55219 Lexington Ave · Ardmore, IN 46628

$90,000

2 bd · 1.0 ba · 880 sqft · SingleFamily public records

Built 1964 9,148 sqft lot Est $156k · 42% under

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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 +29.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Pending at list. For comp purposes. Adorable 1 Story home on a great lot that needs a little TLC to make it your dream cottage at a great PRICE! 2 bedrooms with the possibility to make it back to 3 bedrooms. Current owner was using the 3rd bedroom for a walk in pantry. 1st floor laundry in back room that doubles as a 4 season room! 2 Stall garage and a huge double shed for a ton of storage! Enjoy the upcoming warmer weather under the large covered front porch!

Key facts

• 9,148 sq ft lot
• 2 garage spots
• Built 1964

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).

Location & tenants

• Location reads: area grade B — 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: Coquillard Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 343 students, 89% FRL); Dickinson Fine Arts Academy (math 0% / reading 5%, grade F, #329 of 330 statewide, top 100%, 449 students, 86% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 85% FRL vs 66% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1964 — 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. 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.
4. 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.
5. 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: 1.23% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.39%
• DSCR: 1.68
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $155,760
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
55219 Lexington Ave	0.00mi	2/1.0	880 (0%)	0mo	$82,750,000	$94,034	100
55453 Grandview Ave	0.27mi	2/1.0	864 (-2%)	20mo	$99,000	$115	68
1339 Canterbury Dr	0.34mi	3/1.0 (+1)	864 (-2%)	11mo	$180,000	$208	67
932 Sussex Dr	0.43mi	3/1.0 (+1)	900 (+2%)	13mo	$160,500	$178	61
55345 Hollywood Blvd	0.70mi	2/1.0	936 (+6%)	2mo	$165,000	$176	55
1413 N Wellington St	0.73mi	3/1.0 (+1)	924 (+5%)	0mo	$170,000	$184	52
3929 W Lincoln Way	0.54mi	2/1.0	775 (-12%)	4mo	$82,000	$106	51
23758 Grove St	0.74mi	2/1.5	864 (-2%)	16mo	$149,900	$173	47
3615 Elwood Ave	0.70mi	3/1.0 (+1)	864 (-2%)	18mo	$152,500	$177	44
3815 Ardmore Trl	0.61mi	2/1.0	962 (+9%)	18mo	$128,008	$133	41

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: 10.0%
• Equity multiple: 1.41×
• Total profit: $10,357
• Equity at exit: $13,419

10-year hold

• IRR: 21.9%
• Equity multiple: 3.18×
• Total profit: $54,844
• Equity at exit: $7,782

Cash invested: $25,200 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,109 high
• Mortgage (P&I): −$472
• Tax from tax record: −$43 /mo · $519/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $323

Break-even live

Break-even rent $700

Max offer price $90,000

Occupancy floor 66%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3224 Ardmore Trl South Bend, IN	1.0	1.0	675	$864	$1.28	13d	2	0.95mi
202 N Chicago St South Bend, IN	2.0	1.0	720	$1,055	$1.47	43d	1	1.05mi
4510 W Washington St South Bend, IN	2.0	1.0	720	$1,039	$1.44	43d	1	1.11mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	43d	1	1.22mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	21d	1	1.44mi

Listing history 2 events

1. 2026-03-09
   historical
2. 2026-02-26
   listed $90,000

ⓘ 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: $519 · $43/mo
• Projected year-2 tax: $642 · $53/mo
• Expected delta: +$123/yr (+$10/mo · 23.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 6 d/yr ≥99°F today · 14 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: $13,306
• − Mortgage interest: −$5,041
• − Property taxes: −$519
• − Insurance: −$450
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$2,618
• Taxable income: $2,549
• Est. tax owed @ 24.0%: −$612
• After-tax cash flow: $3,268/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 — Ardmore

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

Census & demographics

• Census place: Ardmore, IN
• County: Saint Joseph County · 189,048 people
• 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

2 events — show timeline

• 2026-03-09 Delisted — IRMLS
• 2026-02-26 Listed $90,000 IRMLS

Property tax history

+0.5%/yr

Latest (2023): $519 · -0.6% YoY. Source: county tax records.