421 S Carlisle St · South Bend, IN 46619

$82,000

2 bd · 1.0 ba · 1,138 sqft · SingleFamily public records · 3 Days on market

Built 1907 4,800 sqft lot Est $91k · 10% 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 +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Well-maintained 3-bedroom home featuring an eat-in kitchen, comfortable living room, and a spacious family room that could easily be used as a 4th bedroom, office, or flex space. Enjoy the covered front porch, full bath, partially fenced yard, and detached two-car garage. Conveniently located close to schools, shopping, and transportation, this home offers both comfort and versatility.

Key facts

• Covered front porch
• Eat-in kitchen
• Conveniently located

Tags

• EAT-IN KITCHEN
• COVERED FRONT PORCH
• PARTIALLY FENCED YARD
• DETACHED TWO-CAR GARAGE
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Property listed by At Home Realty Group

Exterior

• Parking: Detached 2-car garage
• Security: No specific security features provided
• Utilities: Public water; Public sewer
• Home design: Single-family residential site-built home; One story
• Construction: Aluminum siding; Asphalt shingle roof
• Exterior features: Covered porch; Porch; Partial chain link fencing; Irregular-shaped lot; Lot dimensions approximately 40 x 120

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 6 total rooms (bedroom count not specified)
• Flooring: Carpet
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Carpet flooring; Basement
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• Cap rate 12.3% 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: Madison S.T.E.A.M. Academy (math 2% / reading 2%, grade F, #994 of 994 statewide, top 100%, 618 students, 93% 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: 52 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 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 $567 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,000

Questions for the listing agent

1. Built in 1907 — 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. 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: 1.51% ✓
• Cap rate: 12.28%
• Cash-on-cash: 21.40%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $91,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 S Carlisle St	0.00mi	3/1.0 (+1)	1,023 (-10%)	0mo	$80,000	$78	78
310 S Kaley St	0.33mi	3/1.0 (+1)	1,158 (+2%)	2mo	$144,000	$124	75
517 S Kaley St	0.36mi	3/1.0 (+1)	1,120 (-2%)	8mo	$72,500	$65	69
2813 W Sample St	0.60mi	2/1.0	1,082 (-5%)	5mo	$125,000	$116	59
726 Liberty St	0.50mi	3/1.0 (+1)	1,172 (+3%)	9mo	$60,000	$51	59
811 Pulaski St	0.47mi	2/1.0	1,032 (-9%)	7mo	$52,525	$51	57
1901 Linden Ave	0.60mi	3/1.0 (+1)	1,073 (-6%)	0mo	$167,000	$156	57
2121 Linden Ave	0.57mi	3/1.0 (+1)	1,072 (-6%)	2mo	$70,000	$65	57
827 S Brookfield St	0.41mi	3/1.0 (+1)	1,000 (-12%)	2mo	$79,999	$80	54
827 Kosciuszko St	0.53mi	3/2.0 (+1)	1,224 (+8%)	9mo	$85,000	$69	46
1530 Fisher St	0.58mi	3/1.0 (+1)	984 (-14%)	1mo	$105,000	$107	45
1402 W Washington St	0.59mi	3/1.5 (+1)	988 (-13%)	8mo	$95,000	$96	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: 14.0%
• Equity multiple: 1.56×
• Total profit: $12,808
• Equity at exit: $12,226

10-year hold

• IRR: 22.8%
• Equity multiple: 2.95×
• Total profit: $44,807
• Equity at exit: $7,090

Cash invested: $22,960 (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 46619

• Home prices YoY: -29.9%
• Active inventory: 52
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,236 high
• Mortgage (P&I): −$430
• Tax est. 1.5%: −$102 /mo · $1,230/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $409

Break-even live

Break-even rent $717

Max offer price $82,000

Occupancy floor 62%

Sensitivity live

Price	-10% $466	-5% $438	+0% $409	+5% $381	+10% $353
Rent	-10% $312	-5% $361	+0% $409	+5% $458	+10% $507
Rate	-1.0pp $451	-0.5pp $430	base $409	+0.5pp $388	+1.0pp $367

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2502 Ford St South Bend, IN	3.0	1.0	1176	$1,175	$1.00	45d	1	0.27mi
453 S Kaley St Unit 1 South Bend, IN	2.0	1.0	1100	$1,050	$0.95	45d	1	0.36mi
208 S Bendix Dr South Bend, IN	3.0	1.0	864	$1,150	$1.33	22d	1	0.44mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	0.63mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	22d	1	0.64mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	0.64mi
3220 Vermont Pl South Bend, IN	2.0	1.0	725	$1,100	$1.52	14d	1	0.75mi
421 S Lake St South Bend, IN	2.0	1.0	900	$1,200	$1.33	45d	1	0.79mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	22d	1	1.09mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	1.11mi
202 N Chicago St South Bend, IN	2.0	1.0	720	$1,055	$1.47	45d	1	1.16mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	45d	1	1.18mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	14d	1	1.24mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	22d	1	1.24mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	22d	1	1.26mi
513 S Edison Ave South Bend, IN	3.0	1.0	1152	$1,195	$1.04	22d	1	1.30mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	1.33mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	22d	1	1.35mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	45d	1	1.35mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	22d	1	1.37mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	45d	1	1.39mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	14d	1	1.48mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	45d	1	1.49mi

Listing history 2 events

1. 2026-05-12
   status Pending
2. 2026-05-09
   listed $82,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,827
• − Mortgage interest: −$4,593
• − Property taxes: −$1,230
• − Insurance: −$410
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$2,385
• Taxable income: $3,836
• Est. tax owed @ 24.0%: −$921
• After-tax cash flow: $3,993/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
• City population: 99,767
• Population (ZIP): 21,179

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 37% Black 19% Two or more races 19%
• Hispanic origin (detail): Mexican 32% Puerto Rican 1%
• Common ancestry: Romanian 12% English 1% Slovak 1%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 30% Russian/Polish/Slavic 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: ▼ -95.16%
• Current HPI: 223.6464
• 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

2 events — show timeline

• 2026-05-12 Pending — IRMLS
• 2026-05-09 Listed $82,000 IRMLS

Property tax history

+1.2%/yr

Latest (2021): $35 · +0.0% YoY. Source: county tax records.