1806 Obrien St · South Bend, IN 46628

$119,900

3 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 19 Days on market

Built 1947 5,227 sqft lot $83/sqft · 37% above area Est $88k · 37% over

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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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +6.7/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Short sale, subject to servicers approval. Fire Damaged, Priced to sell. Interior access is not available. No interior picture per the seller.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1947

Property features AI

Finance

• Other: Lot dimensions approximately 40 x 125 (0.12 acre)
• Financial info: Financial details not specified
• HOA & community: No HOA information specified

Exterior

• Parking: Detached 2-car garage
• Security: No security features specified
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Concrete perimeter foundation; Built year not specified
• Exterior features: Level lot

Interior

• Kitchen: Appliances not specified
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not specified
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heat; No cooling
• Interior features: Full unfinished basement; 7 total rooms
• Laundry & utility: Laundry located in the basement; Natural gas heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.4% in South Bend — 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 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, schools 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.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask is 20% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $9k; list at $120k implies a 1262% 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 $118,101 (1.5% below list)

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. 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?
4. 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?
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: 1.17% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 7.1

CMA / ARV

• ARV (median comp): $87,537
• List price: $119,900
• Delta: 36.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1614 O'brien St	0.24mi	4/1.0 (+1)	1,440 (0%)	5mo	$170,000	$118	80
1421 N Brookfield St	0.36mi	4/1.0 (+1)	1,440 (0%)	5mo	$107,500	$75	74
1821 Marquette Blvd	0.12mi	3/1.5	1,584 (+10%)	6mo	$135,000	$85	71
1337 N Adams St	0.50mi	3/1.0	1,366 (-5%)	2mo	$95,000	$70	66
2221 Portage Ave	0.55mi	2/1.5 (-1)	1,414 (-2%)	1mo	$215,000	$152	63
1521 Huey St	0.30mi	2/1.0 (-1)	1,280 (-11%)	2mo	$105,900	$83	61
1501 N Huey St	0.33mi	3/1.0	1,270 (-12%)	5mo	$95,000	$75	61
2111 Inglewood Pl	0.56mi	3/1.5	1,524 (+6%)	2mo	$170,500	$112	60
1207 N Olive St	0.63mi	4/1.5 (+1)	1,386 (-4%)	5mo	$149,000	$108	53
1210 Johnson St	0.58mi	3/2.0	1,568 (+9%)	4mo	$98,000	$63	51
1115 Johnson St	0.67mi	3/1.0	1,300 (-10%)	4mo	$88,000	$68	49
1054 Huey St	0.72mi	4/1.5 (+1)	1,288 (-11%)	2mo	$85,251	$66	40

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.21×
• Total profit: $6,903
• Equity at exit: $17,877

10-year hold

• IRR: 17.6%
• Equity multiple: 2.71×
• Total profit: $57,407
• Equity at exit: $10,367

Cash invested: $33,572 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,408 high
• Mortgage (P&I): −$629
• Tax from tax record: −$108 /mo · $1,292/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $326

Break-even live

Break-even rent $995

Max offer price $119,900

Occupancy floor 72%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	13d	1	0.16mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	43d	1	0.16mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.22mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	0.24mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	13d	1	0.42mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	13d	1	0.53mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	43d	1	0.61mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	20d	1	0.61mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	0.62mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	43d	1	0.63mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	0.67mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	43d	1	0.74mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.75mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	20d	1	0.77mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.84mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	20d	1	0.85mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.88mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	20d	1	0.92mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	20d	1	0.92mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	43d	1	1.01mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	1.05mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	1.12mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	1.13mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	20d	1	1.14mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	20d	1	1.19mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	1.38mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	13d	1	1.38mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	1.40mi

Listing history 12 events

1. 2026-06-03
   days on market $119,900 Active 19 DOM
2. 2026-06-02
   days on market $119,900 Active 18 DOM
3. 2026-06-01
   days on market $119,900 Active 17 DOM
4. 2026-05-31
   days on market $119,900 Active 16 DOM
5. 2026-05-30
   days on market $119,900 Active 15 DOM
6. 2026-05-19
   price $119,900 631-char remark
7. 2026-05-18
   status Active 631-char remark
8. 2026-05-08
   status Pending 631-char remark
9. 2026-05-05
   price $114,900 631-char remark
10. 2026-05-05
    listed $100,000 Active 631-char remark
11. 2021-07-30
    soldstatus $8,800 142-char remark

    Show marketing remark (142 chars)

    Short sale, subject to servicers approval. Fire Damaged, Priced to sell. Interior access is not available. No interior picture per the seller.

12. 2021-05-08
    listed $9,000 142-char remark

    Show marketing remark (142 chars)

    Short sale, subject to servicers approval. Fire Damaged, Priced to sell. Interior access is not available. No interior picture per the seller.

ⓘ 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: $1,292 · $108/mo
• Projected year-2 tax: $1,292 · $108/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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,900
• − Mortgage interest: −$6,716
• − Property taxes: −$1,292
• − Insurance: −$600
• − Repairs & maintenance: −$1,352
• − Management: −$1,352
• − Depreciation: −$3,488
• Taxable income: $2,101
• Est. tax owed @ 24.0%: −$504
• After-tax cash flow: $3,410/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
• County: Saint Joseph County · 189,048 people
• City population: 99,767
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

+1232.2% since first listed

7 events — show timeline

• 2026-05-19 Price Changed $119,900 IRMLS
• 2026-05-18 Relisted — IRMLS
• 2026-05-08 Pending — IRMLS
• 2026-05-05 Price Changed $114,900 IRMLS
• 2026-05-05 Listed $100,000 IRMLS
• 2021-07-30 Sold (MLS) $8,800 IRMLS
• 2021-05-08 Listed $9,000 IRMLS

Property tax history

+47.1%/yr

Latest (2025): $1,292 · -1.2% YoY. Source: county tax records.