1116 E Bowman St · South Bend, IN 46613

$100,000

3 bd · 1.0 ba · 816 sqft · SingleFamily public records · 14 Days on market

Built 1892 4,800 sqft lot Est $113k · 11% 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 +26.0/30.0
• ARV discount +12.5/15.0
• DSCR +8.7/10.0
• 1% rule +7.5/10.0
• 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

New roof May 2026. This thoughtfully remodeled two-bedroom, one-bathroom home offers a comfortable and move-in-ready living experience with well-planned updates throughout. Inside, the refreshed kitchen features warm wood cabinetry, updated appliances, and a spacious kitchen and dining areaideal for everyday living as well as hosting family gatherings or entertaining guests. The living areas have been updated to provide a clean, welcoming atmosphere, while natural light enhances the homes inviting feel. The layout is efficient and practical, with two separated rooms that offer flexibility for a home office, guest room, or personal retreat. Situated on a manageable lot, the yard provides eno

Key facts

• Updated appliances
• Covered front porch
• Manageable lot

Tags

• NEW ROOF
• REFRESHED KITCHEN
• UPDATED APPLIANCES
• COVERED FRONT PORCH
• MANAGEABLE LOT
• FLEXIBLE LAYOUT

Property features AI

Exterior

• Home design: House; 650 square feet living area
• Exterior features: Lot approximately 4,800 sqft

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 9.3% 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, 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 (+4.1%/yr); 77 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 35% of the median local income ($43k/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 $691 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 ~9 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Built in 1892 — 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. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $112,608
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1144 E Dayton St	0.17mi	3/1.0	864 (+6%)	1mo	$67,000	$78	82
804 E Calvert St	0.26mi	2/1.0 (-1)	779 (-4%)	1mo	$72,000	$92	74
1140 E Dayton St	0.17mi	2/1.0 (-1)	864 (+6%)	7mo	$119,000	$138	72
1405 E Donald St	0.34mi	2/1.0 (-1)	756 (-7%)	2mo	$55,000	$73	66
1340 E Calvert St	0.31mi	2/1.0 (-1)	888 (+9%)	3mo	$65,500	$74	64
1148 E Dayton St	0.17mi	2/1.0 (-1)	936 (+15%)	1mo	$67,000	$72	62
1714 S Twyckenham Dr	0.52mi	2/1.0 (-1)	870 (+7%)	1mo	$91,000	$105	59
821 E Irvington Ave	0.47mi	2/1.0 (-1)	752 (-8%)	3mo	$109,500	$146	58
817 E Eckman St	0.52mi	2/1.0 (-1)	880 (+8%)	2mo	$130,000	$148	56
1618 E Dayton St	0.59mi	2/1.0 (-1)	748 (-8%)	2mo	$135,000	$180	52
1516 E Fox St	0.49mi	2/1.0 (-1)	720 (-12%)	2mo	$110,000	$153	51
1110 Roberts St	0.69mi	2/1.0 (-1)	752 (-8%)	3mo	$146,000	$194	47

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,059
• Equity at exit: $14,910

10-year hold

• IRR: 11.7%
• Equity multiple: 1.97×
• Total profit: $27,269
• Equity at exit: $8,646

Cash invested: $28,000 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,248 high
• Mortgage (P&I): −$524
• Tax from tax record: −$171 /mo · $2,056/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $249

Break-even live

Break-even rent $933

Max offer price $100,000

Occupancy floor 75%

Sensitivity live

Price	-10% $305	-5% $277	+0% $249	+5% $220	+10% $192
Rent	-10% $150	-5% $199	+0% $249	+5% $298	+10% $347
Rate	-1.0pp $299	-0.5pp $274	base $249	+0.5pp $223	+1.0pp $197

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.15mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	44d	1	0.29mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	0.62mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	44d	1	0.68mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	21d	1	0.71mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	44d	1	0.72mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	21d	1	0.75mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	0.93mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	14d	1	0.99mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	14d	1	1.07mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	14d	1	1.27mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	44d	1	1.27mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	14d	1	1.35mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	44d	1	1.41mi
1009 E Jefferson Blvd South Bend, IN	2.0	1.0	770	$1,049	$1.36	21d	1	1.49mi

Listing history 11 events

1. 2026-06-18
   days on market $100,000 Active 14 DOM
2. 2026-06-17
   days on market $100,000 Active 13 DOM
3. 2026-06-16
   days on market $100,000 Active 12 DOM
4. 2026-06-15
   days on market $100,000 Active 11 DOM
5. 2026-06-14
   days on market $100,000 Active 9 DOM
6. 2026-06-13
   days on market $100,000 Active 8 DOM
7. 2026-06-10
   days on market $100,000 Active 6 DOM
8. 2026-06-09
   days on market $100,000 Active 5 DOM
9. 2026-06-08
   days on market $100,000 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $100,000 Active 3 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: $2,056 · $171/mo
• Projected year-2 tax: $2,056 · $171/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: $14,980
• − Mortgage interest: −$5,602
• − Property taxes: −$2,056
• − Insurance: −$500
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$2,909
• Taxable income: $1,517
• Est. tax owed @ 24.0%: −$364
• After-tax cash flow: $2,621/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

1 event — show timeline

• 2026-06-04 Listed $100,000 ForSaleByOwner.com

Property tax history

+10.4%/yr

Latest (2024): $2,056 · +23.0% YoY. Source: county tax records.