51823 Cheryl Dr · Granger, IN 46530

$324,900

3 bd · 2.5 ba · 1,546 sqft · SingleFamily public records · 10 Days on market

Built 1974 0.44 ac lot $210/sqft · 70% above area Est $315k · at est.

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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 +13.8/30.0
• ARV discount +6.0/15.0
• Schools +5.1/10.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculately maintained all brick ranch home located in the quiet Hintons neighborhood of Granger within the PHM School District. Situated on a spacious corner lot this home welcomes you in a large living room boasting beautiful hardwood floors and large windows for plenty of natural light. Enjoy your meals in the generously sized eat-in kitchen featuring plenty of cabinetry and a full stainless appliance package. This home offers you 3 large bedrooms including a primary suit with a private bath and plenty of closet space. If you need more space for entertaining don't miss out on the partially finished lower level made perfect for any social gathering. Make sure to enjoy the enclosed porch that overlooks the fully fenced-in rear yard where you are sure to enjoy all your summer activities. Other notable features include a formal dining room, main floor laundry, and a two-car attached garage. This home is move-in ready so don't wait - schedule your showing today!

Key facts

• Screened in porch
• Main floor living
• White cabinetry

Tags

• BRICK RANCH
• MAIN FLOOR LIVING
• WHITE CABINETRY
• UNDER-CABINET LIGHTING
• STAINLESS-STEEL APPLIANCES
• SCREENED IN PORCH

Property features AI

Exterior

• Parking: Attached garage with garage door opener (2 car)
• Security: Security system
• Utilities: Private well water; Septic tank sewer; Generator for electric
• Home design: Single-family residence (site-built); One-story; Brick construction
• Construction: Shingle roof; Concrete perimeter foundation
• Exterior features: Patio; Screened porch; Front/back porch; Chain link fencing; Shed(s); Landscaped corner lot, level

Interior

• Kitchen: Disposal; Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: Master bedroom located on the main level
• Flooring: Hardwood; Laminate; Tile; Vinyl
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air; Ceiling fans; Natural gas heating; Forced air; Floor furnace
• Interior features: Ceiling fans; Built-in features; Master suite on main level; Finished full basement with sump pump
• Laundry & utility: Washer hookup on main level; Gas dryer hookup; Washer and dryer included; Water softener (owned); Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $29 ($353/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 $254k (21.8% below list).
• Recommended offer: $254k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Granger — 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 78/100 on livability (#33 in IN, #2,584 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mary Frank Harris Elementary Sch (math 82% / reading 72%, grade A, #13 of 994 statewide, top 1%, 475 students, 22% FRL); Discovery Middle School (math 57% / reading 75%, grade A-, #6 of 330 statewide, top 2%, 848 students, 17% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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.

Recommended offer $254,208 (21.8% below list)

Questions for the listing agent

1. Built in 1974 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.78% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• GRM: 10.7

CMA / ARV

• ARV (median comp): $314,739
• List price: $324,900
• Delta: 3.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51900 Cheryl Dr	0.12mi	4/2.0 (+1)	1,496 (-3%)	3mo	$305,000	$204	79
12678 Pat Ln	0.15mi	3/1.5	1,601 (+4%)	11mo	$265,000	$166	74
51891 Covered Wagon Trl	0.28mi	3/2.0	1,490 (-4%)	8mo	$301,500	$202	72
51815 Bittersweet Rd	0.17mi	3/1.5	1,698 (+10%)	1mo	$295,000	$174	71
51485 W Timberline Trace Dr	0.40mi	3/2.0	1,480 (-4%)	4mo	$325,000	$220	69
51883 Sharon Ct	0.12mi	4/1.5 (+1)	1,520 (-2%)	22mo	$300,000	$197	65
12854 Brick Rd	0.28mi	3/2.0	1,643 (+6%)	12mo	$465,000	$283	65
12363 Ashland St	0.69mi	3/1.5	1,656 (+7%)	5mo	$291,500	$176	48
12311 Covered Wagon Trl	0.60mi	3/2.0	1,440 (-7%)	14mo	$280,000	$194	47
52303 Broken Arrow Dr	0.54mi	4/2.0 (+1)	1,732 (+12%)	7mo	$297,500	$172	42
13418 Anderson Rd	0.70mi	4/2.0 (+1)	1,762 (+14%)	15mo	$313,000	$178	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-50,902
• Equity at exit: $48,444

