1521 E Lincolnway · Mishawaka, IN 46544

$114,500

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 300 Days on market

Built 1924 6,578 sqft lot $114/sqft · 24% below area Est $151k · 24% under ↓ 23% since listing

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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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors Welcome! Charming 3 bedroom 1 bath home. Eat-in kitchen, living room, newer roof, fenced in yard and main floor laundry. Being sold AS-IS. Home is occupied, Tenant’s rights apply

Key facts

• Newer roof
• Main floor laundry
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• FENCED IN YARD
• MAIN FLOOR LAUNDRY
• NEWER ROOF

🏷️ Possibly a rental listed for sale. The $114,500 price doesn't fit this home's estimated sale value (~$150,656) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: Beiger Elementary School (math 30% / reading 28%, grade F, #725 of 994 statewide, top 73%, 546 students, 67% 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).
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $792 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.27% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.39%
• DSCR: 1.64
• GRM: 6.6

CMA / ARV

• ARV (median comp): $150,656
• List price: $114,500
• Delta: -24.00%
• 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
1323 E Mishawaka Ave	0.34mi	2/1.0 (-1)	1,015 (+1%)	3mo	$179,000	$176	75
201 S Beiger St	0.19mi	2/1.0 (-1)	1,055 (+5%)	5mo	$140,000	$133	74
1631 Homewood Ave	0.16mi	3/1.5	1,080 (+7%)	7mo	$174,901	$162	73
1132 E 3rd St	0.40mi	2/1.0 (-1)	988 (-2%)	9mo	$127,000	$129	66
223 S Delorenzi Ave	0.44mi	3/1.0	936 (-7%)	4mo	$155,000	$166	64
1801 Linden Ave	0.36mi	2/1.0 (-1)	1,089 (+8%)	7mo	$185,000	$170	59
347 S Brook Ave	0.73mi	3/1.0	1,008 (0%)	8mo	$214,000	$212	59
928 S Byrkit St	0.69mi	3/1.0	1,054 (+5%)	6mo	$179,900	$171	55
118 S Merrifield Ave	0.68mi	2/1.0 (-1)	992 (-2%)	8mo	$80,000	$81	54
617 S Byrkit St	0.51mi	2/1.0 (-1)	1,109 (+10%)	4mo	$170,000	$153	51
1901 E 3rd St	0.40mi	3/2.0	1,152 (+14%)	8mo	$175,000	$152	47
701 Studebaker St	0.56mi	2/1.0 (-1)	892 (-12%)	8mo	$165,000	$185	43

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: 10.2%
• Equity multiple: 1.42×
• Total profit: $13,625
• Equity at exit: $17,072

10-year hold

• IRR: 23.0%
• Equity multiple: 3.45×
• Total profit: $78,388
• Equity at exit: $9,900

Cash invested: $32,060 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,454 high
• Mortgage (P&I): −$600
• Tax from tax record: −$116 /mo · $1,390/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $385

Break-even live

Break-even rent $967

Max offer price $114,500

Occupancy floor 69%

Sensitivity live

Price	-10% $449	-5% $417	+0% $385	+5% $352	+10% $320
Rent	-10% $270	-5% $327	+0% $385	+5% $442	+10% $499
Rate	-1.0pp $442	-0.5pp $414	base $385	+0.5pp $355	+1.0pp $325

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	15d	1	1.04mi
1918 N Byrkit St Mishawaka, IN	2.0	1.0	770	$1,250	$1.62	15d	1	1.10mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	23d	1	1.13mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	45d	1	1.17mi
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	15d	1	1.17mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	15d	1	1.31mi

Listing history 20 events

1. 2026-06-22
   days on market $114,500 Active 300 DOM
2. 2026-06-18
   days on market $114,500 Active 297 DOM
3. 2026-06-17
   days on market $114,500 Active 296 DOM
4. 2026-06-16
   days on market $114,500 Active 295 DOM
5. 2026-06-15
   days on market $114,500 Active 294 DOM
6. 2026-06-14
   days on market $114,500 Active 292 DOM
7. 2026-06-13
   days on market $114,500 Active 291 DOM
8. 2026-06-10
   days on market $114,500 Active 289 DOM
9. 2026-06-09
   days on market $114,500 Active 288 DOM
10. 2026-06-08
    days on market $114,500 Active 287 DOM
11. 2026-06-07
    days on market $114,500 Active 286 DOM
12. 2026-06-02
    days on market $114,500 Active 281 DOM
13. 2026-06-01
    days on market $114,500 Active 280 DOM
14. 2026-05-31
    days on market $114,500 Active 279 DOM
15. 2026-05-30
    days on market $114,500 Active 278 DOM
16. 2025-08-25
    listed $115,000 Active 194-char remark

    Show marketing remark (194 chars)

    Investors Welcome! Charming 3 bedroom 1 bath home. Eat-in kitchen, living room, newer roof, fenced in yard and main floor laundry. Being sold AS-IS. Home is occupied, Tenant’s rights apply

17. 2025-08-15
    listed $115,000 Active
18. 2024-10-04
    status Active
19. 2024-03-15
    listed $149,900 Active
20. 2024-03-11
    historical

ⓘ 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: $1,390 · $116/mo
• Projected year-2 tax: $1,390 · $116/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $17,445
• − Mortgage interest: −$6,414
• − Property taxes: −$1,390
• − Insurance: −$572
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$3,331
• Taxable income: $2,947
• Est. tax owed @ 24.0%: −$707
• After-tax cash flow: $3,907/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): 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

-23.3% since first listed

5 events — show timeline

• 2025-08-25 Listed $115,000 IRMLS
• 2025-08-15 Listed $115,000 IRMLS
• 2024-10-04 Relisted — IRMLS
• 2024-03-15 Listed $149,900 IRMLS
• 2024-03-11 Coming Soon — IRMLS

Property tax history

-5.6%/yr

Latest (2023): $1,390 · +0.1% YoY. Source: county tax records.