2604 Normandy Dr · Mishawaka, IN 46545

$169,900

3 bd · 1.5 ba · 982 sqft · SingleFamily public records · 3 Days on market

Built 1947 6,250 sqft lot Est $170k · at est.

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Why this score? — see what drove the C- 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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.8/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This house is the bomb! This 3 bedroom, 1 and a half bath home has the space you need at the price that's right! Fresh paint throughout the home as well as brand new carpet in the living room. The basement has additional living space with cute built ins and was built as a bomb shelter. There is a deck built in the fenced in backyard perfect for your pet. This seller is also offering a 1 year home warranty for your peace of mind! This home is is close to everything yet tucked away in a quiet neighborhood. Schedule your tour today! This one will go fast!

Key facts

• Brand new roof
• 6,250 sq ft lot
• 2 garage spots

Tags

• BRAND NEW ROOF
• FINISHED SPACE IN THE BASEMENT
• FULLY FENCED BACKYARD
• SIDEWALK-LINED NEIGHBORHOOD
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 8.0% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, employment F.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Liberty Elementary School (math 23% / reading 22%, grade F, #788 of 994 statewide, top 79%, 417 students, 80% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL) — zoned schools average 73% FRL vs 54% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 74 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 39% of the median local income ($57k/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 3 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 $92k; list at $170k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,900

Questions for the listing agent

1. Built in 1947 — 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. 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.
4. 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.
5. 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: 1.08% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $169,886
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2424 Normandy Dr	0.09mi	2/2.0 (-1)	916 (-7%)	4mo	$172,000	$188	74
201 E Russ Ave	0.37mi	3/1.0	1,008 (+3%)	4mo	$210,000	$208	73
203 Palau Ave	0.15mi	3/1.0	1,065 (+8%)	8mo	$167,000	$157	70
509 E Russ Ave	0.38mi	3/1.0	1,008 (+3%)	11mo	$175,000	$174	67
135 Guam Ave	0.19mi	3/1.0	1,103 (+12%)	2mo	$179,900	$163	67
2338 Normandy Dr	0.20mi	3/1.0	1,080 (+10%)	8mo	$163,000	$151	65
121 Palau St	0.19mi	3/1.0	1,080 (+10%)	11mo	$176,500	$163	64
2614 N Main St	0.19mi	3/1.0	1,118 (+14%)	10mo	$178,000	$159	58
222 E Donaldson Ave	0.67mi	3/1.0	902 (-8%)	5mo	$156,000	$173	49
239 E Edgar Ave	0.64mi	2/2.0 (-1)	1,066 (+9%)	2mo	$185,000	$174	47
218 E Borley Ave	0.73mi	2/1.0 (-1)	880 (-10%)	2mo	$156,757	$178	40
119 E Donaldson Ave	0.71mi	3/1.0	884 (-10%)	11mo	$146,000	$165	39

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-7,707
• Equity at exit: $25,333

10-year hold

• IRR: 7.9%
• Equity multiple: 1.66×
• Total profit: $31,350
• Equity at exit: $14,690

Cash invested: $47,572 (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 46545

• Rents YoY: 5.2%
• Active inventory: 74
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,827 high
• Mortgage (P&I): −$891
• Tax from tax record: −$236 /mo · $2,829/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $246

Break-even live

Break-even rent $1,516

Max offer price $169,900

Occupancy floor 82%

Sensitivity live

Price	-10% $342	-5% $294	+0% $246	+5% $198	+10% $150
Rent	-10% $101	-5% $174	+0% $246	+5% $318	+10% $390
Rate	-1.0pp $331	-0.5pp $289	base $246	+0.5pp $202	+1.0pp $157

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	14d	1	0.16mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,975	$2.15	14d	25	0.32mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,043	$2.15	14d	33	0.35mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	14d	1	0.72mi
1918 N Byrkit St Mishawaka, IN	2.0	1.0	770	$1,250	$1.62	14d	1	1.17mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	14d	31	1.29mi
4312 Hickory Rd Mishawaka, IN	2.0	1.0	591	$1,171	$1.98	14d	44	1.43mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	14d	21	1.45mi

