1113 S 23rd St · South Bend, IN 46615

$187,000

3 bd · 1.0 ba · 1,680 sqft · SingleFamily public records · 3 Days on market

Built 1900 8,415 sqft lot Est $185k · at est.

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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 +15.9/30.0
• ARV discount +7.0/15.0
• DSCR +4.9/10.0
• Rent growth +4.1/5.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located near popular restaurants, the library, and Indiana University South Bend (IUSB), this well-maintained home offers the perfect blend of comfort and location. Step inside to find a thoughtfully designed layout featuring first-floor laundry for everyday convenience. The highlight of the home is the beautiful kitchen addition with striking wood beams across the ceiling, creating a warm and inviting space perfect for cooking and gathering. A brand-new furnace provides peace of mind and energy efficiency for years to come. Pride of ownership is evident throughout this well-cared-for home. Whether you're looking for easy access to dining, education, and everyday amenities, or

Key facts

• Kitchen addition
• Wood beams
• Brand-new furnace

Tags

• FIRST-FLOOR LAUNDRY
• KITCHEN ADDITION
• WOOD BEAMS
• BRAND-NEW FURNACE

Property features AI

Exterior

• Parking: Detached garage; Off-street parking; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; Two-story
• Construction: Aluminum siding
• Exterior features: Level lot; Lot dimensions approximately 51 x 165; Lot size about 0.19 acres

Interior

• Bedrooms: Bedrooms on main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Partial basement; 7 total rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $187k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/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 $159k (15.0% below list).
• Recommended offer: $159k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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, crime 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.
• Zoned schools: Nuner Fine Arts Academy (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 479 students, 90% FRL); Jefferson Traditional School (math 12% / reading 22%, grade F, #284 of 330 statewide, top 87%, 516 students, 64% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 8 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).
• This rent runs 30% of the median local income ($63k/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 $6k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,919 (15.0% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 0.85% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.05%
• DSCR: 1.09
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $184,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1113 S 23rd St	0.00mi	3/1.0	1,680 (0%)	0mo	$185,000	$110	100
205 N Middleboro Ave	0.26mi	3/1.0	1,588 (-6%)	4mo	$165,000	$104	75
742 S 26th St	0.40mi	3/1.0	1,744 (+4%)	1mo	$185,000	$106	74
946 S 28th St	0.36mi	4/2.0 (+1)	1,680 (0%)	1mo	$220,000	$131	73
2605 Mishawaka St	0.29mi	3/1.0	1,785 (+6%)	4mo	$175,000	$98	73
1225 S 27th St	0.26mi	3/2.0	1,536 (-9%)	0mo	$149,500	$97	69
2806 Milburn Blvd	0.52mi	3/1.0	1,585 (-6%)	1mo	$172,400	$109	65
1111 S 27th St	0.24mi	3/1.5	1,464 (-13%)	2mo	$155,000	$106	64
114 River Ave	0.39mi	4/1.0 (+1)	1,500 (-11%)	0mo	$200,000	$133	59
2204 Milburn Blvd	0.61mi	4/1.0 (+1)	1,764 (+5%)	4mo	$205,000	$116	55
1201 S Twyckenham Dr	0.62mi	3/2.0	1,530 (-9%)	4mo	$228,900	$150	49
1734 Southwood Ave	0.57mi	3/2.0	1,464 (-13%)	2mo	$240,000	$164	46

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 · 6.27% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.63×
• Total profit: $-19,247
• Equity at exit: $27,882

10-year hold

• IRR: 3.3%
• Equity multiple: 1.27×
• Total profit: $14,073
• Equity at exit: $16,168

Cash invested: $52,360 (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 46615

• Home prices YoY: -34.0%
• Rents YoY: 6.3%
• Active inventory: 73
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,589 high
• Mortgage (P&I): −$981
• Tax from tax record: −$107 /mo · $1,287/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $90

Break-even live

Break-even rent $1,476

Max offer price $187,000

Occupancy floor 89%

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	0.17mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	43d	1	0.28mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	43d	1	0.71mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	0.98mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	1.01mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	13d	1	1.03mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	1.05mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	43d	1	1.23mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-28
   listed $187,000 Active

ⓘ 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: $1,287 · $107/mo
• Projected year-2 tax: $1,438 · $120/mo
• Expected delta: +$151/yr (+$13/mo · 11.7%)

ⓘ 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 ≥99°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: $19,070
• − Mortgage interest: −$10,475
• − Property taxes: −$1,287
• − Insurance: −$935
• − Repairs & maintenance: −$1,526
• − Management: −$1,526
• − Depreciation: −$5,440
• Taxable loss: −$2,118
• Est. tax savings @ 24.0%: +$508
• After-tax cash flow: $1,584/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): 14,190
• Household income: $62,964
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 420.0

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 (65%)
• Race & ethnicity: White 65% Black 14% Two or more races 11% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 6% Italian 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 7% Tagalog/Filipino 1% Other Indo-European 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: ▼ -124.82%
• Current HPI: 242.1938
• Rent YoY: ▲ 6.27%
• 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

2 events — show timeline

• 2026-05-01 Pending — IRMLS
• 2026-04-28 Listed $187,000 IRMLS

Property tax history

+5.5%/yr

Latest (2023): $1,287 · +20.2% YoY. Source: county tax records.