2611 Delaware St · Mishawaka, IN 46544

$164,900

3 bd · 1.0 ba · 936 sqft · SingleFamily public records · 36 Days on market

Built 1960 4,640 sqft lot Est $143k · 15% 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 +13.3/30.0
• Rent growth +4.8/5.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready 3 Bedroom 1 bath home. New Vinyl plank flooring throughout the home in 2020. All appliances are included and the dishwasher was new in July 2021. Washer and Dryer are conviently located near the kitchen area. Home had a New Water Heater installed in March of 2023 and Central Air in May of 2021. Virtually maintenance free and move in ready. Over-sized garage with plenty of room for storage and a fenced in yard. Close to shopping and schools. Quick closing.

Key facts

• Corner urban lot
• Fresh interior paint
• New door

Tags

• CORNER URBAN LOT
• FENCED-IN YARD
• DETACHED GARAGE
• NEW DOOR
• NEW ROOF
• FRESH INTERIOR PAINT

Property features AI

Finance

• Other: Property type: Residential - Single Family Residence
• Financial info: Financial details not provided
• HOA & community: Community sidewalks

Exterior

• Parking: Detached garage with 2 spaces; Garage door opener; Off-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One-level (single story); Located on a corner at Delaware and Middleboro Ave; Subdivision: Lafayette Place
• Construction: Vinyl siding exterior; Shingle roof; Slab foundation; Built area above grade: 936
• Exterior features: Corner lot, landscaped; Chain link fencing; Paved public road access; Sidewalks in the community

Interior

• Kitchen: Refrigerator; Gas oven
• Bedrooms: Bedrooms not specified
• Flooring: Flooring not specified
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Laminate counters; Window treatments; 6 total rooms
• Laundry & utility: Washer and dryer included; Laundry located on the main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-1 ($-16/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (21.3% below list).
• Recommended offer: $130k (21.3% 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: Lasalle Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 543 students, 84% 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 74% FRL vs 54% district-wide (20 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; 18 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).

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.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $140k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $129,723 (21.3% 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. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.04%
• DSCR: 1.00
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $143,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2611 Delaware St	0.00mi	3/1.0	936 (0%)	1mo	$164,000	$175	99
2523 Milburn Blvd	0.14mi	3/1.0	925 (-1%)	4mo	$155,000	$168	88
2536 Milburn Blvd	0.16mi	2/1.0 (-1)	900 (-4%)	0mo	$130,000	$144	80
1917 Panama St	0.50mi	3/1.0	936 (0%)	2mo	$175,000	$187	75
2423 Woodmont Dr	0.39mi	3/1.0	912 (-3%)	7mo	$172,000	$189	72
1325 S 29th St	0.62mi	3/1.0	936 (0%)	3mo	$80,000	$85	68
1934 E Bowman St	0.19mi	2/1.0 (-1)	816 (-13%)	3mo	$125,000	$153	62
2416 Milburn Blvd	0.22mi	2/1.0 (-1)	823 (-12%)	6mo	$156,500	$190	60
1331 29th St	0.61mi	2/1.0 (-1)	948 (+1%)	6mo	$97,900	$103	59
2405 Woodmont Dr	0.37mi	2/1.0 (-1)	1,056 (+13%)	5mo	$122,500	$116	52
1714 S Twyckenham Dr	0.68mi	2/1.0 (-1)	870 (-7%)	1mo	$91,000	$105	51
1610 E Donald St	0.54mi	2/1.0 (-1)	1,028 (+10%)	3mo	$120,000	$117	50

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: -11.5%
• Equity multiple: 0.57×
• Total profit: $-20,003
• Equity at exit: $24,587

10-year hold

• IRR: 3.4%
• Equity multiple: 1.29×
• Total profit: $13,468
• Equity at exit: $14,258

Cash invested: $46,172 (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: 10.6×

Monthly cashflow live

• Estimated rent: $1,297 high
• Mortgage (P&I): −$865
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $-1

