337 Lincoln Way · South Bend, IN 46601

$274,000

4 bd · 3.0 ba · 2,664 sqft · MultiFamily public records · 162 Days on market

Built 1875 4,356 sqft lot $103/sqft · 100% above area Est $183k · 49% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Triplex in South Bend IN. Near downtown, close to Notre Dame. One Studio apartment on the main floor facing Lincolnway plus a 2 bedroom apartment on the main floor. A one bedroom apartment is on the upper level. There is a semi-finished space in the basement with 2 entrances/exits but no egress window. All three units have mini-splits recently installed. There is also a forced gas heat for all spaces. House roof is approx. 2 years old.

Key facts

• 2 bedroom apartment
• Near downtown
• Close to notre dame

Tags

• TRIPLEX
• NEAR DOWNTOWN
• CLOSE TO NOTRE DAME
• STUDIO APARTMENT
• 2 BEDROOM APARTMENT
• ONE BEDROOM APARTMENT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $274k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $274k).
• Recommended offer: $241k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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, 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: 14 active listings in the ZIP; 3 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($241k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 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 1875 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 14.70%
• Cash-on-cash: 30.01%
• DSCR: 2.34
• GRM: 5.1

CMA / ARV

• ARV (median comp): $183,391
• List price: $274,000
• Delta: 49.41%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.01×
• Total profit: $77,699
• Equity at exit: $40,854

10-year hold

• IRR: 32.4%
• Equity multiple: 3.93×
• Total profit: $224,591
• Equity at exit: $23,691

Cash invested: $76,720 (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 46601

• Home prices YoY: -13.4%
• Active inventory: 14
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $4,472 high
• Mortgage (P&I): −$1,437
• Tax from tax record: −$63 /mo · $758/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$939
• Net cashflow: $1,919

Break-even live

Break-even rent $2,043

Max offer price $274,000

Occupancy floor 52%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,084
1× unit	2	1	$1,388
Total (3 units)			$4,472

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: $68,500
• Closing costs: $8,220
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	20d	19	0.26mi
609 N Scott St South Bend, IN	5.0	1.5	1951	$1,450	$0.74	43d	1	0.34mi
721 S Arnold St South Bend, IN	4.0	2.0	2568	$1,800	$0.70	13d	1	1.07mi

Listing history 10 events

1. 2026-06-10
   days on market $274,000 Active 162 DOM
2. 2026-06-09
   days on market $274,000 Active 161 DOM
3. 2026-06-08
   days on market $274,000 Active 160 DOM
4. 2026-06-07
   days on market $274,000 Active 159 DOM
5. 2026-06-03
   days on market $274,000 Active 155 DOM
6. 2026-06-02
   days on market $274,000 Active 154 DOM
7. 2026-06-01
   days on market $274,000 Active 153 DOM
8. 2026-05-31
   days on market $274,000 Active 152 DOM
9. 2026-01-28
   price $274,000 439-char remark

   Show marketing remark (439 chars)

   Triplex in South Bend IN. Near downtown, close to Notre Dame. One Studio apartment on the main floor facing Lincolnway plus a 2 bedroom apartment on the main floor. A one bedroom apartment is on the upper level. There is a semi-finished space in the basement with 2 entrances/exits but no egress window. All three units have mini-splits recently installed. There is also a forced gas heat for all spaces. House roof is approx. 2 years old.

10. 2025-12-30
    listed $275,000 Active 439-char remark

    Show marketing remark (439 chars)

    Triplex in South Bend IN. Near downtown, close to Notre Dame. One Studio apartment on the main floor facing Lincolnway plus a 2 bedroom apartment on the main floor. A one bedroom apartment is on the upper level. There is a semi-finished space in the basement with 2 entrances/exits but no egress window. All three units have mini-splits recently installed. There is also a forced gas heat for all spaces. House roof is approx. 2 years old.

ⓘ 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: $758 · $63/mo
• Projected year-2 tax: $1,543 · $129/mo
• Expected delta: +$786/yr (+$65/mo · 103.7%)

ⓘ 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: $53,664
• − Mortgage interest: −$15,348
• − Property taxes: −$758
• − Insurance: −$1,370
• − Repairs & maintenance: −$4,293
• − Management: −$4,293
• − Depreciation: −$7,971
• Taxable income: $19,631
• Est. tax owed @ 24.0%: −$4,711
• After-tax cash flow: $18,313/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
• City population: 99,767
• Population (ZIP): 4,933

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 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 11% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 4% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 4% German/W. Germanic 1% 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: ▼ -33.25%
• Current HPI: 215.0749
• Rent YoY: —
• Metro: —
• 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

• 2026-01-28 Price Changed $274,000 IRMLS
• 2025-12-30 Listed $275,000 IRMLS

Property tax history

-4.3%/yr

Latest (2023): $758 · -1.1% YoY. Source: county tax records.