3221 W Wild Cherry Rdg · Mishawaka, IN 46544

$350,000

3 bd · 2.0 ba · 2,300 sqft · SingleFamily public records · 8 Days on market

Built 1996 7,841 sqft lot $152/sqft · 7% below area Est $375k · 7% under ↓ 1% since listing

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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).

• ARV discount +10.5/15.0
• Cash flow +7.8/30.0
• Schools +5.1/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market, no fault of the Seller. Autumn Ridge Subdivision! 1.5 story Moser built home in Penn Schools! Very nice home that is well kept! Great location near shopping and the US 20 bypass. This home is located just south of Mishawaka near Meijers. You will love the open feel that this home has with the living room and kitchen vaulted ceilings. The sunroom off the living room offers the views of the backyard, deck area, and the basketball court! Main floor with 3 bedrooms and 2 full baths! The upstairs was finished with a loft area, bedroom, another full bath, and 2 walk in closets! Super nice addition with lots of windows! City utilities. 1st floor laundry. 2 car garage. Many upgr

Key facts

• 7,841 sq ft lot
• 2 garage spots
• Built 1996

Property features AI

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Brick and vinyl siding exterior; Unfinished basement
• Exterior features: Deck; Lot is sloped with some level areas

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range; Eat-in kitchen
• Bedrooms: Primary bedroom located on the main level
• Bathrooms: 3 full bathrooms; 2 bathrooms on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Vaulted ceilings; Eat-in kitchen; Primary bedroom on main level; Unfinished basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-388 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (36.6% below list).
• Recommended offer: $222k (36.6% below list) — sets the bar for 1% rule.

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.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elm Road Elementary School (math 52% / reading 49%, grade D+, #269 of 994 statewide, top 27%, 513 students, 43% FRL); Discovery Middle School (math 57% / reading 75%, grade A-, #6 of 330 statewide, top 2%, 848 students, 17% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL).
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,220/mo this rent would consume 45% of the median local household income ($59k/yr) (locally 685% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $221,971 (36.6% 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. 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: 0.63% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• GRM: 13.1

CMA / ARV

• ARV (median comp): $374,950
• List price: $350,000
• Delta: -6.65%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3221 W Wild Cherry Rdg	0.00mi	4/3.0 (+1)	2,300 (0%)	0mo	$345,000	$150	91
3307 Falling Oak Dr	0.07mi	3/2.0	2,192 (-5%)	4mo	$379,900	$173	86
3409 Falling Oak Dr	0.11mi	4/2.5 (+1)	2,276 (-1%)	1mo	$419,900	$184	85
3229 Falling Oak Dr	0.06mi	4/1.5 (+1)	2,072 (-10%)	2mo	$374,900	$181	72
3024 Falling Oak Dr	0.15mi	4/2.0 (+1)	2,072 (-10%)	2mo	$370,225	$179	70
3215 Wild Cherry Rdg	0.01mi	3/3.0	2,044 (-11%)	21mo	$250,000	$122	59
59430 Ireland Trl	0.75mi	4/2.5 (+1)	2,306 (+0%)	12mo	$265,000	$115	48
757 Bugle Ln	0.70mi	3/2.0	2,030 (-12%)	9mo	$261,000	$129	40
2323 Blue Smoke Trl	0.52mi	3/2.5	2,028 (-12%)	20mo	$295,000	$145	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.29×
• Total profit: $-69,808
• Equity at exit: $52,186

10-year hold

• IRR: -5.2%
• Equity multiple: 0.59×
• Total profit: $-39,741
• Equity at exit: $30,262

Cash invested: $98,000 (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 46544

• Rents YoY: 9.1%
• Active inventory: 141
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,220 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$160 /mo · $1,919/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-388

Break-even live

Break-even rent $2,710

Max offer price $281,529

Occupancy floor —

Sensitivity live

Price	-10% $-189	-5% $-289	+0% $-388	+5% $-487	+10% $-586
Rent	-10% $-563	-5% $-475	+0% $-388	+5% $-300	+10% $-212
Rate	-1.0pp $-211	-0.5pp $-299	base $-388	+0.5pp $-478	+1.0pp $-571

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$2,755	$1.98	15d	74	0.44mi
1929 Blue Stem Ct Mishawaka, IN	4.0	3.5	2213	$2,900	$1.31	15d	1	1.10mi

Listing history 4 events

1. 2026-05-12
   status Pending 913-char remark
2. 2026-05-07
   status Active 913-char remark
3. 2026-05-02
   status Pending 913-char remark
4. 2026-04-29
   listed $350,000 Active 913-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: $1,919 · $160/mo
• Projected year-2 tax: $2,447 · $204/mo
• Expected delta: +$528/yr (+$44/mo · 27.5%)

ⓘ 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 ≥99°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: $26,637
• − Mortgage interest: −$19,605
• − Property taxes: −$1,919
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$10,182
• Taxable loss: −$11,081
• Est. tax savings @ 24.0%: +$2,660
• After-tax cash flow: $-1,992/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 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): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

-1.4% since first listed

5 events — show timeline

• 2026-06-10 Sold (MLS) $345,000 IRMLS
• 2026-05-12 Pending — IRMLS
• 2026-05-07 Relisted — IRMLS
• 2026-05-02 Pending — IRMLS
• 2026-04-29 Listed $350,000 IRMLS

Property tax history

-0.5%/yr

Latest (2025): $1,919 · -1.9% YoY. Source: county tax records.