1114 E Bowman St · South Bend, IN 46613

$99,000

4 bd · 1.5 ba · 2,430 sqft · SingleFamily public records · 45 Days on market

Built 1900 4,356 sqft lot $41/sqft · 51% below area Est $160k · 38% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming residence full of character! With 4 bedrooms and 2 bathrooms you have plenty of room to stretch your legs! This place boasts of a brand-new furnace, and a 2-year-old hot water heater. The roof is also in great shape and there are many new updates throughout! All appliances are included. There is a large 2 car detached garage with electric and an attached storage shed. With tons of storage, you don't want to miss out on this one.

Key facts

• Tons of storage
• Great shape roof
• Brand new furnace

Tags

• BRAND NEW FURNACE
• 2 YEAR OLD HOT WATER HEATER
• GREAT SHAPE ROOF
• LARGE DETACHED GARAGE
• ATTACHED STORAGE SHED
• TONS OF STORAGE

Property features AI

Finance

• Other: Taxes listed (amount withheld from details)

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories
• Construction: Built with other/unspecified construction materials
• Exterior features: Lot dimensions approximately 40' x 120'; Lot listed as other features

Interior

• Bedrooms: Bedrooms located on varied levels
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Natural gas heating; Window cooling unit(s)
• Interior features: Full basement; Total of 10 rooms
• Laundry & utility: Laundry in lower level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.3% 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,994/mo this rent would consume 84% of the median local household income ($43k/yr) (locally 545% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $26k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $99k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1900 — 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: 3.02% ✓
• Cap rate: 26.28%
• Cash-on-cash: 71.38%
• DSCR: 4.18
• GRM: 2.8

CMA / ARV

• ARV (median comp): $160,087
• List price: $99,000
• Delta: -38.16%
• 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
1123 E Eckman St	0.47mi	4/1.5	2,365 (-3%)	6mo	$370,000	$156	68
2510 Miami St	0.32mi	3/1.5 (-1)	2,210 (-9%)	4mo	$255,000	$115	61
1164 Lincoln Way	0.54mi	4/2.5	2,328 (-4%)	5mo	$160,000	$69	60
546 Altgeld St	0.50mi	4/3.0	2,448 (+1%)	13mo	$250,000	$102	59
1328 E Dubail Ave	0.38mi	4/2.0	2,243 (-8%)	15mo	$162,000	$72	55
761 Roland Ct	0.68mi	3/2.5 (-1)	2,476 (+2%)	5mo	$299,000	$121	52
2814 Miami St	0.57mi	4/3.0	2,568 (+6%)	9mo	$325,000	$127	50
1640 E Bowman St	0.60mi	3/2.0 (-1)	2,216 (-9%)	2mo	$189,900	$86	49
1202 E Victoria St	0.34mi	3/1.5 (-1)	2,116 (-13%)	13mo	$226,000	$107	46
1321 E Victoria St	0.38mi	3/1.5 (-1)	2,069 (-15%)	8mo	$217,000	$105	46
506 E Fairview Ave	0.64mi	3/1.5 (-1)	2,164 (-11%)	1mo	$195,500	$90	46
214 E Donald St	0.67mi	5/3.0 (+1)	2,099 (-14%)	13mo	$175,000	$83	24

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 72.3%
• Equity multiple: 4.33×
• Total profit: $92,335
• Equity at exit: $14,761

10-year hold

• IRR: 76.5%
• Equity multiple: 9.29×
• Total profit: $229,697
• Equity at exit: $8,560

Cash invested: $27,720 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $2,994 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$156 /mo · $1,874/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $1,649

Break-even live

Break-even rent $907

Max offer price $99,000

Occupancy floor 40%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	43d	1	0.83mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	43d	1	1.20mi

Listing history 14 events

1. 2026-06-18
   days on market $99,000 Active 45 DOM
2. 2026-06-18
   status $99,000 Active 44 DOM
3. 2026-06-07
   statusdays on market $99,000 Pending 44 DOM
4. 2026-06-03
   pricedays on market $99,000 Active 41 DOM
5. 2026-06-02
   days on market $105,000 Active 40 DOM
6. 2026-06-01
   days on market $105,000 Active 39 DOM
7. 2026-05-31
   days on market $105,000 Active 38 DOM
8. 2026-05-30
   days on market $105,000 Active 37 DOM
9. 2026-05-06
   price $115,000 462-char remark
10. 2026-04-23
    listed $125,000 Active 462-char remark
11. 2020-06-30
    soldstatus $59,900
12. 2020-03-05
    listed $55,900
13. 2016-03-21
    listed $59,000
14. 2015-09-09
    listed $69,500

ⓘ 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: $1,874 · $156/mo
• Projected year-2 tax: $1,874 · $156/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 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,933
• − Mortgage interest: −$5,546
• − Property taxes: −$1,874
• − Insurance: −$495
• − Repairs & maintenance: −$2,875
• − Management: −$2,875
• − Depreciation: −$2,880
• Taxable income: $19,389
• Est. tax owed @ 24.0%: −$4,653
• After-tax cash flow: $15,134/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

+42.4% since first listed

10 events — show timeline

• 2026-06-17 Relisted — IRMLS
• 2026-06-06 Pending — IRMLS
• 2026-06-03 Price Changed $99,000 IRMLS
• 2026-05-23 Price Changed $105,000 IRMLS
• 2026-05-06 Price Changed $115,000 IRMLS
• 2026-04-23 Listed $125,000 IRMLS
• 2020-06-30 Sold (MLS) $59,900 IRMLS
• 2020-03-05 Listed $55,900 IRMLS
• 2016-03-21 Listed $59,000 IRMLS
• 2015-09-09 Listed $69,500 IRMLS

Property tax history

+8.6%/yr

Latest (2025): $1,874 · +16.3% YoY. Source: county tax records.