51028 Prescott Ave · South Bend, IN 46637

$215,000

3 bd · 1.5 ba · 1,320 sqft · SingleFamily public records · 2 Days on market

Built 1952 0.38 ac lot Est $201k · 7% over

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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 +15.4/30.0
• DSCR +4.7/10.0
• ARV discount +4.3/15.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for updated, space, nice size yard, a HUGE garage?? - THIS is it! New carpet, new interior doors, freshly painted, newer well tank, and a BRAND NEW finished basement. You'll love all the room this home has to offer, from having two living rooms on the main floor, to the finished basement, you have plenty of space for entertaining. You'll also love the oversized 2 car garage, this thing is massive!! This home won't last, schedule your showing today and SAY YES TO THE ADDRESS!

Key facts

• Updated private bath
• New garage doors
• New appliances

Tags

• UPDATED PRIVATE BATH
• NEW APPLIANCES
• LIVING ROOM FIREPLACE
• NEW GARAGE DOORS
• NEW GLASS FRENCH DOORS
• FULLY UPDATED BASEMENT

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; Site-built home; One-story
• Construction: Vinyl siding
• Exterior features: Patio; Porch; Chain link, vinyl, and wood fencing; Lot approximately 140 x 117 (0.38 acre)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: Master bedroom on main level
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Electric heating; Baseboard heating
• Interior features: Walk-in closets; Crown molding; Master suite on main level; Finished basement; Fireplace in living room
• Laundry & utility: Washer and dryer included; Laundry on main level and in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $81 ($977/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 $180k (16.5% below list).
• Recommended offer: $180k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.4% in South Bend — 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 64/100 on livability (#365 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, employment D, crime F.
• South Bend Community School Corporation (urban): math 12% / reading 21% proficiency, ranked #284 of 301 in IN (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL).
• Zoned-school proficiency averages 42% at this address vs 16% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $6k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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 $152k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,500 (16.5% below list)

Questions for the listing agent

1. Built in 1952 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.83% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $200,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
50924 Hollyhock Rd	0.23mi	2/1.0 (-1)	1,344 (+2%)	11mo	$80,000	$60	70
19444 Greenacre St	0.12mi	2/1.0 (-1)	1,212 (-8%)	8mo	$162,500	$134	67
19357 Orchard St	0.11mi	4/2.0 (+1)	1,496 (+13%)	7mo	$239,900	$160	60
19026 Stone Ridge Dr	0.55mi	2/2.0 (-1)	1,238 (-6%)	3mo	$257,900	$208	54
51560 Hollyhock Rd	0.56mi	3/1.5	1,440 (+9%)	6mo	$197,000	$137	54
19898 Crosswell St	0.72mi	2/1.0 (-1)	1,320 (0%)	14mo	$151,900	$115	48
51700 Prescott Ave	0.64mi	3/2.0	1,450 (+10%)	6mo	$429,900	$296	46
19254 Helen Ave	0.66mi	2/2.0 (-1)	1,374 (+4%)	12mo	$220,000	$160	46
19511 Eaton Ave	0.58mi	3/1.5	1,497 (+13%)	10mo	$227,000	$152	42
50781 Michigan Rd	0.53mi	3/1.5	1,502 (+14%)	16mo	$160,000	$107	39
19225 Auten Rd	0.50mi	4/1.0 (+1)	1,172 (-11%)	17mo	$178,500	$152	37
19076 State Line Rd	0.69mi	3/2.0	1,490 (+13%)	10mo	$229,500	$154	36

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-29,716
• Equity at exit: $32,057

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-19,459
• Equity at exit: $18,589

Cash invested: $60,200 (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 46637

• Active inventory: 112
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$120 /mo · $1,434/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $81

Break-even live

Break-even rent $1,692

Max offer price $215,000

Occupancy floor 90%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 Merrill Ct S Unit 924 South Bend, IN	2.0	1.5	1263	$1,795	$1.42	13d	1	1.20mi

