.34mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	1.34mi

Listing history 15 events

1. 2026-05-08
   listed $1,400
2. 2026-04-13
   price $139,900 419-char remark

   Show marketing remark (419 chars)

   Great starter home or investment property! Just 2 miles from Notre Dame and located in the NNN neighborhood! Features a first floor bedroom and half bathroom along with laundry! Upstairs there are 2 bedrooms with a full bathroom. The house also features: a large front porch, back deck, central air and a full basement. Unique with an open concept and more than one bathroom! Can be purchased along with 428 W. Navarre.

3. 2026-03-30
   listed $147,500 Active 419-char remark

   Show marketing remark (419 chars)

   Great starter home or investment property! Just 2 miles from Notre Dame and located in the NNN neighborhood! Features a first floor bedroom and half bathroom along with laundry! Upstairs there are 2 bedrooms with a full bathroom. The house also features: a large front porch, back deck, central air and a full basement. Unique with an open concept and more than one bathroom! Can be purchased along with 428 W. Navarre.

4. 2025-06-22
   historical $1,400
5. 2025-06-11
   listed $1,400
6. 2025-05-25
   historical
7. 2025-05-23
   listed
8. 2023-06-02
   historical
9. 2023-03-15
   soldstatus $92,000 Closed 832-char remark

   Show marketing remark (832 chars)

   The perfect opportunity awaits! This property offers tons of space and has so much potential to be stunning! Could be ideal for a first-time owner who wants to put their own special touches on a home, or used as an income producing property. The large, covered porch welcomes you into a spacious living room with 10-foot ceilings leading to a light and bright eat-in kitchen. Main level also houses a bedroom and half bath with a laundry area. Upper level has two additional bedrooms, with large closets and a full bath. Close proximity to Memorial Hospital and Downtown South Bend is just a few blocks away. Seller installed a new furnace in 2019 and added central air in 2020. Flat roof was replaced in 2022. Chimney was tuck pointed recently. Property is priced appropriately to be sold AS-IS. This home is worth walking through!

10. 2023-02-13
    historical Active Under Contract 832-char remark

    Show marketing remark (832 chars)

    The perfect opportunity awaits! This property offers tons of space and has so much potential to be stunning! Could be ideal for a first-time owner who wants to put their own special touches on a home, or used as an income producing property. The large, covered porch welcomes you into a spacious living room with 10-foot ceilings leading to a light and bright eat-in kitchen. Main level also houses a bedroom and half bath with a laundry area. Upper level has two additional bedrooms, with large closets and a full bath. Close proximity to Memorial Hospital and Downtown South Bend is just a few blocks away. Seller installed a new furnace in 2019 and added central air in 2020. Flat roof was replaced in 2022. Chimney was tuck pointed recently. Property is priced appropriately to be sold AS-IS. This home is worth walking through!

11. 2023-02-09
    listed $95,000 Active 832-char remark

    Show marketing remark (832 chars)

    The perfect opportunity awaits! This property offers tons of space and has so much potential to be stunning! Could be ideal for a first-time owner who wants to put their own special touches on a home, or used as an income producing property. The large, covered porch welcomes you into a spacious living room with 10-foot ceilings leading to a light and bright eat-in kitchen. Main level also houses a bedroom and half bath with a laundry area. Upper level has two additional bedrooms, with large closets and a full bath. Close proximity to Memorial Hospital and Downtown South Bend is just a few blocks away. Seller installed a new furnace in 2019 and added central air in 2020. Flat roof was replaced in 2022. Chimney was tuck pointed recently. Property is priced appropriately to be sold AS-IS. This home is worth walking through!

12. 2019-07-05
    soldstatus $67,000
13. 2019-03-10
    listed $67,500
14. 2014-06-23
    listed $38,900
15. 2013-03-12
    listed $39,900

ⓘ 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: $751 · $63/mo
• Projected year-2 tax: $970 · $81/mo
• Expected delta: +$219/yr (+$18/mo · 29.2%)

ⓘ 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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,726
• − Mortgage interest: −$7,837
• − Property taxes: −$751
• − Insurance: −$700
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$4,070
• Taxable income: $1,533
• Est. tax owed @ 24.0%: −$368
• After-tax cash flow: $3,381/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): 5,979
• Household income: $58,537
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 339.0

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 0.59)
• Race & ethnicity: White 59% Black 21% Hispanic / Latino 16% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 7% Portuguese 2% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 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: ▼ -51.53%
• Current HPI: 237.0154
• Rent YoY: ▲ 6.49%
• 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

-96.5% since first listed

15 events — show timeline

• 2026-05-08 Listed for Rent $1,400 BUILDIUM
• 2026-04-13 Price Changed $139,900 IRMLS
• 2026-03-30 Listed $147,500 IRMLS
• 2025-06-22 Rental Removed $1,400 BUILDIUM
• 2025-06-11 Listed for Rent $1,400 BUILDIUM
• 2025-05-25 Rental Removed — RENTEC
• 2025-05-23 Listed for Rent — RENTEC
• 2023-06-02 Rental Removed — RENTEC
• 2023-03-15 Sold (MLS) $92,000 IRMLS
• 2023-02-13 Contingent — IRMLS
• 2023-02-09 Listed $95,000 IRMLS
• 2019-07-05 Sold (MLS) $67,000 IRMLS
• 2019-03-10 Listed $67,500 IRMLS
• 2014-06-23 Listed $38,900 IRMLS
• 2013-03-12 Listed $39,900 IRMLS

Property tax history

-15.2%/yr

Latest (2023): $751 · +19.3% YoY. Source: county tax records.