207 W 12th St · Mishawaka, IN 46544

$165,000

3 bd · 1.5 ba · 1,676 sqft · SingleFamily public records · 7 Days on market

Built 1900 4,356 sqft lot Est $194k · 15% under

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Why this score? — see what drove the C 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 +18.5/30.0
• ARV discount +14.3/15.0
• DSCR +5.8/10.0
• Rent growth +4.8/5.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a charmer!! Loads of character in this four bedroom home. Original hardwood floors in most of house along with interior wood shutters throughout. Vintage sink in utility room off kitchen. Updated dining and kitchen with new cooktop, tub surround and electrical box within past two years. All appliances included along with washer and dryer and fridge in basement. Close to downtown Mishawaka and the river walk. Set up your private showing today!

Key facts

• Large living area
• Porch space
• Natural light

Tags

• PORCH SPACE
• HARDWOOD FLOORS
• LARGE LIVING AREA
• BREAKFAST BAR
• NATURAL LIGHT
• KITCHEN CABINETS

Property features AI

Finance

• Other: Lot dimensions approximately 40 x 113 (about 0.1 acre)

Exterior

• Parking: Detached concrete garage with space for 1 car
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Two stories
• Construction: Brick and vinyl siding exterior; Block foundation; Built as a site-built home
• Exterior features: Front porch; Level lot

Interior

• Kitchen: Electric cooktop; Electric oven; Refrigerator; Electric water heater
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Breakfast bar; Window treatments and shutters; One fireplace (no additional fireplace features listed); Partial, unfinished basement
• Laundry & utility: Washer and dryer included; Laundry located on lower level; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $158 ($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 $156k (5.6% below list).
• Recommended offer: $156k (5.6% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: Emmons Elementary School (math 14% / reading 14%, grade F, #874 of 994 statewide, top 89%, 435 students, 87% 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 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 32% of the median local income ($59k/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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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 $115k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $155,681 (5.6% below list)

Questions for the listing agent

1. Built in 1900 — 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: 0.94% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $194,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1014 S Main St	0.12mi	3/1.0	1,599 (-5%)	6mo	$180,000	$113	79
130 E 16th St	0.28mi	3/1.0	1,665 (-1%)	8mo	$174,000	$105	77
304 E 8th St	0.35mi	4/1.0 (+1)	1,672 (-0%)	3mo	$181,000	$108	74
424 W 9th St	0.26mi	4/2.0 (+1)	1,733 (+3%)	3mo	$225,000	$130	73
403 W 7th St	0.32mi	4/2.0 (+1)	1,668 (-0%)	7mo	$175,000	$105	72
519 W 10th St	0.26mi	2/2.0 (-1)	1,562 (-7%)	4mo	$182,500	$117	66
131 E 6th St	0.39mi	3/2.0	1,460 (-13%)	1mo	$217,500	$149	57
804 W 15th St	0.44mi	3/2.0	1,844 (+10%)	6mo	$297,000	$161	55
615 E 15th St	0.56mi	3/1.0	1,506 (-10%)	5mo	$175,000	$116	51
905 Taylor St	0.42mi	3/2.5	1,920 (+15%)	2mo	$262,500	$137	50
911 S Laurel St	0.57mi	3/1.0	1,488 (-11%)	7mo	$135,000	$91	47
701 W 3 St	0.67mi	3/2.0	1,870 (+12%)	4mo	$185,000	$99	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,473
• Equity at exit: $24,602

10-year hold

• IRR: 9.9%
• Equity multiple: 1.93×
• Total profit: $42,940
• Equity at exit: $14,266

Cash invested: $46,200 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,557 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$138 /mo · $1,656/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $158

Break-even live

Break-even rent $1,357

Max offer price $165,000

Occupancy floor 85%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	20d	1	0.58mi
507 Lincolnway E Unit 507 Mishawaka, IN	2.0	1.0	1961	$950	$0.48	20d	1	0.75mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	0.75mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	20d	1	0.82mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	1.01mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	13d	1	1.08mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	43d	1	1.26mi

