2411 W Ewing Ave · South Bend, IN 46613

$180,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 1 Days on market

Built 1979 7,405 sqft lot $188/sqft · 80% above area Est $200k · 10% under

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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).

• ARV discount +12.1/15.0
• Cash flow +7.8/30.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.4/10.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained home in quiet neighbor. Nice curb appeal and great backyard. Three bedrooms, two baths, fully finished basement with bar including stools.

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1979

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Septic tank sewer
• Home design: Single-family site-built home; Single-story
• Construction: Asphalt construction materials; Concrete perimeter foundation
• Exterior features: Level lot; Lot dimensions approximately 20 x 120

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Window treatments; Finished full basement
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (35.8% below list).
• Recommended offer: $116k (35.8% below list) — sets the bar for 1% rule.

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: Monroe Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 418 students, 90% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 33% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $115,553 (35.8% 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. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.64% ✗
• Cap rate: 4.97%
• Cash-on-cash: -4.73%
• DSCR: 0.79
• GRM: 13.0

CMA / ARV

• ARV (median comp): $200,357
• List price: $180,000
• Delta: -10.16%
• 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
2118 S Warren St	0.24mi	3/1.0 (+1)	975 (+2%)	1mo	$115,000	$118	80
2215 Hillside Ave	0.16mi	2/1.0	874 (-9%)	1mo	$110,000	$126	77
1920 Prospect St	0.22mi	3/1.0 (+1)	980 (+2%)	12mo	$95,000	$97	71
2005 Prairie Ave	0.37mi	2/1.0	864 (-10%)	5mo	$125,000	$145	62
2802 W Calvert St	0.31mi	3/2.0 (+1)	1,008 (+5%)	9mo	$194,900	$193	60
1624 S Carlisle St	0.43mi	3/2.0 (+1)	960 (0%)	14mo	$115,000	$120	59
1713 W Ewing St	0.44mi	2/1.0	1,032 (+8%)	16mo	$100,000	$97	54
1617 W Ewing Ave	0.50mi	3/1.0 (+1)	1,036 (+8%)	11mo	$165,000	$159	49
1803 W Dubail St	0.53mi	3/1.0 (+1)	880 (-8%)	11mo	$77,500	$88	48
2205 Morris St	0.60mi	2/1.0	852 (-11%)	11mo	$92,000	$108	44
2101 Prairie Ave	0.20mi	3/1.5 (+1)	1,104 (+15%)	18mo	$88,000	$80	44
1829 Prairie Ave	0.68mi	2/1.0	864 (-10%)	14mo	$90,000	$104	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: -23.3%
• Equity multiple: 0.19×
• Total profit: $-40,626
• Equity at exit: $26,839

10-year hold

• IRR: -15.9%
• Equity multiple: 0.08×
• Total profit: $-46,619
• Equity at exit: $15,563

Cash invested: $50,400 (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: 13.0×

Monthly cashflow live

• Estimated rent: $1,156 high
• Mortgage (P&I): −$944
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-199

Break-even live

Break-even rent $1,407

Max offer price $144,875

Occupancy floor —

Sensitivity live

Price	-10% $-97	-5% $-148	+0% $-199	+5% $-250	+10% $-301
Rent	-10% $-290	-5% $-244	+0% $-199	+5% $-153	+10% $-108
Rate	-1.0pp $-108	-0.5pp $-153	base $-199	+0.5pp $-245	+1.0pp $-293

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1612 S Carlisle St South Bend, IN	2.0	1.0	672	$1,000	$1.49	44d	1	0.43mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	44d	1	0.71mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	0.75mi
3220 Vermont Pl South Bend, IN	2.0	1.0	725	$1,100	$1.52	14d	1	1.24mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	44d	1	1.32mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	14d	1	1.33mi
453 S Kaley St Unit 1 South Bend, IN	2.0	1.0	1100	$1,050	$0.95	44d	1	1.35mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	22d	1	1.38mi

Listing history 1 events

1. 2026-05-14
   historical $180,000 238-char remark

ⓘ 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: $1,322 · $110/mo
• Expected delta: +$208/yr (+$17/mo · 18.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $13,866
• − Mortgage interest: −$10,083
• − Property taxes: −$1,113
• − Insurance: −$900
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$5,236
• Taxable loss: −$5,685
• Est. tax savings @ 24.0%: +$1,364
• After-tax cash flow: $-1,022/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

+0.0% since first listed

3 events — show timeline

• 2026-05-21 Pending — IRMLS
• 2026-05-21 Listed $180,000 IRMLS
• 2026-05-14 Coming Soon $180,000 IRMLS

Property tax history

+0.1%/yr

Latest (2025): $1,113 · -6.9% YoY. Source: county tax records.