1133 Milton St · South Bend, IN 46613

$85,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 6 Days on market

Built 1923 3,920 sqft lot $63/sqft · 24% below area Est $112k · 24% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 1-bath home offering spacious living areas and excellent potential. Recent updates include new windows and siding. Conveniently located near shopping, dining, schools, and other local amenities. Property is being sold as-is and is ready for your personal touches and improvements.

Key facts

• New siding
• Conveniently located
• New windows

Tags

• NEW WINDOWS
• NEW SIDING
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Above-grade finished area listed as 1,344 (square footage withheld from interior/exterior sections per instructions)

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential site-built home; 2 stories
• Construction: Vinyl siding; Shingle roof; Slab and block foundation; Originally built (year not provided)
• Exterior features: Privacy fencing; Level lot; Lot dimensions approximately 41 x 100

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: 7 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Window treatments; Partial, unfinished basement
• Laundry & utility: Washer; Dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 12.5% 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 39% of the median local income ($43k/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 $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.64% ✓
• Cap rate: 12.48%
• Cash-on-cash: 22.10%
• DSCR: 1.98
• GRM: 5.1

CMA / ARV

• ARV (median comp): $111,806
• List price: $85,000
• Delta: -23.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1133 Milton St	0.00mi	3/1.0	1,344 (0%)	0mo	$85,000	$63	100
922 Milton St	0.19mi	3/1.5	1,344 (0%)	3mo	$60,000	$45	87
1149 E Indiana Ave	0.22mi	4/1.5 (+1)	1,344 (0%)	1mo	$90,000	$67	82
1112 E Fox St	0.25mi	3/1.0	1,300 (-3%)	2mo	$148,500	$114	81
918 E Bowman St	0.24mi	3/1.0	1,248 (-7%)	1mo	$77,000	$62	76
1522 E Ewing Ave	0.56mi	3/1.5	1,411 (+5%)	0mo	$220,000	$156	63
2609 Rush St	0.74mi	3/1.0	1,332 (-1%)	2mo	$166,000	$125	63
1725 E Ewing Ave	0.70mi	2/1.0 (-1)	1,304 (-3%)	0mo	$170,835	$131	57
2517 Erskine Blvd	0.63mi	2/1.0 (-1)	1,248 (-7%)	2mo	$100,000	$80	52
316 E Dayton St	0.62mi	3/1.0	1,176 (-12%)	2mo	$77,000	$65	48
201 E Bowman St	0.75mi	3/2.0	1,456 (+8%)	0mo	$51,000	$35	47
1202 S Twyckenham Dr	0.65mi	2/1.0 (-1)	1,152 (-14%)	1mo	$155,000	$135	40

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 16.2%
• Equity multiple: 1.66×
• Total profit: $15,745
• Equity at exit: $12,674

10-year hold

• IRR: 25.6%
• Equity multiple: 3.37×
• Total profit: $56,351
• Equity at exit: $7,349

Cash invested: $23,800 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,393 high
• Mortgage (P&I): −$446
• Tax from tax record: −$181 /mo · $2,167/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $438

Break-even live

Break-even rent $838

Max offer price $85,000

Occupancy floor 64%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	44d	1	0.12mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	13d	1	0.20mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	0.28mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	44d	1	0.37mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	44d	1	0.55mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	44d	1	0.57mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.61mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	44d	1	0.68mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	21d	1	0.72mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	44d	1	0.81mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	21d	1	0.81mi
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	44d	1	0.89mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	0.96mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	0.99mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	44d	1	1.24mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	44d	1	1.32mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	44d	1	1.32mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	44d	1	1.32mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	1.44mi
911 E Washington St South Bend, IN	3.0	1.0	886	$1,195	$1.35	13d	1	1.44mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	1.47mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	13d	1	1.47mi

Listing history 7 events

1. 2026-05-13
   listed $85,000 Active 291-char remark
2. 2024-11-11
   price $95,000
3. 2024-10-23
   price $109,000
4. 2024-08-28
   price $118,000
5. 2024-08-03
   price $128,000
6. 2024-06-28
   listed $134,900 Active
7. 2012-03-13
   soldstatus $25,000

ⓘ 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: $2,167 · $181/mo
• Projected year-2 tax: $2,167 · $181/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 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: $16,711
• − Mortgage interest: −$4,761
• − Property taxes: −$2,167
• − Insurance: −$425
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$2,473
• Taxable income: $4,211
• Est. tax owed @ 24.0%: −$1,011
• After-tax cash flow: $4,250/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

• Census place: South Bend, IN
• County: Saint Joseph County · 189,048 people
• City population: 99,767
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

+240.0% since first listed

9 events — show timeline

• 2026-06-17 Sold (MLS) $85,000 IRMLS
• 2026-05-19 Pending — IRMLS
• 2026-05-13 Listed $85,000 IRMLS
• 2024-11-11 Price Changed $95,000 IRMLS
• 2024-10-23 Price Changed $109,000 IRMLS
• 2024-08-28 Price Changed $118,000 IRMLS
• 2024-08-03 Price Changed $128,000 IRMLS
• 2024-06-28 Listed $134,900 IRMLS
• 2012-03-13 Sold (Public Records) $25,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,167 · +23.1% YoY. Source: county tax records.