108 W Fairview Ave · South Bend, IN 46614

$149,900

4 bd · 2.0 ba · 1,944 sqft · MultiFamily · 139 Days on market

Built 1895 Fair condition 4,800 sqft lot $77/sqft · 60% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0
• 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

One side of Duplex has been renovated and is rented. The other side has a stove and refrigerator only needs renovation. Great opportunity to live in and have income or add to your portfolio

Key facts

• 4,800 sq ft lot
• 2 parking spots
• Built 1895

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive. Per door: $373/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: 190 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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).
• This rent runs 36% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.50% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.31%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $93,916
• List price: $149,900
• Delta: 59.61%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2017 S William St	0.46mi	4/2.0	2,096 (+8%)	9mo	$180,000	$86	58

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: 13.8%
• Equity multiple: 1.55×
• Total profit: $23,227
• Equity at exit: $22,351

10-year hold

• IRR: 22.7%
• Equity multiple: 2.94×
• Total profit: $81,505
• Equity at exit: $12,961

Cash invested: $41,972 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,255 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $746

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 62%

Sensitivity live

Price	-10% $849	-5% $797	+0% $746	+5% $694	+10% $642
Rent	-10% $567	-5% $656	+0% $746	+5% $835	+10% $924
Rate	-1.0pp $821	-0.5pp $784	base $746	+0.5pp $707	+1.0pp $667

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,256
Total (2 units)			$2,255

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	44d	1	0.12mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	0.35mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	44d	1	0.36mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	44d	1	0.60mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	44d	1	0.61mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	0.72mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.75mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	44d	1	0.91mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	44d	1	0.95mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	44d	1	0.98mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	14d	1	1.15mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	1.18mi

Listing history 17 events

1. 2026-06-18
   days on market $149,900 Active 139 DOM
2. 2026-06-17
   days on market $149,900 Active 138 DOM
3. 2026-06-16
   days on market $149,900 Active 137 DOM
4. 2026-06-15
   days on market $149,900 Active 136 DOM
5. 2026-06-14
   days on market $149,900 Active 134 DOM
6. 2026-06-13
   days on market $149,900 Active 133 DOM
7. 2026-06-10
   days on market $149,900 Active 131 DOM
8. 2026-06-09
   days on market $149,900 Active 130 DOM
9. 2026-06-08
   days on market $149,900 Active 129 DOM
10. 2026-06-07
    days on market $149,900 Active 128 DOM
11. 2026-06-03
    days on market $149,900 Active 124 DOM
12. 2026-06-02
    days on market $149,900 Active 123 DOM
13. 2026-06-01
    days on market $149,900 Active 122 DOM
14. 2026-05-31
    days on market $149,900 Active 121 DOM
15. 2026-02-12
    price $149,900 189-char remark

    Show marketing remark (189 chars)

    One side of Duplex has been renovated and is rented. The other side has a stove and refrigerator only needs renovation. Great opportunity to live in and have income or add to your portfolio

16. 2026-01-30
    listed $159,900 Active 189-char remark

    Show marketing remark (189 chars)

    One side of Duplex has been renovated and is rented. The other side has a stove and refrigerator only needs renovation. Great opportunity to live in and have income or add to your portfolio

17. 2014-03-26
    listed $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,060
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − Depreciation: −$4,361
• Taxable income: $6,975
• Est. tax owed @ 24.0%: −$1,674
• After-tax cash flow: $7,272/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its exterior and landscaping, which would significantly increase its resale and rental value.

Repairs flagged

• Major siding — Significant wear and tear
• Major exterior paint — Visible peeling
• Major landscaping — Overgrown lawn

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair siding — Improves home's appearance and value
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Visible peeling	Major	$15,000–50,000
landscaping · Overgrown lawn	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair siding — Improves home's appearance and value ↑
• Both landscaping — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

+499.6% since first listed

3 events — show timeline

• 2026-02-12 Price Changed $149,900 IRMLS
• 2026-01-30 Listed $159,900 IRMLS
• 2014-03-26 Listed $25,000 IRMLS