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-42,424
• Equity at exit: $28,091

Cash invested: $90,972 (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 46530

• Home prices YoY: -32.8%
• Active inventory: 214
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,542 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $29

Break-even live

Break-even rent $2,505

Max offer price $324,900

Occupancy floor 94%

Sensitivity live

Price	-10% $213	-5% $121	+0% $29	+5% $-63	+10% $-155
Rent	-10% $-171	-5% $-71	+0% $29	+5% $130	+10% $230
Rate	-1.0pp $193	-0.5pp $112	base $29	+0.5pp $-55	+1.0pp $-140

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12144 Pennyroyal Ln Granger, IN	3.0	3.0	2038	$2,900	$1.42	15d	1	0.61mi
11966 Bluebonnet Ln Granger, IN	3.0	3.0	1964	$2,696	$1.37	15d	1	0.75mi

Listing history 8 events

1. 2026-05-14
   status Pending 1225-char remark
2. 2026-05-04
   listed $324,900 Active 1225-char remark
3. 2023-05-01
   soldstatus $295,000 Closed 975-char remark

   Show marketing remark (975 chars)

   Immaculately maintained all brick ranch home located in the quiet Hintons neighborhood of Granger within the PHM School District. Situated on a spacious corner lot this home welcomes you in a large living room boasting beautiful hardwood floors and large windows for plenty of natural light. Enjoy your meals in the generously sized eat-in kitchen featuring plenty of cabinetry and a full stainless appliance package. This home offers you 3 large bedrooms including a primary suit with a private bath and plenty of closet space. If you need more space for entertaining don't miss out on the partially finished lower level made perfect for any social gathering. Make sure to enjoy the enclosed porch that overlooks the fully fenced-in rear yard where you are sure to enjoy all your summer activities. Other notable features include a formal dining room, main floor laundry, and a two-car attached garage. This home is move-in ready so don't wait - schedule your showing today!

4. 2023-04-25
   status Pending 975-char remark

   Show marketing remark (975 chars)

   Immaculately maintained all brick ranch home located in the quiet Hintons neighborhood of Granger within the PHM School District. Situated on a spacious corner lot this home welcomes you in a large living room boasting beautiful hardwood floors and large windows for plenty of natural light. Enjoy your meals in the generously sized eat-in kitchen featuring plenty of cabinetry and a full stainless appliance package. This home offers you 3 large bedrooms including a primary suit with a private bath and plenty of closet space. If you need more space for entertaining don't miss out on the partially finished lower level made perfect for any social gathering. Make sure to enjoy the enclosed porch that overlooks the fully fenced-in rear yard where you are sure to enjoy all your summer activities. Other notable features include a formal dining room, main floor laundry, and a two-car attached garage. This home is move-in ready so don't wait - schedule your showing today!

5. 2023-04-02
   historical Active Under Contract 975-char remark

   Show marketing remark (975 chars)

   Immaculately maintained all brick ranch home located in the quiet Hintons neighborhood of Granger within the PHM School District. Situated on a spacious corner lot this home welcomes you in a large living room boasting beautiful hardwood floors and large windows for plenty of natural light. Enjoy your meals in the generously sized eat-in kitchen featuring plenty of cabinetry and a full stainless appliance package. This home offers you 3 large bedrooms including a primary suit with a private bath and plenty of closet space. If you need more space for entertaining don't miss out on the partially finished lower level made perfect for any social gathering. Make sure to enjoy the enclosed porch that overlooks the fully fenced-in rear yard where you are sure to enjoy all your summer activities. Other notable features include a formal dining room, main floor laundry, and a two-car attached garage. This home is move-in ready so don't wait - schedule your showing today!

