1850 Johnson St · South Bend, IN 46628

$95,000

3 bd · 1.0 ba · 1,716 sqft · SingleFamily public records · 9 Days on market

Built 1951 5,084 sqft lot Est $180k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

In South Bend's darling Marquette Park neighborhood sits this three bedroom, one bath treasure! All the 1950's charm abounds, with arched doorways, galley kitchen, dark hardwood that just needs a quick re-touch so it can shine anew. The finished attic with it's built-in cabinets and rich paneled walls makes for a fantastic living space, or can remain a large 3rd bedroom with a great walk-in closet. The basement has one finished room, and plenty of space for storage, or to build out a laundry room and add another family or game room to add to your living space. Enjoy a cup of tea on the covered, stamped concrete patio next to the one car detached garage in the fenced in back yard. The front

Key facts

• Finished attic
• Galley kitchen
• Arched doorways

Tags

• ARCHED DOORWAYS
• GALLEY KITCHEN
• FINISHED ATTIC
• BUILT-IN CABINETS
• COVERED STAMPED CONCRETE PATIO
• FENCED IN BACK YARD

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Wood fencing; Level lot; Lot dimensions approximately 41 x 124

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Full, unfinished basement; Lower-level laundry
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 11.5% 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: Coquillard Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 343 students, 89% FRL); Navarre Middle School (math 0% / reading 4%, grade F, #330 of 330 statewide, top 100%, 519 students, 83% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 84% FRL vs 66% district-wide (17 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $657 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 $27k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,000

Questions for the listing agent

1. Built in 1951 — 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 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?
4. 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?
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: 1.49% ✓
• Cap rate: 11.47%
• Cash-on-cash: 18.47%
• DSCR: 1.82
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $180,180
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2122 N Elmer St	0.36mi	4/1.0 (+1)	1,732 (+1%)	0mo	$210,000	$121	76
1821 Marquette Blvd	0.11mi	3/1.5	1,584 (-8%)	6mo	$135,000	$85	75
2226 Beverly Pl	0.52mi	2/1.0 (-1)	1,715 (-0%)	0mo	$168,500	$98	70
1650 Huey St	0.28mi	3/1.0	1,848 (+8%)	5mo	$103,000	$56	70
1707 W Hamilton St	0.17mi	4/2.0 (+1)	1,864 (+9%)	1mo	$144,900	$78	67
1922 Beverly Pl	0.36mi	4/1.5 (+1)	1,810 (+6%)	1mo	$242,500	$134	66
2513 Bergan St	0.44mi	2/2.0 (-1)	1,750 (+2%)	1mo	$207,000	$118	66
1116 Woodlawn Blvd	0.63mi	3/1.5	1,776 (+4%)	1mo	$253,000	$142	62
1741 N Olive St	0.32mi	3/2.0	1,558 (-9%)	6mo	$109,050	$70	61
2111 Inglewood Pl	0.46mi	3/1.5	1,524 (-11%)	2mo	$170,500	$112	56
1210 Johnson St	0.67mi	3/2.0	1,568 (-9%)	4mo	$98,000	$63	47
2106 Hollywood Pl	0.54mi	3/1.0	1,471 (-14%)	6mo	$155,000	$105	46

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: 14.6%
• Equity multiple: 1.61×
• Total profit: $16,339
• Equity at exit: $14,165

10-year hold

• IRR: 26.2%
• Equity multiple: 3.74×
• Total profit: $72,862
• Equity at exit: $8,214

Cash invested: $26,600 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,418 high
• Mortgage (P&I): −$498
• Tax from tax record: −$173 /mo · $2,074/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $409

Break-even live

Break-even rent $900

Max offer price $95,000

Occupancy floor 66%

Sensitivity live

Price	-10% $463	-5% $436	+0% $409	+5% $383	+10% $356
Rent	-10% $297	-5% $353	+0% $409	+5% $466	+10% $522
Rate	-1.0pp $457	-0.5pp $434	base $409	+0.5pp $385	+1.0pp $360

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	14d	1	0.08mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	14d	1	0.28mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	14d	1	0.31mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	0.45mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	45d	1	0.52mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	0.66mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	22d	1	0.68mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	45d	1	0.69mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	0.83mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	22d	1	0.85mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	45d	1	0.88mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	0.91mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	22d	1	0.92mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	22d	1	0.99mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	45d	1	1.07mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	45d	1	1.15mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	22d	1	1.16mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	1.17mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	22d	1	1.22mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	1.45mi

Listing history 2 events

1. 2026-04-30
   status Pending
2. 2026-04-21
   listed $95,000 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: $2,074 · $173/mo
• Projected year-2 tax: $2,074 · $173/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $17,014
• − Mortgage interest: −$5,321
• − Property taxes: −$2,074
• − Insurance: −$475
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − Depreciation: −$2,764
• Taxable income: $3,658
• Est. tax owed @ 24.0%: −$878
• After-tax cash flow: $4,036/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

• Census place: South Bend, IN
• County: Saint Joseph County · 189,048 people
• City population: 99,767
• 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

• 2026-04-30 Pending — IRMLS
• 2026-04-21 Listed $95,000 IRMLS

Property tax history

+13.6%/yr

Latest (2023): $2,074 · -0.8% YoY. Source: county tax records.