27979 North St · Chain-O-Lakes, IN 46554

$114,900

2 bd · 1.0 ba · 704 sqft · SingleFamily public records · 2 Days on market

Built 1945 0.45 ac lot Est $99k · 17% over

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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).

• Cash flow +22.5/30.0
• DSCR +7.2/10.0
• 1% rule +4.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• 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

Sold at Listing Date. Input for comps. Don't miss your chance to own this charming North Liberty home. Schedule a viewing today and imagine the possibilities that await you. Near Crumstown this property boast has 3 Lots to make the yard perfect for outdoor gatherings and recreational activities. Image your summer barbecues and lazy afternoons in this lovely space. Great Starter home or Rental! This home has 3 bedrooms 1 Bath with the main level one bedroom and another smaller bedroom but upstairs you will find a bedroom and a den area or another bedroom. Updates include some new carpet, doors and freshly painted for you to move right in.

Key facts

• Quiet street
• Includes 3 parcels
• Large yard

Tags

• LARGE YARD
• QUIET STREET
• CLOSE TO SHOPPING
• INCLUDES 3 PARCELS

Property features AI

Exterior

• Parking: Attached garage; 2 garage spaces; Driveway and off-street parking
• Utilities: Well water; Septic sewer
• Home design: Single-family site-built residence; One story
• Construction: Aluminum siding; Asphalt roof
• Exterior features: Corner lot; Asphalt road access; No fencing

Interior

• Kitchen: Refrigerator
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Refrigerator included; One fireplace; Crawl space basement; Total of 5 rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (4.1% below list).
• Recommended offer: $110k (4.1% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 2.4% in Chain-O-Lakes — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Wilson Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 411 students, 90% FRL); Navarre Middle School (math 0% / reading 4%, grade F, #330 of 330 statewide, top 100%, 519 students, 83% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 84% FRL vs 66% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 18 active listings in the ZIP; 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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.
• Current owner paid $79k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,176 (4.1% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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: 0.96% ✗
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $98,560
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27979 North St	0.00mi	3/1.0 (+1)	704 (0%)	1mo	$98,500	$140	94

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-6,408
• Equity at exit: $17,132

10-year hold

• IRR: 4.3%
• Equity multiple: 1.31×
• Total profit: $9,991
• Equity at exit: $9,934

Cash invested: $32,172 (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 46554

• Home prices YoY: -25.2%
• Active inventory: 18
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,102 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$27 /mo · $329/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $193

Break-even live

Break-even rent $858

Max offer price $114,900

Occupancy floor 78%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-13
   status Pending
2. 2026-05-10
   listed $114,900 Active
3. 2026-05-06
   soldstatus $79,066
4. 2023-12-18
   soldstatus $125,900 Closed 646-char remark

   Show marketing remark (646 chars)

   Sold at Listing Date. Input for comps. Don't miss your chance to own this charming North Liberty home. Schedule a viewing today and imagine the possibilities that await you. Near Crumstown this property boast has 3 Lots to make the yard perfect for outdoor gatherings and recreational activities. Image your summer barbecues and lazy afternoons in this lovely space. Great Starter home or Rental! This home has 3 bedrooms 1 Bath with the main level one bedroom and another smaller bedroom but upstairs you will find a bedroom and a den area or another bedroom. Updates include some new carpet, doors and freshly painted for you to move right in.

5. 2019-01-13
   listed $68,500

ⓘ 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: $329 · $27/mo
• Projected year-2 tax: $653 · $54/mo
• Expected delta: +$324/yr (+$27/mo · 98.6%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,221
• − Mortgage interest: −$6,436
• − Property taxes: −$329
• − Insurance: −$574
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$3,343
• Taxable income: $424
• Est. tax owed @ 24.0%: −$102
• After-tax cash flow: $2,209/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 — Chain-O-Lakes

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 4,285

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 (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Romanian 14% Italian 3% English 2%
• Foreign-born: 0%

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: ▼ -70.97%
• Current HPI: 210.3597
• 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

+67.7% since first listed

5 events — show timeline

• 2026-05-13 Pending — IRMLS
• 2026-05-10 Listed $114,900 IRMLS
• 2026-05-06 Sold (Public Records) $79,066 Public Records
• 2023-12-18 Sold (MLS) $125,900 IRMLS
• 2019-01-13 Listed $68,500 IRMLS

Property tax history

-11.7%/yr

Latest (2023): $329 · -76.1% YoY. Source: county tax records.