20162 Wedgewood Dr · South Bend, IN 46637

$190,000

3 bd · 2.0 ba · 1,404 sqft · SingleFamily public records · 76 Days on market

Built 1999 0.39 ac lot $135/sqft · at area comps Est $194k · at est. ↓ 16% since listing

---

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 +20.5/30.0
• ARV discount +8.4/15.0
• DSCR +6.5/10.0
• 1% rule +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Substantial price reduction! Motivated seller. Welcome home to this beautifully maintained, one-owner residence in South Bend-just minutes away from the iconic University of Notre Dame and conveniently located near the IN/MI state line. This spacious home offers 3 large bedrooms and 2 full baths, thoughtfully designed for both comfort and functionality. The inviting living area features a cozy fireplace-perfect for relaxing evenings or gathering with friends and family. Major updates including the roof (3 yrs), water heater and HVAC (1 yr) have already been completed for your piece of mind. Ideally situated close to parks, restaurants, and shopping, this home is the perfect blend of quiet neighborhood living and everyday convenience. Welcome home!

Key facts

• Cozy fireplace
• Major updates
• Conveniently located

Tags

• COZY FIREPLACE
• MAJOR UPDATES
• QUIET NEIGHBORHOOD LIVING
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/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 $180k (5.5% below list).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.3% 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: Darden Elementary School (math 12% / reading 16%, grade F, #874 of 994 statewide, top 89%, 522 students, 78% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% FRL); Clay High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 628 students, 65% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 29% at this address vs 16% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.

Recommended offer $178,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.66%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

• ARV (median comp): $194,000
• List price: $190,000
• Delta: -2.06%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20122 Layden St	0.07mi	4/2.5 (+1)	1,510 (+8%)	12mo	$234,900	$156	67
3165 S 3rd St	0.27mi	3/2.0	1,296 (-8%)	9mo	$59,900	$46	67
225 Owens St	0.40mi	2/1.0 (-1)	1,463 (+4%)	1mo	$180,000	$123	65
3102 Owens Ct	0.35mi	3/1.0	1,338 (-5%)	18mo	$79,900	$60	57
50781 Michigan Rd	0.35mi	3/1.5	1,502 (+7%)	16mo	$160,000	$107	56
19915 Beechwood St	0.32mi	4/2.0 (+1)	1,526 (+9%)	14mo	$135,000	$88	54
2932 Adams Rd	0.70mi	3/2.0	1,438 (+2%)	14mo	$250,000	$174	52
19275 Wedgewood Dr	0.73mi	3/1.0	1,600 (+14%)	0mo	$246,900	$154	38
3018 Adams Rd	0.63mi	2/1.0 (-1)	1,525 (+9%)	18mo	$162,000	$106	32

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: -7.6%
• Equity multiple: 0.72×
• Total profit: $-14,856
• Equity at exit: $28,330

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $7,405
• Equity at exit: $16,428

Cash invested: $53,200 (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 46637

• Active inventory: 114
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$91 /mo · $1,096/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $251

Break-even live

Break-even rent $1,477

Max offer price $190,000

Occupancy floor 81%

Sensitivity live

Price	-10% $359	-5% $305	+0% $251	+5% $197	+10% $144
Rent	-10% $109	-5% $180	+0% $251	+5% $322	+10% $393
Rate	-1.0pp $347	-0.5pp $299	base $251	+0.5pp $202	+1.0pp $152

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 Merrill Ct S Unit 924 South Bend, IN	2.0	1.5	1263	$1,795	$1.42	15d	1	1.01mi

Listing history 3 events

1. 2026-05-04
   status Pending 757-char remark

   Show marketing remark (757 chars)

   Substantial price reduction! Motivated seller. Welcome home to this beautifully maintained, one-owner residence in South Bend-just minutes away from the iconic University of Notre Dame and conveniently located near the IN/MI state line. This spacious home offers 3 large bedrooms and 2 full baths, thoughtfully designed for both comfort and functionality. The inviting living area features a cozy fireplace-perfect for relaxing evenings or gathering with friends and family. Major updates including the roof (3 yrs), water heater and HVAC (1 yr) have already been completed for your piece of mind. Ideally situated close to parks, restaurants, and shopping, this home is the perfect blend of quiet neighborhood living and everyday convenience. Welcome home!

2. 2026-03-23
   price $190,000 757-char remark

   Show marketing remark (757 chars)

   Substantial price reduction! Motivated seller. Welcome home to this beautifully maintained, one-owner residence in South Bend-just minutes away from the iconic University of Notre Dame and conveniently located near the IN/MI state line. This spacious home offers 3 large bedrooms and 2 full baths, thoughtfully designed for both comfort and functionality. The inviting living area features a cozy fireplace-perfect for relaxing evenings or gathering with friends and family. Major updates including the roof (3 yrs), water heater and HVAC (1 yr) have already been completed for your piece of mind. Ideally situated close to parks, restaurants, and shopping, this home is the perfect blend of quiet neighborhood living and everyday convenience. Welcome home!

3. 2026-02-17
   listed $225,000 Active 757-char remark

   Show marketing remark (757 chars)

   Substantial price reduction! Motivated seller. Welcome home to this beautifully maintained, one-owner residence in South Bend-just minutes away from the iconic University of Notre Dame and conveniently located near the IN/MI state line. This spacious home offers 3 large bedrooms and 2 full baths, thoughtfully designed for both comfort and functionality. The inviting living area features a cozy fireplace-perfect for relaxing evenings or gathering with friends and family. Major updates including the roof (3 yrs), water heater and HVAC (1 yr) have already been completed for your piece of mind. Ideally situated close to parks, restaurants, and shopping, this home is the perfect blend of quiet neighborhood living and everyday convenience. Welcome home!

ⓘ 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: $1,096 · $91/mo
• Projected year-2 tax: $1,356 · $113/mo
• Expected delta: +$259/yr (+$22/mo · 23.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,540
• − Mortgage interest: −$10,643
• − Property taxes: −$1,096
• − Insurance: −$950
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$5,527
• Taxable loss: −$123
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $3,043/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

• City population: 99,767
• Population (ZIP): 16,079

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 17% Two or more races 6% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Italian 3% Iranian 3%
• Foreign-born: 9% · China, Canada, Vietnam
• Languages at home: 91% English-only · Spanish 2% Chinese 2% 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: ▼ -128.33%
• Current HPI: 210.1124
• Rent YoY: —
• Metro: —
• 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

-15.6% since first listed

3 events — show timeline

• 2026-05-04 Pending — IRMLS
• 2026-03-23 Price Changed $190,000 IRMLS
• 2026-02-17 Listed $225,000 IRMLS

Property tax history

+8.6%/yr

Latest (2023): $1,096 · -7.8% YoY. Source: county tax records.