15363 Montecito Dr · Granger, IN 46530

$249,900

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 2 Days on market

Built 1972 0.44 ac lot Est $242k · at est.

---

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 +19.3/30.0
• DSCR +6.1/10.0
• ARV discount +6.0/15.0
• Schools +5.1/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

135. This lovely, updated ranch home sits on a 0.44-acre lot in Granger and offers 3 bedrooms and 2.5 bathrooms. It is located in the Penn School District and is a short drive from Mishawaka and South Bend, as well as popular shopping and dining options. The foyer leads into the Living Room, which features a vaulted ceiling with an exposed wood beam, brick fireplace, and a sliding door to the back deck. The eat-in kitchen features a dining area and is spacious and open. The Master Bedroom has access to the deck and an updated bathroom with ceramic tile flooring and a stand-up shower. The laundry room includes cabinet space and a half bath. Two additional bedrooms and a full bathroom finish out the living space of this great floor plan. The large backyard includes a deck with bench seats, a shed, and beautiful landscaping. Attached 2-car garage. Recent improvements include; new roof, furnace, and AC in the last two years - this home has been very well-maintained. Schedule a showing today!

Key facts

• Large deck
• 0.44-acre lot
• Penn school district

Tags

• 0.44-ACRE LOT
• PENN SCHOOL DISTRICT
• OPEN LAYOUT
• ELECTRIC FIREPLACE
• LARGE DECK
• EAT-IN KITCHEN

Property features AI

Finance

• Other: Lot dimensions approximately 100 x 192 (0.44 acre)

Exterior

• Parking: Attached garage with 2 parking spaces; Garage door opener
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence (site-built); One single-story; Entry level: Main
• Construction: Brick and vinyl siding exterior; Slab foundation; Built as a site-built home
• Exterior features: Deck; Shed(s) on the property

Interior

• Kitchen: Refrigerator; Gas range; Eat-in kitchen
• Bedrooms: Master bedroom on the main level
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Ceiling fans
• Interior features: Entrance foyer; Ceiling fans; Eat-in kitchen; Master suite on the main level; One fireplace located in the family room
• Laundry & utility: Washer hookup on the main level; Washer included; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $274 ($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 $231k (7.5% below list).
• Recommended offer: $231k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.3% in Granger — 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 78/100 on livability (#33 in IN, #2,584 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Prairie Vista Elementary School (math 84% / reading 81%, grade A+, #4 of 994 statewide, top 0%, 509 students, 16% FRL); Schmucker Middle School (math 40% / reading 56%, grade C-, #60 of 330 statewide, top 18%, 1,004 students, 36% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL).
• Market conditions: 204 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $150k; list at $250k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $231,088 (7.5% below list)

Questions for the listing agent

1. Built in 1972 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $241,920
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52363 Filbert Rd	0.25mi	3/1.5	1,457 (+1%)	5mo	$245,000	$168	82
52311 Monte Vista Dr	0.09mi	3/2.0	1,510 (+5%)	5mo	$370,000	$245	81
15278 Montecito Dr	0.08mi	3/1.5	1,630 (+13%)	9mo	$269,900	$166	66
15258 Kerlin Dr	0.11mi	3/2.0	1,280 (-11%)	10mo	$267,005	$209	66
15638 Hamilton St	0.32mi	3/1.0	1,284 (-11%)	3mo	$200,000	$156	62
52650 Santa Monica Dr	0.44mi	3/2.0	1,531 (+6%)	7mo	$270,000	$176	61
15625 Darden Rd	0.26mi	3/1.0	1,248 (-13%)	10mo	$210,000	$168	55
15436 Monterosa Dr	0.15mi	4/2.0 (+1)	1,628 (+13%)	19mo	$290,000	$178	49
52451 Zellers St	0.45mi	3/1.0	1,232 (-14%)	9mo	$190,000	$154	45

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-23,106
• Equity at exit: $37,261

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $2,068
• Equity at exit: $21,607

Cash invested: $69,972 (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 46530