Listing history 6 events

1. 2026-04-22
   status Pending
2. 2026-04-19
   listed $169,900 Active
3. 2021-02-09
   soldstatus $92,500 558-char remark

   Show marketing remark (558 chars)

   This house is the bomb! This 3 bedroom, 1 and a half bath home has the space you need at the price that's right! Fresh paint throughout the home as well as brand new carpet in the living room. The basement has additional living space with cute built ins and was built as a bomb shelter. There is a deck built in the fenced in backyard perfect for your pet. This seller is also offering a 1 year home warranty for your peace of mind! This home is is close to everything yet tucked away in a quiet neighborhood. Schedule your tour today! This one will go fast!

4. 2020-12-25
   listed $108,000 558-char remark

   Show marketing remark (558 chars)

   This house is the bomb! This 3 bedroom, 1 and a half bath home has the space you need at the price that's right! Fresh paint throughout the home as well as brand new carpet in the living room. The basement has additional living space with cute built ins and was built as a bomb shelter. There is a deck built in the fenced in backyard perfect for your pet. This seller is also offering a 1 year home warranty for your peace of mind! This home is is close to everything yet tucked away in a quiet neighborhood. Schedule your tour today! This one will go fast!

5. 2014-09-30
   soldstatus $65,000 367-char remark

   Show marketing remark (367 chars)

   VERY WELL CARED FOR HOME IN NORMAIN HEIGHTS WITH MANY UPDATES INCLUDING, NEWER FURNACE, AC AND WINDOWS. THIS HOME HAS A VERY NICE FLOORPLAN, INCLUDING A 3 SEASON PORCH, NICE SIZED GREAT ROOM, 3 BEDROOMS AND UPDATED BATH ON THE MAIN LEVEL. YOU WILL LOVE THE CONVENIENCE OF THE 2 CAR GARAGE AND FENCED IN BACKYARD. THE FINISHED BASEMENT ADDS LOTS OF GREAT LIVING SPACE.

6. 2014-05-16
   listed $69,500 367-char remark

   Show marketing remark (367 chars)

   VERY WELL CARED FOR HOME IN NORMAIN HEIGHTS WITH MANY UPDATES INCLUDING, NEWER FURNACE, AC AND WINDOWS. THIS HOME HAS A VERY NICE FLOORPLAN, INCLUDING A 3 SEASON PORCH, NICE SIZED GREAT ROOM, 3 BEDROOMS AND UPDATED BATH ON THE MAIN LEVEL. YOU WILL LOVE THE CONVENIENCE OF THE 2 CAR GARAGE AND FENCED IN BACKYARD. THE FINISHED BASEMENT ADDS LOTS OF GREAT LIVING SPACE.

ⓘ 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: $2,829 · $236/mo
• Projected year-2 tax: $2,829 · $236/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 4/10 Moderate FEMA zone X (unshaded) · 24% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,922
• − Mortgage interest: −$9,517
• − Property taxes: −$2,829
• − Insurance: −$850
• − Repairs & maintenance: −$1,754
• − Management: −$1,754
• − Depreciation: −$4,943
• Taxable income: $277
• Est. tax owed @ 24.0%: −$66
• After-tax cash flow: $2,882/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 26,606
• Household income: $56,865
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1243.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Lithuanian 2% English 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 1% 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: ▼ -114.83%
• Current HPI: 188.2811
• Rent YoY: ▲ 5.20%
• 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

+144.5% since first listed

6 events — show timeline

• 2026-04-22 Pending — IRMLS
• 2026-04-19 Listed $169,900 IRMLS
• 2021-02-09 Sold (MLS) $92,500 IRMLS
• 2020-12-25 Listed $108,000 IRMLS
• 2014-09-30 Sold (MLS) $65,000 IRMLS
• 2014-05-16 Listed $69,500 IRMLS

Property tax history

+42.1%/yr

Latest (2023): $2,829 · +0.1% YoY. Source: county tax records.