1517 Maplehurst Street St · Mishawaka, IN 46565

$134,900

2 bd · 1.0 ba · 625 sqft · SingleFamily public records · 124 Days on market

Built 1950 0.63 ac lot $216/sqft · 22% above area Est $144k · 6% under

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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 +30.0/30.0
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Look at this lovely home in Mishawaka. Home is located on a huge 92 x 305 feet lot with fenced back yard, great for kids and furry friends to play. Needs a little TLC but priced to sell as is

Key facts

• Huge 92 x 305 feet
• 0.63 acre lot
• Garage

Tags

• HUGE 92 X 305 FEET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $771 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 5.2% 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: schools C-, 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.
• Market conditions: 19 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $31k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $135k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 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 1950 — 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: 1.53% ✓
• Cap rate: 13.15%
• Cash-on-cash: 24.51%
• DSCR: 2.09
• GRM: 5.5

CMA / ARV

• ARV (median comp): $144,073
• List price: $134,900
• Delta: -6.37%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1015 E Broadway St	0.41mi	1/1.0 (-1)	660 (+6%)	6mo	$125,000	$189	62
2106 N Byrkit St	0.45mi	2/1.0	580 (-7%)	7mo	$114,000	$197	62
630 Studebaker St	0.52mi	2/1.0	660 (+6%)	12mo	$167,500	$254	56
310 E Borley Ave	0.70mi	2/1.0	624 (-0%)	14mo	$133,000	$213	55

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: 17.8%
• Equity multiple: 1.72×
• Total profit: $27,252
• Equity at exit: $20,114

10-year hold

• IRR: 26.3%
• Equity multiple: 3.30×
• Total profit: $86,924
• Equity at exit: $11,664

Cash invested: $37,772 (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 46565

• Home prices YoY: -7.8%
• Active inventory: 19
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,058 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$91 /mo · $1,093/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $771

Break-even live

Break-even rent $1,082

Max offer price $134,900

Occupancy floor 58%

Sensitivity live

Price	-10% $848	-5% $810	+0% $771	+5% $733	+10% $695
Rent	-10% $609	-5% $690	+0% $771	+5% $853	+10% $934
Rate	-1.0pp $839	-0.5pp $806	base $771	+0.5pp $736	+1.0pp $701

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	15d	31	1.11mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,591	$1.67	15d	33	1.27mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,619	$1.76	15d	25	1.28mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	15d	1	1.34mi

Listing history 19 events

1. 2026-06-17
   status $134,900 Pending 124 DOM
2. 2026-06-17
   days on market $134,900 Active 124 DOM
3. 2026-06-16
   days on market $134,900 Active 123 DOM
4. 2026-06-15
   days on market $134,900 Active 122 DOM
5. 2026-06-14
   days on market $134,900 Active 120 DOM
6. 2026-06-13
   pricedays on market $134,900 Active 119 DOM
7. 2026-06-10
   days on market $149,900 Active 117 DOM
8. 2026-06-09
   days on market $149,900 Active 116 DOM
9. 2026-06-08
   days on market $149,900 Active 115 DOM
10. 2026-06-07
    days on market $149,900 Active 114 DOM
11. 2026-06-02
    days on market $149,900 Active 109 DOM
12. 2026-06-01
    days on market $149,900 Active 108 DOM
13. 2026-05-31
    days on market $149,900 Active 107 DOM
14. 2026-05-30
    days on market $149,900 Active 106 DOM
15. 2026-03-20
    price $154,900 191-char remark

    Show marketing remark (191 chars)

    Look at this lovely home in Mishawaka. Home is located on a huge 92 x 305 feet lot with fenced back yard, great for kids and furry friends to play. Needs a little TLC but priced to sell as is

16. 2026-02-13
    listed $165,900 Active 191-char remark

    Show marketing remark (191 chars)

    Look at this lovely home in Mishawaka. Home is located on a huge 92 x 305 feet lot with fenced back yard, great for kids and furry friends to play. Needs a little TLC but priced to sell as is

17. 2015-04-01
    listed $49,900
18. 2013-12-19
    soldstatus $57,000
19. 2013-07-14
    listed $59,900

ⓘ 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: $1,093 · $91/mo
• Projected year-2 tax: $1,120 · $93/mo
• Expected delta: +$27/yr (+$2/mo · 2.5%)

ⓘ 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 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: $24,700
• − Mortgage interest: −$7,556
• − Property taxes: −$1,093
• − Insurance: −$674
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − Depreciation: −$3,924
• Taxable income: $7,500
• Est. tax owed @ 24.0%: −$1,800
• After-tax cash flow: $7,456/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
• City population: 57,683
• Population (ZIP): 8,718

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 (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Polish 13% Italian 4% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 33% English-only · German/W. Germanic 65% Spanish 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: ▼ -21.15%
• Current HPI: 251.731
• 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

+158.6% since first listed

5 events — show timeline

• 2026-03-20 Price Changed $154,900 IRMLS
• 2026-02-13 Listed $165,900 IRMLS
• 2015-04-01 Listed $49,900 IRMLS
• 2013-12-19 Sold (Public Records) $57,000 Public Records
• 2013-07-14 Listed $59,900 IRMLS

Property tax history

+8.0%/yr

Latest (2023): $1,093 · -0.4% YoY. Source: county tax records.