3617 W Washington St · South Bend, IN 46619

$105,000

3 bd · 1.0 ba · 725 sqft · SingleFamily public records · 9 Days on market

Built 1950 5,663 sqft lot Est $83k · 27% 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 +20.8/30.0
• DSCR +6.6/10.0
• 1% rule +5.2/10.0
• 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

Listing remarks

Welcome home to this cute gem. It has many updates but will also need some TLC in some areas. Whether your starting out or downsizing this one is the one for you. You have 3 bedrooms with an updated kitchen that has newer appliances. The bathroom was also updated with a seat in the shower that folds up/down for convenience. If you like to be outside, this home has spacious side yards that are ready for your ideas. Come check it out and see if this home is the one you've been searching for.

Key facts

• Seat in shower
• Newer appliances
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEWER APPLIANCES
• UPDATED BATHROOM
• SEAT IN SHOWER
• SPACIOUS SIDE YARDS

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 1 story
• Construction: Aluminum siding
• Exterior features: Shingle roof; Corner lot; Level lot

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 5 total rooms (bedrooms included)
• Flooring: Hardwood; Carpet
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No cooling
• Interior features: Refrigerator; Electric range; Gas water heater; Water heater; Hardwood and carpet flooring; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 7.9% 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: Harrison Elementary School (math 3% / reading 3%, grade F, #988 of 994 statewide, top 99%, 654 students, 91% FRL); Navarre Middle School (math 0% / reading 4%, grade F, #330 of 330 statewide, top 100%, 519 students, 83% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 85% FRL vs 66% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 52 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1950 — 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: 1.02% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $82,650
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 N Kenmore St	0.14mi	2/1.0 (-1)	725 (0%)	11mo	$74,900	$103	79
201 N Wellington St	0.11mi	2/1.0 (-1)	672 (-7%)	12mo	$57,500	$86	68
305 S Wellington St	0.19mi	2/1.0 (-1)	672 (-7%)	8mo	$69,000	$103	68
3605 Ford St	0.50mi	2/1.0 (-1)	700 (-3%)	4mo	$80,000	$114	63
221 S Kenmore St	0.16mi	3/1.0	816 (+13%)	11mo	$70,000	$86	62
4419 Washington St	0.54mi	2/1.0 (-1)	720 (-1%)	9mo	$127,500	$177	61
415 S Kenmore St	0.31mi	2/1.0 (-1)	672 (-7%)	11mo	$114,000	$170	60
203 N Albert Ave	0.31mi	2/1.0 (-1)	672 (-7%)	12mo	$70,000	$104	58
614 S Wellington St	0.49mi	2/1.0 (-1)	672 (-7%)	7mo	$145,000	$216	54
517 S Chicago St	0.45mi	3/1.0	825 (+14%)	8mo	$70,000	$85	49
506 Liberty St	0.64mi	2/1.0 (-1)	792 (+9%)	2mo	$145,000	$183	48
3305 Vermont Pl	0.60mi	3/1.0	825 (+14%)	8mo	$130,000	$158	42

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-7,858
• Equity at exit: $15,656

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $4,959
• Equity at exit: $9,078

Cash invested: $29,400 (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 46619

• Home prices YoY: -29.9%
• Active inventory: 52
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,076 high
• Mortgage (P&I): −$551
• Tax from tax record: −$112 /mo · $1,339/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $144

Break-even live

Break-even rent $894

Max offer price $105,000

Occupancy floor 82%

Sensitivity live

Price	-10% $203	-5% $173	+0% $144	+5% $114	+10% $84
Rent	-10% $59	-5% $101	+0% $144	+5% $186	+10% $229
Rate	-1.0pp $197	-0.5pp $170	base $144	+0.5pp $116	+1.0pp $89

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
202 N Chicago St South Bend, IN	2.0	1.0	720	$1,055	$1.47	44d	1	0.17mi
4510 W Washington St South Bend, IN	2.0	1.0	720	$1,039	$1.44	44d	1	0.62mi
3220 Vermont Pl South Bend, IN	2.0	1.0	725	$1,100	$1.52	14d	1	0.65mi
729 N Elmer St South Bend, IN	2.0	1.0	672	$1,100	$1.64	14d	1	1.02mi
717 Huey St South Bend, IN	2.0	1.0	672	$1,050	$1.56	44d	1	1.08mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	1.24mi

Listing history 8 events

1. 2026-06-18
   days on market $105,000 Active 9 DOM
2. 2026-06-17
   days on market $105,000 Active 8 DOM
3. 2026-06-16
   days on market $105,000 Active 7 DOM
4. 2026-06-15
   days on market $105,000 Active 6 DOM
5. 2026-06-14
   days on market $105,000 Active 4 DOM
6. 2026-06-13
   days on market $105,000 Active 3 DOM
7. 2026-06-10
   remarks 494-char remark
8. 2026-06-10
   listed $105,000 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: $1,339 · $112/mo
• Projected year-2 tax: $1,339 · $112/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: $12,906
• − Mortgage interest: −$5,882
• − Property taxes: −$1,339
• − Insurance: −$525
• − Repairs & maintenance: −$1,032
• − Management: −$1,032
• − Depreciation: −$3,055
• Taxable income: $41
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $1,714/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): 21,179

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 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 37% Black 19% Two or more races 19%
• Hispanic origin (detail): Mexican 32% Puerto Rican 1%
• Common ancestry: Romanian 12% English 1% Slovak 1%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 30% 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: ▼ -95.16%
• Current HPI: 223.6464
• 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

1 event — show timeline

• 2026-06-09 Listed $105,000 IRMLS

Property tax history

+47.7%/yr

Latest (2025): $1,339 · -15.1% YoY. Source: county tax records.