1603 Crestwood Blvd · South Bend, IN 46635

$259,000

3 bd · 1.0 ba · 1,138 sqft · SingleFamily public records · 6 Days on market

Built 1957 9,520 sqft lot Est $192k · 35% over ↓ 9% since listing

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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).

• Cash flow +6.1/30.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.6/10.0
• DSCR +0.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this adorable home in desirable Eastgate Estates, that is less than a mile to the Notre Dame Campus. This home features a finished lower level gathering room, plenty of storage, large laundry area and room for possible 4th bedroom and additional bathroom. Nothing to do but move into this lovely home. It is clean and super well maintained with so many new features including newer windows, high end exterior siding, gleaming hardwood floors, new kitchen with a breakfast bar includes newer stove, refrigerator and dishwasher. Walk down the hall to a renovated bathroom as well. New continues with a new Furnace and central air, new concrete driveway with parking for up to 8 cars, open p

Key facts

• Renovated bathroom
• Large laundry area
• Newer windows

Tags

• LARGE LAUNDRY AREA
• RENOVATED BATHROOM
• NEW KITCHEN WITH BREAKFAST BAR
• NEWER WINDOWS
• HIGH END EXTERIOR SIDING
• GLEAMING HARDWOOD FLOORS

Property features AI

Exterior

• Parking: Detached garage with automatic opener (2-car); Concrete driveway
• Utilities: Public water; Public sewer; Energy-efficient HVAC; Energy-efficient water heater
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Asphalt shingle roof; Concrete perimeter foundation; Above-grade finished area and finished lower level
• Exterior features: Privacy fencing; Level lot; Lot dimensions approximately 70 x 136

Interior

• Kitchen: Dishwasher; Refrigerator; Gas oven; Gas range
• Flooring: Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Window treatments; Finished basement
• Laundry & utility: Washer; Dryer; Laundry located on lower level; Water softener (owned); Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $259k.

Deal economics

• At list price, monthly cash flow is $-479 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (32.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (44.3% below list).
• Recommended offer: $144k (44.3% 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: Edison Middle School (math 7% / reading 13%, grade F, #314 of 330 statewide, top 95%, 381 students, 84% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: 32 active listings in the ZIP; 4 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,313 (44.3% 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 1957 — 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: 0.56% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.93%
• DSCR: 0.65
• GRM: 15.0

CMA / ARV

• ARV (on-the-fly): $192,322
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2715 Edison Rd	0.20mi	3/1.0	1,080 (-5%)	6mo	$182,500	$169	77
1329 Pyle Ave	0.41mi	3/1.0	1,137 (-0%)	9mo	$220,000	$193	73
3215 Bentley Ln	0.48mi	3/1.0	1,064 (-6%)	3mo	$180,000	$169	64
2405 Rockne Dr	0.60mi	3/1.0	1,184 (+4%)	2mo	$210,000	$177	64
1117 Whitehall Dr	0.63mi	3/1.5	1,120 (-2%)	6mo	$180,000	$161	61
3517 Bulla Rd	0.43mi	2/1.0 (-1)	1,200 (+5%)	8mo	$31,500	$26	59
1239 Brummit Ln	0.31mi	4/2.0 (+1)	1,232 (+8%)	6mo	$196,887	$160	58
1904 E Hartman Dr	0.75mi	2/1.0 (-1)	1,149 (+1%)	1mo	$207,000	$180	58
1207 Manchester Dr	0.45mi	4/2.0 (+1)	1,232 (+8%)	1mo	$235,000	$191	56
3038 Boynton Ave	0.41mi	3/1.5	1,264 (+11%)	7mo	$185,000	$146	55
1330 Helmen Dr	0.42mi	2/1.0 (-1)	1,052 (-8%)	11mo	$151,000	$144	54
54174 Maple Lane Ave	0.72mi	2/1.0 (-1)	1,080 (-5%)	4mo	$180,000	$167	49

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: -30.3%
• Equity multiple: -0.00×
• Total profit: $-72,557
• Equity at exit: $38,618

10-year hold

• IRR: -32.3%
• Equity multiple: -0.42×
• Total profit: $-102,800
• Equity at exit: $22,394

Cash invested: $72,520 (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 46635

• Home prices YoY: -29.8%
• Active inventory: 32
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $1,443 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$153 /mo · $1,835/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-479

Break-even live

Break-even rent $2,049

Max offer price $174,390

Occupancy floor —

Sensitivity live

Price	-10% $-332	-5% $-406	+0% $-479	+5% $-552	+10% $-626
Rent	-10% $-593	-5% $-536	+0% $-479	+5% $-422	+10% $-365
Rate	-1.0pp $-349	-0.5pp $-413	base $-479	+0.5pp $-546	+1.0pp $-614

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Rosemary Ln South Bend, IN	2.0	1.0	910	$1,138	$1.25	21d	1	0.57mi
5640 Irish Way Mishawaka, IN	3.0	2.0	1189	$1,675	$1.41	44d	1	1.14mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	14d	1	1.18mi
5630 University Park Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,003	$2.11	14d	17	1.26mi

Listing history 4 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   price $259,000
3. 2026-05-09
   price $267,000
4. 2026-05-08
   listed $285,000 Active

ⓘ 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: $1,835 · $153/mo
• Projected year-2 tax: $2,018 · $168/mo
• Expected delta: +$183/yr (+$15/mo · 10.0%)

ⓘ 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 ≥99°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: $17,318
• − Mortgage interest: −$14,508
• − Property taxes: −$1,835
• − Insurance: −$1,295
• − Repairs & maintenance: −$1,385
• − Management: −$1,385
• − Depreciation: −$7,535
• Taxable loss: −$10,626
• Est. tax savings @ 24.0%: +$2,550
• After-tax cash flow: $-3,197/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): 6,552

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Black 5% Asian 3% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 1% Vietnamese 1% Arabic 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: ▼ -90.65%
• Current HPI: 213.5397
• 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

-9.1% since first listed

4 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-05-11 Price Changed $259,000 IRMLS
• 2026-05-09 Price Changed $267,000 IRMLS
• 2026-05-08 Listed $285,000 IRMLS

Property tax history

-1.1%/yr

Latest (2023): $1,835 · -14.2% YoY. Source: county tax records.