Listing history 10 events

1. 2026-06-07
   statusdays on market $165,000 Pending 7 DOM
2. 2026-06-02
   days on market $165,000 Active Under Contract 5 DOM
3. 2026-06-01
   days on market $165,000 Active Under Contract 4 DOM
4. 2026-05-31
   days on market $165,000 Active Under Contract 3 DOM
5. 2026-05-30
   statusdays on market $165,000 Active Under Contract 2 DOM
6. 2026-05-28
   listed $165,000 Active
7. 2021-08-18
   soldstatus $115,000 452-char remark

   Show marketing remark (452 chars)

   What a charmer!! Loads of character in this four bedroom home. Original hardwood floors in most of house along with interior wood shutters throughout. Vintage sink in utility room off kitchen. Updated dining and kitchen with new cooktop, tub surround and electrical box within past two years. All appliances included along with washer and dryer and fridge in basement. Close to downtown Mishawaka and the river walk. Set up your private showing today!

8. 2021-04-30
   listed $130,000 452-char remark

   Show marketing remark (452 chars)

   What a charmer!! Loads of character in this four bedroom home. Original hardwood floors in most of house along with interior wood shutters throughout. Vintage sink in utility room off kitchen. Updated dining and kitchen with new cooktop, tub surround and electrical box within past two years. All appliances included along with washer and dryer and fridge in basement. Close to downtown Mishawaka and the river walk. Set up your private showing today!

9. 2017-12-06
   soldstatus $74,000 842-char remark

   Show marketing remark (842 chars)

   Mishawaka Craftsman w/ a Bricked wrapped front porch located only 1/2 mile from Rose Park. This little charmer is quite a surprise with the possibility of 5 bedrooms to support a growing family (5th bed rm w/ wardrobe closet). There is 1.5 baths, hardwood flooring, 10' living room ceiling, open concept through the dining-kitchen. The spacious kitchen provides great hardwood cabinetry, a large breakfast bar-workspace featuring a cooktop stove and built-in oven. The mudroom just off the kitchen, has the 1930s farmhouse porcelain wall sink, a pantry cabinet and a Glass Sliding French door to the basement. The basement provides lots of storage including a staircase to the cottage garden backyard that blooms with perennials. This oversize 1car garage is 2cars deep, providing space for 2 cars or a great workshop. Don't delay call today!

10. 2017-06-04
    listed $89,000 842-char remark

    Show marketing remark (842 chars)

    Mishawaka Craftsman w/ a Bricked wrapped front porch located only 1/2 mile from Rose Park. This little charmer is quite a surprise with the possibility of 5 bedrooms to support a growing family (5th bed rm w/ wardrobe closet). There is 1.5 baths, hardwood flooring, 10' living room ceiling, open concept through the dining-kitchen. The spacious kitchen provides great hardwood cabinetry, a large breakfast bar-workspace featuring a cooktop stove and built-in oven. The mudroom just off the kitchen, has the 1930s farmhouse porcelain wall sink, a pantry cabinet and a Glass Sliding French door to the basement. The basement provides lots of storage including a staircase to the cottage garden backyard that blooms with perennials. This oversize 1car garage is 2cars deep, providing space for 2 cars or a great workshop. Don't delay call today!

ⓘ 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: $1,656 · $138/mo
• Projected year-2 tax: $1,656 · $138/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $18,682
• − Mortgage interest: −$9,243
• − Property taxes: −$1,656
• − Insurance: −$825
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$4,800
• Taxable loss: −$831
• Est. tax savings @ 24.0%: +$199
• After-tax cash flow: $2,094/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): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

+85.4% since first listed

5 events — show timeline

• 2026-05-28 Listed $165,000 IRMLS
• 2021-08-18 Sold (MLS) $115,000 IRMLS
• 2021-04-30 Listed $130,000 IRMLS
• 2017-12-06 Sold (MLS) $74,000 IRMLS
• 2017-06-04 Listed $89,000 IRMLS

Property tax history

+3.5%/yr

Latest (2024): $1,656 · +18.6% YoY. Source: county tax records.