6. 2023-03-31
   listed $289,900 Active 975-char remark

   Show marketing remark (975 chars)

   Immaculately maintained all brick ranch home located in the quiet Hintons neighborhood of Granger within the PHM School District. Situated on a spacious corner lot this home welcomes you in a large living room boasting beautiful hardwood floors and large windows for plenty of natural light. Enjoy your meals in the generously sized eat-in kitchen featuring plenty of cabinetry and a full stainless appliance package. This home offers you 3 large bedrooms including a primary suit with a private bath and plenty of closet space. If you need more space for entertaining don't miss out on the partially finished lower level made perfect for any social gathering. Make sure to enjoy the enclosed porch that overlooks the fully fenced-in rear yard where you are sure to enjoy all your summer activities. Other notable features include a formal dining room, main floor laundry, and a two-car attached garage. This home is move-in ready so don't wait - schedule your showing today!

7. 2015-06-22
   soldstatus $155,000

   Show marketing remark (576 chars)

   This lovely 3 bedroom 2.5 bath Brick ranch sits on a corner lot. Beautiful slate entry Opens to spacious living room with hardwood floor and large window which allows natural sunlight. Large eat in kitchen with updated counters and oak cabinets. Formal dining room with Hardwood floor feature sliders to enclosed porch overlooking spacious fenced in back yard. Main floor laundry. Side load garage and 2 additional sheds. Septic replaced in 2009. Finished basement offers family room and recreation area. Master suite with private bath. Closets galore and great location!!!!

8. 2015-04-29
   listed $155,000

   Show marketing remark (576 chars)

   This lovely 3 bedroom 2.5 bath Brick ranch sits on a corner lot. Beautiful slate entry Opens to spacious living room with hardwood floor and large window which allows natural sunlight. Large eat in kitchen with updated counters and oak cabinets. Formal dining room with Hardwood floor feature sliders to enclosed porch overlooking spacious fenced in back yard. Main floor laundry. Side load garage and 2 additional sheds. Septic replaced in 2009. Finished basement offers family room and recreation area. Master suite with private bath. Closets galore and great location!!!!

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $2,219 · $185/mo
• Expected delta: +$543/yr (+$45/mo · 32.4%)

ⓘ 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 · 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: $30,505
• − Mortgage interest: −$18,199
• − Property taxes: −$1,676
• − Insurance: −$1,624
• − Repairs & maintenance: −$2,440
• − Management: −$2,440
• − Depreciation: −$9,452
• Taxable loss: −$5,328
• Est. tax savings @ 24.0%: +$1,279
• After-tax cash flow: $1,631/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Granger

• Score: 78/100
• State rank: #33
• US rank: #2584

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety B User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granger, IN
• County: Saint Joseph County · 189,048 people
• City population: 31,598
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,598
• Household income: $122,129
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 671.0

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 (80%)
• Race & ethnicity: White 80% Asian 7% Two or more races 7% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Slovak 3% Italian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% German/W. Germanic 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: ▼ -94.73%
• Current HPI: 194.0944
• Rent YoY: —
• 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

+106.4% since first listed

9 events — show timeline

• 2026-06-12 Sold (MLS) $319,900 IRMLS
• 2026-05-14 Pending — IRMLS
• 2026-05-04 Listed $324,900 IRMLS
• 2023-05-01 Sold (MLS) $295,000 IRMLS
• 2023-04-25 Pending — IRMLS
• 2023-04-02 Contingent — IRMLS
• 2023-03-31 Listed $289,900 IRMLS
• 2015-06-22 Sold (MLS) $155,000 IRMLS
• 2015-04-29 Listed $155,000 IRMLS

Property tax history

+1.1%/yr

Latest (2025): $1,676 · -3.3% YoY. Source: county tax records.