19732 Lucinda St · Gilmer Park, IN 46614

$134,900

2 bd · 1.0 ba · 872 sqft · SingleFamily public records · 5 Days on market

Built 1946 0.26 ac lot Est $160k · 15% under

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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 +16.5/30.0
• ARV discount +14.5/15.0
• DSCR +5.1/10.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great south side home! This 2 bedroom home has been updated and is ready for new owners! Come enjoy this double lot and attached garage. There is a partially finished basement that can be turned into a family room if desired. Newer flooring and modernized bath are just a few more of the "pluses"! Come check this one out TODAY!!! AEP Natural

Key facts

• Breezeway
• Galley kitchen
• Open front porch

Tags

• CORNER LOT
• OPEN FRONT PORCH
• BREEZEWAY
• FENCED BACKYARD
• GALLEY KITCHEN
• REMODELED FULL BATH

Property features AI

Exterior

• Parking: Detached concrete garage with 1 garage space
• Utilities: Private well water; Septic tank; Cable connected
• Home design: Single family residence, site-built; One story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Patio; Fire pit; Chain link fencing; Shed(s); Landscaped, level corner lot

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator; Exhaust fan; Laminate countertops; Eat-in kitchen
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Flooring: Laminate counters noted (flooring type not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s); Eat-in kitchen; Laminate counters; Full unfinished basement with sump pump
• Laundry & utility: Washer and dryer present; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $78 ($938/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 $119k (11.5% below list).
• Recommended offer: $119k (11.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Marshall Traditional School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 397 students, 59% 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) — zoned schools at 70% FRL track the district average.
• Market conditions: 190 active listings in the ZIP; 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $64k; list at $135k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,327 (11.5% below list)

Questions for the listing agent

1. Built in 1946 — 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. 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?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.48%
• DSCR: 1.11
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $159,576
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19845 Kern Rd	0.11mi	3/1.0 (+1)	925 (+6%)	10mo	$170,000	$184	71
19711 Pasadena Ave	0.16mi	3/1.0 (+1)	936 (+7%)	5mo	$160,000	$171	71
19627 Southland Ave	0.16mi	3/1.0 (+1)	960 (+10%)	5mo	$175,900	$183	66
19945 Southland Ave	0.25mi	3/1.0 (+1)	958 (+10%)	17mo	$170,000	$177	52

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: -12.4%
• Equity multiple: 0.55×
• Total profit: $-16,904
• Equity at exit: $20,114

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-8,404
• Equity at exit: $11,664

Cash invested: $37,772 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,193 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$101 /mo · $1,210/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $78

Break-even live

Break-even rent $1,094

Max offer price $134,900

Occupancy floor 88%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-07
   statusdays on market $134,900 Pending 5 DOM
2. 2026-06-03
   days on market $134,900 Active 3 DOM
3. 2026-06-02
   days on market $134,900 Active 2 DOM
4. 2026-05-31
   remarks 693-char remark
5. 2026-05-31
   listed $134,900 Active 1 DOM

ⓘ 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: $1,210 · $101/mo
• Projected year-2 tax: $1,210 · $101/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 2/10 Low 7 d/yr ≥98°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: $14,319
• − Mortgage interest: −$7,556
• − Property taxes: −$1,210
• − Insurance: −$674
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$3,924
• Taxable loss: −$1,338
• Est. tax savings @ 24.0%: +$321
• After-tax cash flow: $1,259/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 — Gilmer Park

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Gilmer Park, IN
• County: Saint Joseph County · 189,048 people
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• 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

+107.9% since first listed

4 events — show timeline

• 2026-05-31 Listed $134,900 IRMLS
• 2015-06-29 Sold (MLS) $64,000 IRMLS
• 2015-03-25 Listed $64,900 IRMLS
• 2014-02-11 Listed $64,900 IRMLS

Property tax history

+13.3%/yr

Latest (2024): $1,210 · +35.8% YoY. Source: county tax records.