925 Burdette St · Mishawaka, IN 46544

$59,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 14 Days on market

Built 1954 4,636 sqft lot

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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
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors, flippers, or handy buyers! This is a great opportunity with excellent potential for rental, flip, or to renovate your own home in a desirable location. Home is gutted to studs and ready for rehab. Property to be sold As-Is

Key facts

• Gutted to studs
• Ready for rehab
• Desirable location

Tags

• DESIRABLE LOCATION
• GUTTED TO STUDS
• READY FOR REHAB
• SOLD AS IS

Property features AI

Finance

• Financial info: Annual tax reported: $1,618

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Slab foundation; Built as site-built construction
• Exterior features: Lot dimensions approximately 38 x 122; Lot includes other/unspecified features

Interior

• Bedrooms: Total rooms: 5
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: No central heating; No cooling
• Interior features: Fireplace (1)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Cap rate 15.1% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, employment F.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Emmons Elementary School (math 14% / reading 14%, grade F, #874 of 994 statewide, top 89%, 435 students, 87% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL) — zoned schools average 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,000

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.93% ✓
• Cap rate: 15.14%
• Cash-on-cash: 31.61%
• DSCR: 2.41
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $124,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1001 Carlton St	0.35mi	2/1.0	720 (0%)	3mo	$124,900	$173	81
513 Jackson St	0.26mi	1/1.0 (-1)	780 (+8%)	1mo	$60,000	$77	68
705 Kamms Ct	0.53mi	2/1.0	744 (+3%)	2mo	$162,547	$218	68
519 Grand Blvd	0.55mi	2/1.0	725 (+1%)	8mo	$122,500	$169	66
209 Hendricks St	0.39mi	2/1.0	672 (-7%)	7mo	$100,000	$149	65
2412 Milburn Blvd	0.67mi	2/1.0	720 (0%)	7mo	$117,000	$163	63
1625 Lincolnway West St	0.42mi	3/1.0 (+1)	768 (+7%)	7mo	$95,000	$124	58
1229 S 34th St	0.61mi	2/1.0	756 (+5%)	8mo	$90,000	$119	57
534 W 10th St	0.54mi	1/1.0 (-1)	786 (+9%)	8mo	$165,000	$210	48
3513 Pleasant St	0.68mi	2/1.0	816 (+13%)	0mo	$168,000	$206	46
1325 S 31st St	0.62mi	2/1.0	821 (+14%)	7mo	$159,500	$194	42
2416 Milburn Blvd	0.68mi	2/1.0	823 (+14%)	6mo	$156,500	$190	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 32.5%
• Equity multiple: 2.47×
• Total profit: $24,235
• Equity at exit: $8,797

10-year hold

• IRR: 42.3%
• Equity multiple: 6.11×
• Total profit: $84,451
• Equity at exit: $5,101

Cash invested: $16,520 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,141 high
• Mortgage (P&I): −$309
• Tax from tax record: −$132 /mo · $1,589/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $435

Break-even live

Break-even rent $590

Max offer price $59,000

Occupancy floor 57%

Sensitivity live

Price	-10% $468	-5% $452	+0% $435	+5% $418	+10% $402
Rent	-10% $345	-5% $390	+0% $435	+5% $480	+10% $525
Rate	-1.0pp $465	-0.5pp $450	base $435	+0.5pp $420	+1.0pp $404

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	22d	1	0.23mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	14d	1	0.28mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	14d	1	0.54mi
516 W 3rd St Apt 1 Mishawaka, IN	1.0	1.0	750	$800	$1.07	22d	1	0.77mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	14d	1	0.77mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	14d	1	0.88mi
2500 Topsfield Rd #907 South Bend, IN	1.0	1.0	700	$1,100	$1.57	44d	1	0.92mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	14d	1	0.92mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	14d	1	0.99mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	44d	1	1.11mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	22d	1	1.15mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	14d	1	1.22mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	14d	31	1.24mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	1.24mi
4245 Irish Hills Dr South Bend, IN	1.0–2.0	1.0–1.5	739	$1,436	$1.94	14d	77	1.39mi

Listing history 10 events

1. 2026-06-13
   statusdays on market $59,000 Pending 14 DOM
2. 2026-06-10
   days on market $59,000 Active 13 DOM
3. 2026-06-09
   days on market $59,000 Active 12 DOM
4. 2026-06-08
   days on market $59,000 Active 11 DOM
5. 2026-06-07
   days on market $59,000 Active 10 DOM
6. 2026-06-02
   days on market $59,000 Active 5 DOM
7. 2026-06-01
   days on market $59,000 Active 4 DOM
8. 2026-05-31
   days on market $59,000 Active 3 DOM
9. 2026-05-30
   days on market $59,000 Active 2 DOM
10. 2026-05-28
    listed $59,000 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: $1,589 · $132/mo
• Projected year-2 tax: $1,589 · $132/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $13,693
• − Mortgage interest: −$3,305
• − Property taxes: −$1,589
• − Insurance: −$295
• − Repairs & maintenance: −$1,095
• − Management: −$1,095
• − Depreciation: −$1,716
• Taxable income: $4,597
• Est. tax owed @ 24.0%: −$1,103
• After-tax cash flow: $4,118/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

Amenities F Commute C Cost of living A+ Crime C Employment F Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

1 event — show timeline

• 2026-05-28 Listed $59,000 IRMLS

Property tax history

-3.0%/yr

Latest (2024): $1,589 · +11.4% YoY. Source: county tax records.