425 W Broadway St · Mishawaka, IN 46545

$150,000

3 bd · 1.5 ba · 1,392 sqft · SingleFamily public records · 7 Days on market

Built 1914 4,356 sqft lot Est $195k · 23% 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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.3/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-In Ready 3 Bedroom, 1 1/2 Baths With Fresh Paint and Newer Carpet. First Floor Laundry, Fenced Yard, 2 Car Detached Garage. Nice and Spacious. Bay Window In The Process Of Being Replaced. Taxes Reflect No Exemptions.

Key facts

• Living room
• Foyer entry
• Privacy fenced yard

Tags

• FOYER ENTRY
• LIVING ROOM
• SPACIOUS EAT-IN KITCHEN
• LARGE MAIN FLOOR LAUNDRY
• PRIVACY FENCED YARD
• KITCHEN APPLIANCES INCLUDED

Property features AI

Finance

• Other: Property listed by RE/MAX 100

Exterior

• Parking: Detached garage with 2 spaces; Garage door opener
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family site-built home; 2 stories; Located in Battell subdivision; Facing/directions not specified
• Construction: Aluminum siding; Block foundation; Built on site-built construction
• Exterior features: Patio; Porch; Fully fenced yard; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bedrooms: Total 6 rooms (bedroom count not specified)
• Flooring: Hardwood; Carpet; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main level bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Entrance foyer; Eat-in kitchen; Basement
• Laundry & utility: Main level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 9.6% 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: Liberty Elementary School (math 23% / reading 22%, grade F, #788 of 994 statewide, top 79%, 417 students, 80% 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 73% FRL vs 54% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 74 active listings in the ZIP; 17 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 36% of the median local income ($57k/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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $65k; list at $150k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1914 — 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: 1.13% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $194,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 W Battell St	0.25mi	3/1.0	1,496 (+8%)	0mo	$172,500	$115	74
109 E Battell St	0.36mi	3/1.5	1,476 (+6%)	5mo	$175,000	$119	69
217 Stanley St	0.48mi	3/2.0	1,448 (+4%)	0mo	$249,000	$172	69
522 Benton St	0.32mi	3/1.0	1,501 (+8%)	2mo	$224,900	$150	68
517 Forest Ave	0.30mi	3/1.5	1,537 (+10%)	1mo	$215,000	$140	68
211 E Battell St	0.45mi	2/1.0 (-1)	1,430 (+3%)	1mo	$178,000	$124	67
552 Calhoun St	0.46mi	2/1.5 (-1)	1,444 (+4%)	1mo	$169,900	$118	67
833 S 34th St	0.70mi	3/2.0	1,404 (+1%)	0mo	$178,000	$127	64
708 W 3rd St	0.65mi	2/1.0 (-1)	1,376 (-1%)	1mo	$207,500	$151	60
1016 Division St	0.56mi	4/1.5 (+1)	1,456 (+5%)	3mo	$215,000	$148	58
131 E Marion St	0.40mi	2/1.5 (-1)	1,232 (-12%)	1mo	$172,000	$140	56
215 Smith St	0.72mi	3/1.0	1,292 (-7%)	1mo	$199,500	$154	52

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $5,543
• Equity at exit: $22,365

10-year hold

• IRR: 14.7%
• Equity multiple: 2.30×
• Total profit: $54,728
• Equity at exit: $12,969

Cash invested: $42,000 (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 46545

• Rents YoY: 5.2%
• Active inventory: 74
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$787
• Tax from tax record: −$86 /mo · $1,036/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $409

Break-even live

Break-even rent $1,184

Max offer price $150,000

Occupancy floor 71%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	0.37mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	0.53mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	13d	1	0.54mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	13d	1	0.59mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	44d	1	0.74mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	0.81mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	0.82mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	0.86mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	44d	1	0.92mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	13d	1	0.99mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	13d	1	1.03mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	1.17mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	44d	1	1.32mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	44d	1	1.35mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,975	$2.15	13d	25	1.41mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	21d	1	1.47mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,043	$2.15	13d	33	1.48mi

Listing history 7 events

1. 2026-06-18
   days on market $150,000 Active 7 DOM
2. 2026-06-17
   days on market $150,000 Active 6 DOM
3. 2026-06-16
   days on market $150,000 Active 5 DOM
4. 2026-06-15
   days on market $150,000 Active 4 DOM
5. 2026-06-14
   days on market $150,000 Active 2 DOM
6. 2026-06-13
   remarks 629-char remark
7. 2026-06-13
   listed $150,000 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: $1,036 · $86/mo
• Projected year-2 tax: $1,156 · $96/mo
• Expected delta: +$120/yr (+$10/mo · 11.5%)

ⓘ 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: $20,419
• − Mortgage interest: −$8,402
• − Property taxes: −$1,036
• − Insurance: −$750
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$4,364
• Taxable income: $2,600
• Est. tax owed @ 24.0%: −$624
• After-tax cash flow: $4,282/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): 26,606
• Household income: $56,865
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1243.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Lithuanian 2% English 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -114.83%
• Current HPI: 188.2811
• Rent YoY: ▲ 5.20%
• 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

+131.1% since first listed

3 events — show timeline

• 2026-06-11 Listed $150,000 IRMLS
• 2017-03-17 Sold (MLS) $64,900 IRMLS
• 2016-08-27 Listed $64,900 IRMLS

Property tax history

-10.0%/yr

Latest (2025): $1,036 · -4.8% YoY. Source: county tax records.