1518 Miami St · South Bend, IN 46613

$110,000

2 bd · 2.0 ba · 651 sqft · MultiFamily · 30 Days on market

Built 1922 Fair condition 5,418 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 +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Mixed-use opportunity in Miami Village! 1518 Miami features a storefront plus an attached 2-bedroom apartment, creating potential for multiple income streams. Off-street parking for 2 vehicles and a location near Crooked Ewe, South Bend Farmers Market, Ivy Tech, Witches BrewPub, and LangLab place this property in the center of a growing area. Great opportunity for an owner-occupant or investor looking for future cash flow potential.

Key facts

• Attached apartment
• Off-street parking
• Storefront

Tags

• MIXED-USE OPPORTUNITY
• STOREFRONT
• ATTACHED APARTMENT
• OFF-STREET PARKING
• LOCATION NEAR CROOKED EWE
• LOCATION NEAR IVY TECH

Property features AI

Exterior

• Parking: Two open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Other property subtype
• Construction: Brick and vinyl siding exterior; Block foundation
• Exterior features: Level lot; Pets allowed

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Baseboard heating; Has heating
• Interior features: Partial basement; Basement present

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $110k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $1,823/mo this rent would consume 51% of the median local household income ($43k/yr) (locally 545% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.66% ✓
• Cap rate: 13.71%
• Cash-on-cash: 26.49%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 1.89×
• Total profit: $27,514
• Equity at exit: $16,401

10-year hold

• IRR: 30.4%
• Equity multiple: 3.86×
• Total profit: $88,236
• Equity at exit: $9,511

Cash invested: $30,800 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,823 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $680

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$994
1× unit	0	1	$829
Total (2 units)			$1,823

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.45mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	43d	1	0.78mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	43d	1	0.82mi
533 Columbia St Unit C South Bend, IN	1.0	1.0	600	$700	$1.17	21d	1	0.95mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	13d	1	0.96mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	13d	1	1.11mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	13d	1	1.27mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	43d	1	1.29mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	21d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $110,000 Active 30 DOM
2. 2026-06-17
   days on market $110,000 Active 29 DOM
3. 2026-06-16
   days on market $110,000 Active 28 DOM
4. 2026-06-15
   days on market $110,000 Active 27 DOM
5. 2026-06-14
   days on market $110,000 Active 25 DOM
6. 2026-06-13
   days on market $110,000 Active 24 DOM
7. 2026-06-10
   days on market $110,000 Active 22 DOM
8. 2026-06-09
   days on market $110,000 Active 21 DOM
9. 2026-06-08
   days on market $110,000 Active 20 DOM
10. 2026-06-07
    days on market $110,000 Active 19 DOM
11. 2026-06-03
    days on market $110,000 Active 15 DOM
12. 2026-06-02
    days on market $110,000 Active 14 DOM
13. 2026-06-01
    days on market $110,000 Active 13 DOM
14. 2026-05-31
    days on market $110,000 Active 12 DOM
15. 2026-05-30
    days on market $110,000 Active 11 DOM
16. 2026-05-12
    listed $100,000 Active 174-char remark

ⓘ 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 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: $21,876
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − Depreciation: −$3,200
• Taxable income: $6,814
• Est. tax owed @ 24.0%: −$1,635
• After-tax cash flow: $6,524/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 · 1 photo

Fair 40/100 Moderate rehab

This property requires moderate renovations to improve its exterior, interior, and HVAC systems, significantly enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — Severe weathering
• Major exterior paint — Peeling paint
• Major windows — Visible cracks in frames
• Major HVAC/mechanicals — No visible equipment

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both repair windows — Improves energy efficiency and resale value
• Both install flooring — Enhances interior appeal and rental value
• Both upgrade HVAC — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
windows · Visible cracks in frames	Major	$15,000–50,000
HVAC/mechanicals · No visible equipment	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both repair windows — Improves energy efficiency and resale value ↑
• Both install flooring — Enhances interior appeal and rental value ↑
• Both upgrade HVAC — Improves comfort and energy efficiency ↑

ⓘ 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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

• 2026-05-19 Listed $110,000 IRMLS