Break-even live

Break-even rent $1,299

Max offer price $164,657

Occupancy floor 95%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	13d	1	0.10mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	43d	1	0.44mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	43d	1	0.47mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	13d	1	0.63mi
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	21d	1	0.70mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	0.74mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.95mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	13d	1	0.96mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	0.96mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	43d	1	1.02mi
1006 S 35th St South Bend, IN	3.0	2.0	816	$1,000	$1.23	13d	1	1.05mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	43d	1	1.11mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	13d	1	1.25mi
4245 Irish Hills Dr South Bend, IN	1.0–2.0	1.0–1.5	739	$1,436	$1.94	13d	77	1.27mi
2032 Southern Vw Unit 1a South Bend, IN	2.0	1.0	1000	$1,200	$1.20	13d	1	1.27mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	43d	1	1.32mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	43d	1	1.35mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	13d	1	1.45mi

Listing history 14 events

1. 2026-05-20
   status Pending
2. 2026-05-18
   status Active
3. 2026-05-06
   status Pending
4. 2026-05-05
   historical Active Under Contract
5. 2026-05-01
   status Active
6. 2026-04-08
   historical Active Under Contract
7. 2026-04-02
   listed $164,900 Active
8. 2024-11-08
   soldstatus $140,000 Closed 476-char remark

   Show marketing remark (476 chars)

   Move in ready 3 Bedroom 1 bath home. New Vinyl plank flooring throughout the home in 2020. All appliances are included and the dishwasher was new in July 2021. Washer and Dryer are conviently located near the kitchen area. Home had a New Water Heater installed in March of 2023 and Central Air in May of 2021. Virtually maintenance free and move in ready. Over-sized garage with plenty of room for storage and a fenced in yard. Close to shopping and schools. Quick closing.

9. 2024-10-09
   status Pending 476-char remark

   Show marketing remark (476 chars)

   Move in ready 3 Bedroom 1 bath home. New Vinyl plank flooring throughout the home in 2020. All appliances are included and the dishwasher was new in July 2021. Washer and Dryer are conviently located near the kitchen area. Home had a New Water Heater installed in March of 2023 and Central Air in May of 2021. Virtually maintenance free and move in ready. Over-sized garage with plenty of room for storage and a fenced in yard. Close to shopping and schools. Quick closing.

10. 2024-09-15
    listed $149,000 Active 476-char remark

    Show marketing remark (476 chars)

    Move in ready 3 Bedroom 1 bath home. New Vinyl plank flooring throughout the home in 2020. All appliances are included and the dishwasher was new in July 2021. Washer and Dryer are conviently located near the kitchen area. Home had a New Water Heater installed in March of 2023 and Central Air in May of 2021. Virtually maintenance free and move in ready. Over-sized garage with plenty of room for storage and a fenced in yard. Close to shopping and schools. Quick closing.

11. 2016-10-28
    soldstatus $45,000
12. 2016-08-06
    listed $57,900
13. 2016-04-13
    listed $56,500
14. 2015-06-11
    listed $56,900

ⓘ 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: $1,113 · $93/mo
• Projected year-2 tax: $1,257 · $105/mo
• Expected delta: +$144/yr (+$12/mo · 13.0%)

ⓘ 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: $15,567
• − Mortgage interest: −$9,237
• − Property taxes: −$1,113
• − Insurance: −$824
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$4,797
• Taxable loss: −$2,895
• Est. tax savings @ 24.0%: +$695
• After-tax cash flow: $678/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

+189.8% since first listed

14 events — show timeline

• 2026-05-20 Pending — IRMLS
• 2026-05-18 Relisted — IRMLS
• 2026-05-06 Pending — IRMLS
• 2026-05-05 Contingent — IRMLS
• 2026-05-01 Relisted — IRMLS
• 2026-04-08 Contingent — IRMLS
• 2026-04-02 Listed $164,900 IRMLS
• 2024-11-08 Sold (MLS) $140,000 IRMLS
• 2024-10-09 Pending — IRMLS
• 2024-09-15 Listed $149,000 IRMLS
• 2016-10-28 Sold (MLS) $45,000 IRMLS
• 2016-08-06 Listed $57,900 IRMLS
• 2016-04-13 Listed $56,500 IRMLS
• 2015-06-11 Listed $56,900 IRMLS

Property tax history

-5.5%/yr

Latest (2023): $1,113 · +0.1% YoY. Source: county tax records.