517 E La Salle Ave · Mishawaka, IN 46545

$212,000

2 bd · 1.0 ba · 1,073 sqft · SingleFamily public records · 2 Days on market

Built 1959 7,290 sqft lot Est $188k · 13% over

---

Why this score? — see what drove the F 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 +8.7/30.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Schools +2.2/10.0
• 1% rule +1.8/10.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming and move in ready! This adorable 3 bedroom, 1 bath home is ideally located just minutes from downtown Mishawaka and the Riverwalk, offering easy access to shopping, dining, parks, and entertainment. Inside, you’ll find fresh paint and brand new carpet, making it easy to move right in and start enjoying your new home. The spacious backyard is perfect for relaxing or entertaining. Enjoy summer days in the above-ground swimming pool and make the most of the outdoor space. This home is perfect for first time homebuyers, growing families, or anyone seeking a move in ready home. This well maintained home offers charm, and value in a desirable location. Schedule your showing today!

Key facts

• Spacious backyard
• Move in ready
• Easy access to parks

Tags

• MOVE IN READY
• SPACIOUS BACKYARD
• ABOVE GROUND SWIMMING POOL
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO PARKS

Property features AI

Finance

• HOA & community: Community pool

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; Single-story
• Construction: Vinyl siding; Slab foundation; Asphalt roof; Built as site-built home (year built not provided)
• Exterior features: Chain link fencing; Corner lot; Lot dimensions approximately 80 x 108

Interior

• Kitchen: Microwave; Refrigerator; Gas Oven; Gas Range
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; No cooling
• Interior features: Microwave; Refrigerator; Gas Oven; Gas Range
• Laundry & utility: Washer and Dryer provided; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $212k.

Deal economics

• At list price, monthly cash flow is $-179 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (32.3% below list).
• Recommended offer: $144k (32.3% below list) — sets the bar for 1% rule.

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; 14 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 30% 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,567 (32.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1959 — 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. 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?
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: 0.68% ✗
• Cap rate: 5.28%
• Cash-on-cash: -3.62%
• DSCR: 0.84
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $187,775
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 E Edgar Ave	0.28mi	2/2.0	1,066 (-1%)	2mo	$185,000	$174	80
125 E Omer Ave	0.28mi	2/1.0	1,131 (+5%)	4mo	$170,600	$151	74
135 Guam Ave	0.36mi	3/1.0 (+1)	1,103 (+3%)	2mo	$179,900	$163	72
201 E Russ Ave	0.24mi	3/1.0 (+1)	1,008 (-6%)	4mo	$210,000	$208	71
239 E Jefferson Blvd	0.43mi	2/1.0	1,020 (-5%)	6mo	$84,000	$82	67
209 E Borley Ave	0.40mi	3/2.0 (+1)	1,128 (+5%)	1mo	$215,000	$191	62
2604 Normandy Dr	0.43mi	3/1.5 (+1)	1,198 (+12%)	1mo	$175,000	$146	53
2424 Normandy Dr	0.34mi	2/2.0	916 (-15%)	4mo	$172,000	$188	52
1215 E Borley Ave	0.65mi	3/2.0 (+1)	1,140 (+6%)	4mo	$199,500	$175	47
131 E Marion St	0.62mi	2/1.5	1,232 (+15%)	1mo	$172,000	$140	44
1002 E Broadway St	0.66mi	3/2.0 (+1)	1,172 (+9%)	2mo	$205,000	$175	43
2530 Grape Rd	0.68mi	3/2.0 (+1)	1,212 (+13%)	6mo	$215,000	$177	32

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: -20.3%
• Equity multiple: 0.28×
• Total profit: $-42,584
• Equity at exit: $31,610

10-year hold

• IRR: -9.7%
• Equity multiple: 0.36×
• Total profit: $-38,120
• Equity at exit: $18,330

Cash invested: $59,360 (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: 12.3×

Monthly cashflow live

• Estimated rent: $1,436 high
• Mortgage (P&I): −$1,112
• Tax from tax record: −$113 /mo · $1,358/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $-179

Break-even live

Break-even rent $1,662

Max offer price $180,361

Occupancy floor —

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	13d	1	0.33mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	0.57mi
602 E Battell St Mishawaka, IN	1.0	1.0	980	$1,400	$1.43	21d	1	0.68mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,619	$1.76	13d	25	0.76mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,591	$1.67	13d	33	0.78mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	13d	1	0.83mi
724 Elizabeth St Mishawaka, IN	1.0	1.0	850	$875	$1.03	13d	1	0.87mi
1918 N Byrkit St Mishawaka, IN	2.0	1.0	770	$1,250	$1.62	13d	1	0.91mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	13d	31	0.93mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,052	$1.26	13d	1	0.94mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	1.21mi
516 W 3rd St Apt 1 Mishawaka, IN	1.0	1.0	750	$800	$1.07	21d	1	1.42mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	13d	1	1.42mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	1.45mi

Listing history 2 events

1. 2026-06-07
   remarks 693-char remark
2. 2026-06-07
   listed $212,000 Pending 2 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: $1,358 · $113/mo
• Projected year-2 tax: $1,580 · $132/mo
• Expected delta: +$222/yr (+$18/mo · 16.3%)

ⓘ 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 3/10 Moderate 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: $17,228
• − Mortgage interest: −$11,875
• − Property taxes: −$1,358
• − Insurance: −$1,060
• − Repairs & maintenance: −$1,378
• − Management: −$1,378
• − Depreciation: −$6,167
• Taxable loss: −$5,989
• Est. tax savings @ 24.0%: +$1,437
• After-tax cash flow: $-712/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

2 events — show timeline

• 2026-06-05 Pending — IRMLS
• 2026-06-03 Listed $212,000 IRMLS

Property tax history

+8.0%/yr

Latest (2024): $1,358 · +2.3% YoY. Source: county tax records.