Listing history 6 events

1. 2026-05-21
   listed $215,000 Active
2. 2021-06-11
   soldstatus $152,000 495-char remark

   Show marketing remark (495 chars)

   Are you looking for updated, space, nice size yard, a HUGE garage?? - THIS is it! New carpet, new interior doors, freshly painted, newer well tank, and a BRAND NEW finished basement. You'll love all the room this home has to offer, from having two living rooms on the main floor, to the finished basement, you have plenty of space for entertaining. You'll also love the oversized 2 car garage, this thing is massive!! This home won't last, schedule your showing today and SAY YES TO THE ADDRESS!

3. 2021-06-11
   soldstatus $152,000 495-char remark

   Show marketing remark (495 chars)

   Are you looking for updated, space, nice size yard, a HUGE garage?? - THIS is it! New carpet, new interior doors, freshly painted, newer well tank, and a BRAND NEW finished basement. You'll love all the room this home has to offer, from having two living rooms on the main floor, to the finished basement, you have plenty of space for entertaining. You'll also love the oversized 2 car garage, this thing is massive!! This home won't last, schedule your showing today and SAY YES TO THE ADDRESS!

4. 2021-05-10
   listed $150,000 495-char remark

   Show marketing remark (495 chars)

   Are you looking for updated, space, nice size yard, a HUGE garage?? - THIS is it! New carpet, new interior doors, freshly painted, newer well tank, and a BRAND NEW finished basement. You'll love all the room this home has to offer, from having two living rooms on the main floor, to the finished basement, you have plenty of space for entertaining. You'll also love the oversized 2 car garage, this thing is massive!! This home won't last, schedule your showing today and SAY YES TO THE ADDRESS!

5. 2021-05-10
   listed $150,000 495-char remark

   Show marketing remark (495 chars)

   Are you looking for updated, space, nice size yard, a HUGE garage?? - THIS is it! New carpet, new interior doors, freshly painted, newer well tank, and a BRAND NEW finished basement. You'll love all the room this home has to offer, from having two living rooms on the main floor, to the finished basement, you have plenty of space for entertaining. You'll also love the oversized 2 car garage, this thing is massive!! This home won't last, schedule your showing today and SAY YES TO THE ADDRESS!

6. 2020-12-04
   listed $96,000

ⓘ 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: $1,434 · $120/mo
• Projected year-2 tax: $1,631 · $136/mo
• Expected delta: +$197/yr (+$16/mo · 13.7%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,540
• − Mortgage interest: −$12,043
• − Property taxes: −$1,434
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$6,255
• Taxable loss: −$2,714
• Est. tax savings @ 24.0%: +$651
• After-tax cash flow: $1,629/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: South Bend Community School Corporation
• NCES district ID: 1810290
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $41,935
• Composite: 14.21/100
• National rank: #9452
• State rank: #284 of 301 in IN

Livability — South Bend

• Score: 64/100
• State rank: #365
• US rank: #13730

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 99,767
• Population (ZIP): 16,079

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 (71%)
• Race & ethnicity: White 71% Black 17% Two or more races 6% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Italian 3% Iranian 3%
• Foreign-born: 9% · China, Canada, Vietnam
• Languages at home: 91% English-only · Spanish 2% Chinese 2% 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: ▼ -128.33%
• Current HPI: 210.1124
• Rent YoY: —
• Metro: —
• 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

+124.0% since first listed

6 events — show timeline

• 2026-05-21 Listed $215,000 IRMLS
• 2021-06-11 Sold (MLS) $152,000 IRMLS
• 2021-06-11 Sold (MLS) $152,000 NIRA MLS as Distributed by MLS Grid
• 2021-05-10 Listed $150,000 NIRA MLS as Distributed by MLS Grid
• 2021-05-10 Listed $150,000 IRMLS
• 2020-12-04 Listed $96,000 IRMLS

Property tax history

+12.3%/yr

Latest (2023): $1,434 · -11.4% YoY. Source: county tax records.