717 E 7th St · Mishawaka, IN 46544

$75,000

4 bd · 1.5 ba · 1,848 sqft · SingleFamily public records · 23 Days on market

Built 1909 0.38 ac lot

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

* ONLINE AUCTION! Located on three urban lots in the heart of Mishawaka, this property offers an oversized two-car garage and is conveniently close to shopping, parks, restaurants, and everyday amenities. Full of potential and ready for the next owner’s vision, this home could make the perfect primary residence, investment opportunity, or project for someone looking to build equity. Step inside to find separate living room spaces, a functional kitchen, and additional back porch space offering flexibility for everyday living. Upstairs features three bedrooms along with a half bath, while the main level offers an additional full bath and potential fourth bedroom or flex space. Opportuni

Key facts

• Functional kitchen
• Half bath
• Full bath

Tags

• OVERSIZED TWO-CAR GARAGE
• SEPARATE LIVING ROOM SPACES
• FUNCTIONAL KITCHEN
• BACK PORCH SPACE
• HALF BATH
• FULL BATH

Property features AI

Exterior

• Parking: Detached garage with garage door opener; Concrete driveway; 2 garage spaces
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Block foundation; Built as site-built construction
• Exterior features: Asphalt roof; Paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Total rooms: 9
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Laminate counters; Full basement
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $822 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, employment F.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Emmons Elementary School (math 14% / reading 14%, grade F, #874 of 994 statewide, top 89%, 435 students, 87% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL) — zoned schools average 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 35% 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 $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1909 — 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. 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.
4. 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.
5. 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: 2.29% ✓
• Cap rate: 19.45%
• Cash-on-cash: 47.00%
• DSCR: 3.09
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $238,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E 8th St	0.39mi	4/1.0	1,672 (-10%)	3mo	$181,000	$108	62
126 E 8th St	0.46mi	4/1.5	1,645 (-11%)	9mo	$171,500	$104	52
113 E 8th St	0.48mi	3/3.0 (-1)	1,780 (-4%)	12mo	$235,000	$132	50
732 Conner Dr	0.60mi	4/2.0	1,700 (-8%)	11mo	$267,150	$157	48
433 Park Ave	0.60mi	3/2.0 (-1)	1,670 (-10%)	2mo	$219,000	$131	47
1018 E 4th St	0.43mi	3/1.0 (-1)	1,632 (-12%)	7mo	$110,000	$67	47
414 N Wenger Ave	0.75mi	4/1.5	1,740 (-6%)	10mo	$225,000	$129	47
403 W 7th St	0.74mi	4/2.0	1,668 (-10%)	7mo	$175,000	$105	42
1014 S Main St	0.57mi	3/1.0 (-1)	1,599 (-14%)	6mo	$180,000	$113	39
130 E 16th St	0.69mi	3/1.0 (-1)	1,665 (-10%)	8mo	$174,000	$105	38
813 Lovechio Dr	0.70mi	3/2.0 (-1)	1,620 (-12%)	4mo	$255,000	$157	36
217 S Byrkit Ave	0.74mi	3/2.5 (-1)	1,600 (-13%)	12mo	$235,000	$147	25

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 50.0%
• Equity multiple: 3.35×
• Total profit: $49,352
• Equity at exit: $11,183

10-year hold

• IRR: 57.5%
• Equity multiple: 8.23×
• Total profit: $151,935
• Equity at exit: $6,485

Cash invested: $21,000 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,720 high
• Mortgage (P&I): −$393
• Tax from tax record: −$111 /mo · $1,338/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $822

Break-even live

Break-even rent $679

Max offer price $75,000

Occupancy floor 47%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	21d	1	0.24mi
103 E 7th St Mishawaka, IN	4.0	2.0	2300	$1,750	$0.76	13d	1	0.48mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	0.94mi
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	13d	1	1.13mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	1.30mi
1929 Blue Stem Ct Mishawaka, IN	4.0	3.5	2213	$2,900	$1.31	13d	1	1.33mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	13d	1	1.40mi

Listing history 14 events

1. 2026-06-16
   status $75,000 Pending 23 DOM
2. 2026-06-16
   days on market $75,000 Active 23 DOM
3. 2026-06-15
   days on market $75,000 Active 22 DOM
4. 2026-06-14
   days on market $75,000 Active 20 DOM
5. 2026-06-13
   days on market $75,000 Active 19 DOM
6. 2026-06-10
   days on market $75,000 Active 17 DOM
7. 2026-06-09
   days on market $75,000 Active 16 DOM
8. 2026-06-08
   days on market $75,000 Active 15 DOM
9. 2026-06-07
   days on market $75,000 Active 14 DOM
10. 2026-06-02
    days on market $75,000 Active 9 DOM
11. 2026-06-01
    days on market $75,000 Active 8 DOM
12. 2026-05-31
    days on market $75,000 Active 7 DOM
13. 2026-05-30
    days on market $75,000 Active 6 DOM
14. 2026-05-25
    listed $75,000 Active

ⓘ 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: $1,338 · $111/mo
• Projected year-2 tax: $1,338 · $111/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,635
• − Mortgage interest: −$4,201
• − Property taxes: −$1,338
• − Insurance: −$375
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$2,182
• Taxable income: $9,238
• Est. tax owed @ 24.0%: −$2,217
• After-tax cash flow: $7,652/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

Amenities F Commute C Cost of living A+ Crime C Employment F Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

1 event — show timeline

• 2026-05-25 Listed $75,000 IRMLS

Property tax history

+8.5%/yr

Latest (2023): $1,338 · -23.1% YoY. Source: county tax records.