802 N Olive St · South Bend, IN 46628

$169,900

4 bd · 2.0 ba · 2,104 sqft · MultiFamily public records · 674 Days on market

Built 1922 5,000 sqft lot $81/sqft · 44% above area Est $118k · 44% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

Key facts

• 5,000 sq ft lot
• 2 parking spots
• Built 1922

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $823 ($10k/yr) — positive. Per door: $412/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,454/mo this rent would consume 48% of the median local household income ($62k/yr) (locally 1024% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 674 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $40k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 674 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 12.50%
• Cash-on-cash: 22.17%
• DSCR: 1.99
• GRM: 5.8

CMA / ARV

• ARV (median comp): $117,754
• List price: $169,900
• Delta: 44.28%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
736 Lawndale Ave	0.65mi	5/2.0 (+1)	2,032 (-3%)	4mo	$95,000	$47	56

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: 17.2%
• Equity multiple: 1.73×
• Total profit: $34,588
• Equity at exit: $25,333

10-year hold

• IRR: 28.2%
• Equity multiple: 3.96×
• Total profit: $140,609
• Equity at exit: $14,690

Cash invested: $47,572 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,454 high
• Mortgage (P&I): −$891
• Tax from tax record: −$98 /mo · $1,178/yr
• Insurance: −$71
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $823

Break-even live

Break-even rent $1,412

Max offer price $169,900

Occupancy floor 61%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,454
Total (2 units)			$2,454

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.15mi
2530 Bonds Ave South Bend, IN	5.0	1.5	1866	$2,000	$1.07	43d	1	0.19mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	0.21mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	0.42mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.90mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.91mi
609 N Scott St South Bend, IN	5.0	1.5	1951	$1,450	$0.74	43d	1	1.20mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	13d	1	1.36mi
164 S Gladstone Ave South Bend, IN	4.0	1.0	1440	$1,365	$0.95	43d	1	1.44mi
721 S Arnold St South Bend, IN	4.0	2.0	2568	$1,800	$0.70	13d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $169,900 Active 674 DOM
2. 2026-06-17
   days on market $169,900 Active 673 DOM
3. 2026-06-16
   days on market $169,900 Active 672 DOM
4. 2026-06-15
   days on market $169,900 Active 671 DOM
5. 2026-06-14
   days on market $169,900 Active 669 DOM
6. 2026-06-13
   days on market $169,900 Active 668 DOM
7. 2026-06-10
   days on market $169,900 Active 666 DOM
8. 2026-06-09
   days on market $169,900 Active 665 DOM
9. 2026-06-08
   days on market $169,900 Active 664 DOM
10. 2026-06-07
    days on market $169,900 Active 663 DOM
11. 2026-06-03
    days on market $169,900 Active 659 DOM
12. 2026-06-02
    days on market $169,900 Active 658 DOM
13. 2026-06-01
    days on market $169,900 Active 657 DOM
14. 2026-05-31
    days on market $169,900 Active 656 DOM
15. 2026-05-07
    price $169,900 378-char remark

    Show marketing remark (378 chars)

    In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

16. 2026-02-13
    price $199,900 378-char remark

    Show marketing remark (378 chars)

    In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

17. 2025-01-14
    status Active 378-char remark

    Show marketing remark (378 chars)

    In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

18. 2024-12-16
    historical Active Under Contract 378-char remark

    Show marketing remark (378 chars)

    In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

19. 2024-08-13
    listed $209,900 Active 378-char remark

    Show marketing remark (378 chars)

    In search of a lucrative income opportunity? This tastefully renovated duplex, with two 2-bedroom/1-bath units, is all brick. One unit boasts elegant hardwood flooring, built-ins, and natural woodwork, while the other features stylish vinyl plank flooring. Both units have white kitchens, spacious living area and neutral decor. See rent amounts. Both units are currently rented

20. 2024-03-14
    historical $1,100
21. 2023-12-08
    price $1,100
22. 2023-12-07
    listed $1,000
23. 2023-04-11
    soldstatus $180,000
24. 2014-05-13
    listed $29,900
25. 2014-05-12
    listed $29,900
26. 2012-11-08
    soldstatus $52,000
27. 2003-07-08
    historical
28. 2002-08-08
    listed $40,000

ⓘ 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: $1,178 · $98/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$133/yr (+$11/mo · 11.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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: $29,448
• − Mortgage interest: −$9,517
• − Property taxes: −$1,178
• − Insurance: −$1,516
• − Repairs & maintenance: −$2,356
• − Management: −$2,356
• − Depreciation: −$4,943
• Taxable income: $7,583
• Est. tax owed @ 24.0%: −$1,820
• After-tax cash flow: $8,059/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

+324.8% since first listed

14 events — show timeline

• 2026-05-07 Price Changed $169,900 IRMLS
• 2026-02-13 Price Changed $199,900 IRMLS
• 2025-01-14 Relisted — IRMLS
• 2024-12-16 Contingent — IRMLS
• 2024-08-13 Listed $209,900 IRMLS
• 2024-03-14 Rental Removed $1,100 APPFOLIO
• 2023-12-08 Price Changed $1,100 APPFOLIO
• 2023-12-07 Listed for Rent $1,000 APPFOLIO
• 2023-04-11 Sold (Public Records) $180,000 Public Records
• 2014-05-13 Listed $29,900 IRMLS
• 2014-05-12 Listed $29,900 IRMLS
• 2012-11-08 Sold (Public Records) $52,000 Public Records
• 2003-07-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-08-08 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2023): $1,178 · +11.5% YoY. Source: county tax records.