• Home prices YoY: -32.8%
• Active inventory: 204
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,311 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$137 /mo · $1,642/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $274

Break-even live

Break-even rent $1,964

Max offer price $249,900

Occupancy floor 83%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51998 Fir Rd Granger, IN	3.0	1.0	1260	$2,400	$1.90	13d	1	0.52mi
424 Spring Lake Blvd Granger, IN	1.0–2.0	1.0–2.0	868	$1,722	$1.98	13d	14	0.84mi
2110 Beacon Pkwy Granger, IN	3.0	1.0–2.0	1023	$2,403	$2.35	13d	30	0.93mi
6205 N Fir Rd Granger, IN	1.0–3.0	1.0–2.0	1285	$2,671	$2.08	13d	22	1.24mi

Listing history 4 events

1. 2026-05-07
   status Pending
2. 2026-05-04
   listed $249,900 Active
3. 2017-04-01
   soldstatus $149,900 1002-char remark

   Show marketing remark (1002 chars)

   135. This lovely, updated ranch home sits on a 0.44-acre lot in Granger and offers 3 bedrooms and 2.5 bathrooms. It is located in the Penn School District and is a short drive from Mishawaka and South Bend, as well as popular shopping and dining options. The foyer leads into the Living Room, which features a vaulted ceiling with an exposed wood beam, brick fireplace, and a sliding door to the back deck. The eat-in kitchen features a dining area and is spacious and open. The Master Bedroom has access to the deck and an updated bathroom with ceramic tile flooring and a stand-up shower. The laundry room includes cabinet space and a half bath. Two additional bedrooms and a full bathroom finish out the living space of this great floor plan. The large backyard includes a deck with bench seats, a shed, and beautiful landscaping. Attached 2-car garage. Recent improvements include; new roof, furnace, and AC in the last two years - this home has been very well-maintained. Schedule a showing today!

4. 2017-03-20
   listed $149,900 1002-char remark

   Show marketing remark (1002 chars)

   135. This lovely, updated ranch home sits on a 0.44-acre lot in Granger and offers 3 bedrooms and 2.5 bathrooms. It is located in the Penn School District and is a short drive from Mishawaka and South Bend, as well as popular shopping and dining options. The foyer leads into the Living Room, which features a vaulted ceiling with an exposed wood beam, brick fireplace, and a sliding door to the back deck. The eat-in kitchen features a dining area and is spacious and open. The Master Bedroom has access to the deck and an updated bathroom with ceramic tile flooring and a stand-up shower. The laundry room includes cabinet space and a half bath. Two additional bedrooms and a full bathroom finish out the living space of this great floor plan. The large backyard includes a deck with bench seats, a shed, and beautiful landscaping. Attached 2-car garage. Recent improvements include; new roof, furnace, and AC in the last two years - this home has been very well-maintained. Schedule a showing today!

ⓘ 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: $1,642 · $137/mo
• Projected year-2 tax: $1,883 · $157/mo
• Expected delta: +$241/yr (+$20/mo · 14.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $27,731
• − Mortgage interest: −$13,998
• − Property taxes: −$1,642
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − Depreciation: −$7,270
• Taxable loss: −$866
• Est. tax savings @ 24.0%: +$208
• After-tax cash flow: $3,498/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Granger

• Score: 78/100
• State rank: #33
• US rank: #2584

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granger, IN
• County: Saint Joseph County · 189,048 people
• City population: 31,598
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,598
• Household income: $122,129
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 671.0

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 (80%)
• Race & ethnicity: White 80% Asian 7% Two or more races 7% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Slovak 3% Italian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% German/W. Germanic 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: ▼ -94.73%
• Current HPI: 194.0944
• Rent YoY: —
• 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

+66.7% since first listed

4 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-05-04 Listed $249,900 IRMLS
• 2017-04-01 Sold (MLS) $149,900 IRMLS
• 2017-03-20 Listed $149,900 IRMLS

Property tax history

+6.9%/yr

Latest (2023): $1,642 · +5.1% YoY. Source: county tax records.