801 Webster St · Mishawaka, IN 46545

$199,000

3 bd · 1.0 ba · 1,728 sqft · SingleFamily public records · 27 Days on market

Built 1949 4,872 sqft lot Est $218k · 9% under

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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 +16.9/30.0
• ARV discount +11.4/15.0
• DSCR +5.3/10.0
• 1% rule +3.8/10.0
• 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

Charming 3 bedroom, 1 bathroom home in The Oaks with a newer roof , water heater and updated bathroom. Wonderful location within walking distance to the Mishawaka Riverwalk. This property features hardwood floors, tiled bathroom floor and shower, partially finished basement and a big two car garage. Don’t miss your chance to see this one!

Key facts

• 4,872 sq ft lot
• 2 garage spots
• Built 1949

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Wood siding; Block foundation
• Exterior features: Corner lot; Lot dimensions approximately 42 x 116

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Hardwood and vinyl flooring; Full basement
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $133 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (11.8% below list).
• Recommended offer: $176k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 5.2% 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); 77 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 37% 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $112k; list at $199k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,549 (11.8% below list)

Questions for the listing agent

1. Built in 1949 — 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. 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?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.86%
• DSCR: 1.13
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $217,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
801 Webster St	0.00mi	3/1.0	1,830 (+6%)	1mo	$210,000	$115	90
910 W Lawrence St	0.01mi	3/1.5	1,652 (-4%)	4mo	$225,000	$136	87
517 Forest Ave	0.27mi	3/1.5	1,537 (-11%)	1mo	$215,000	$140	66
522 Benton St	0.24mi	3/1.0	1,501 (-13%)	2mo	$224,900	$150	65
112 W Grove St	0.63mi	4/2.0 (+1)	1,799 (+4%)	2mo	$258,000	$143	53
3401 Northside Blvd	0.57mi	3/2.0	1,860 (+8%)	5mo	$233,950	$126	52
946 S 28th St	0.72mi	4/2.0 (+1)	1,680 (-3%)	1mo	$220,000	$131	52
134 W Battell St	0.58mi	3/1.0	1,496 (-13%)	0mo	$172,500	$115	50
701 W 3 St	0.62mi	3/2.0	1,870 (+8%)	5mo	$185,000	$99	50
806 32nd St	0.43mi	4/2.0 (+1)	1,984 (+15%)	4mo	$213,500	$108	42
420 S 32nd St	0.52mi	2/2.0 (-1)	1,964 (+14%)	2mo	$200,500	$102	42
109 E Battell St	0.69mi	3/1.5	1,476 (-15%)	5mo	$175,000	$119	38

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: -9.6%
• Equity multiple: 0.64×
• Total profit: $-19,857
• Equity at exit: $29,672

10-year hold

• IRR: 2.4%
• Equity multiple: 1.19×
• Total profit: $10,462
• Equity at exit: $17,206

Cash invested: $55,720 (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 46545

• Rents YoY: 5.2%
• Active inventory: 77
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,755 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$127 /mo · $1,529/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $133

Break-even live

Break-even rent $1,587

Max offer price $199,000

Occupancy floor 87%

Sensitivity live

Price	-10% $246	-5% $189	+0% $133	+5% $77	+10% $20
Rent	-10% $-6	-5% $64	+0% $133	+5% $202	+10% $272
Rate	-1.0pp $233	-0.5pp $184	base $133	+0.5pp $81	+1.0pp $29

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	45d	1	0.41mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	14d	31	0.61mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	14d	1	0.62mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	22d	1	0.63mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	14d	21	0.64mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	14d	1	0.82mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	14d	1	0.92mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	45d	1	0.99mi
507 Lincolnway E Unit 507 Mishawaka, IN	2.0	1.0	1961	$950	$0.48	22d	1	1.11mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	14d	1	1.25mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	14d	1	1.43mi

Listing history 9 events

1. 2026-05-04
   historical Active Under Contract
2. 2026-05-02
   price $199,000
3. 2026-05-02
   listed $213,000 Active
4. 2026-04-29
   historical $213,000
5. 2025-01-20
   historical $1,295
6. 2025-01-19
   listed $1,295
7. 2021-10-01
   listed $152,000
8. 2017-09-15
   soldstatus $112,000
9. 2017-08-01
   listed $109,900

ⓘ 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: $1,529 · $127/mo
• Projected year-2 tax: $1,610 · $134/mo
• Expected delta: +$81/yr (+$7/mo · 5.3%)

ⓘ 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 · 15 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: $21,066
• − Mortgage interest: −$11,147
• − Property taxes: −$1,529
• − Insurance: −$995
• − Repairs & maintenance: −$1,685
• − Management: −$1,685
• − Depreciation: −$5,789
• Taxable loss: −$1,765
• Est. tax savings @ 24.0%: +$424
• After-tax cash flow: $2,019/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

+81.1% since first listed

9 events — show timeline

• 2026-05-04 Contingent — IRMLS
• 2026-05-02 Price Changed $199,000 IRMLS
• 2026-05-02 Listed $213,000 IRMLS
• 2026-04-29 Coming Soon $213,000 IRMLS
• 2025-01-20 Rental Removed $1,295 CONNECTLINX
• 2025-01-19 Listed for Rent $1,295 CONNECTLINX
• 2021-10-01 Listed $152,000 IRMLS
• 2017-09-15 Sold (MLS) $112,000 IRMLS
• 2017-08-01 Listed $109,900 IRMLS

Property tax history

+1.3%/yr

Latest (2023): $1,529 · -0.8% YoY. Source: county tax records.