54213 Terrace Ln · South Bend, IN 46635

$188,000

2 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 49 Days on market

Built 1948 10,019 sqft lot $178/sqft · 27% above area Est $221k · 15% under

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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).

• ARV discount +14.3/15.0
• Cash flow +7.7/30.0
• Livability +3.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ideally situated just one mile from the University of Notre Dame, this well maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area--perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, new counters, and Kohler kitchen sink ensuring a truly move-in-ready experience. Outside, enjoy a an expansive backyard with shed, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

Key facts

• Newer vinyl windows
• Tiled foyer
• Vaulted ceilings

Tags

• TILED FOYER
• VAULTED CEILINGS
• SKYLIGHTS
• ORIGINAL HARDWOOD FLOORS
• STAINLESS STEEL APPLIANCES
• NEWER VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $188k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (20.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (24.1% below list).
• Recommended offer: $143k (24.1% below list) — sets the bar for 1% rule.

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, schools 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.
• Market conditions: 32 active listings in the ZIP; 3 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 11y 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 $160k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,648 (24.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• GRM: 11.0

CMA / ARV

• ARV (median comp): $221,305
• List price: $188,000
• Delta: -15.05%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54235 Terrace Ln	0.02mi	3/1.0 (+1)	1,072 (+2%)	0mo	$110,000	$103	91
54174 Maple Lane Ave	0.10mi	2/1.0	1,080 (+2%)	4mo	$180,000	$167	88
54305 Terrace Ln	0.10mi	3/1.0 (+1)	1,181 (+12%)	24mo	$145,000	$123	51
1640 Vernerlee Ln	0.62mi	3/1.0 (+1)	1,107 (+5%)	12mo	$229,000	$207	48
54722 Northern Ave	0.55mi	3/1.0 (+1)	1,100 (+4%)	20mo	$145,000	$132	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.8%
• Equity multiple: 0.16×
• Total profit: $-44,400
• Equity at exit: $28,031

10-year hold

• IRR: -20.4%
• Equity multiple: -0.07×
• Total profit: $-56,468
• Equity at exit: $16,255

Cash invested: $52,640 (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 46635

• Home prices YoY: -29.8%
• Active inventory: 32
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,426 medium
• Mortgage (P&I): −$986
• Tax from tax record: −$282 /mo · $3,388/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-220

Break-even live

Break-even rent $1,704

Max offer price $149,206

Occupancy floor —

Sensitivity live

Price	-10% $-113	-5% $-166	+0% $-220	+5% $-273	+10% $-326
Rent	-10% $-332	-5% $-276	+0% $-220	+5% $-163	+10% $-107
Rate	-1.0pp $-125	-0.5pp $-172	base $-220	+0.5pp $-268	+1.0pp $-318

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Rosemary Ln South Bend, IN	2.0	1.0	910	$1,138	$1.25	21d	1	0.73mi
5640 Irish Way Mishawaka, IN	3.0	2.0	1189	$1,675	$1.41	44d	1	1.04mi
5630 University Park Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,610	$1.69	14d	17	1.28mi

Listing history 25 events

1. 2026-06-02
   days on market $188,000 Active 49 DOM
2. 2026-06-01
   days on market $188,000 Active 48 DOM
3. 2026-05-31
   days on marketlisting id $188,000 Active 47 DOM
4. 2026-05-31
   days on market $188,000 Active 51 DOM
5. 2026-05-30
   days on market $188,000 Active 50 DOM
6. 2026-05-12
   price $188,000 1061-char remark

   Show marketing remark (1035 chars)

   Ideally situated just one mile from the University of Notre Dame, this meticulously maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area—perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, ensuring a truly move-in-ready experience. Outside, enjoy a private and expansive backyard, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

7. 2026-05-12
   price $188,000 1035-char remark

   Show marketing remark (1035 chars)

   Ideally situated just one mile from the University of Notre Dame, this meticulously maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area—perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, ensuring a truly move-in-ready experience. Outside, enjoy a private and expansive backyard, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

8. 2026-04-14
   listed $196,000 Active 1035-char remark

   Show marketing remark (1035 chars)

   Ideally situated just one mile from the University of Notre Dame, this meticulously maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area—perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, ensuring a truly move-in-ready experience. Outside, enjoy a private and expansive backyard, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

9. 2026-04-14
   listed $196,000 Active

   Show marketing remark (1035 chars)

   Ideally situated just one mile from the University of Notre Dame, this meticulously maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area—perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, ensuring a truly move-in-ready experience. Outside, enjoy a private and expansive backyard, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

10. 2026-04-10
    listed $196,000 Active 1061-char remark

    Show marketing remark (1061 chars)

    Ideally situated just one mile from the University of Notre Dame, this well maintained all-brick ranch offers the perfect blend of classic charm and modern peace of mind. The home welcomes you with a stunning tiled foyer featuring vaulted ceilings and skylights, creating a bright and airy transition into the main living spaces. Beautiful original hardwood floors flow throughout the three comfortable bedrooms. The kitchen comes equipped with stainless steel appliances, complemented by newer vinyl windows throughout the home for improved energy efficiency. The lower level provides a full basement with laundry and a partially finished bonus area--perfect for a home gym or hobby space. Significant recent upgrades include a brand-new septic system, new counters, and Kohler kitchen sink ensuring a truly move-in-ready experience. Outside, enjoy a an expansive backyard with shed, perfect for entertaining or relaxing. Whether you're looking for a primary residence or a premier gameday retreat, this home is ready for you to enjoy just in time for kickoff!

11. 2026-01-27
    listed $196,000 Active
12. 2025-06-26
    status Pending
13. 2025-06-19
    listed $208,000 Active
14. 2025-03-10
    price $197,000
15. 2025-01-03
    listed $199,000 Active
16. 2024-12-10
    price $199,000
17. 2024-11-20
    listed $208,000 Active
18. 2023-10-24
    soldstatus $160,000 Closed
19. 2023-09-25
    status Pending
20. 2023-09-16
    price $164,900
21. 2023-09-05
    listed $169,900 Active
22. 2022-09-17
    listed $1,500 Active
23. 2015-12-29
    soldstatus $78,000
24. 2015-08-11
    listed $79,900
25. 2015-04-01
    listed $79,900

ⓘ 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: $3,388 · $282/mo
• Projected year-2 tax: $3,388 · $282/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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,118
• − Mortgage interest: −$10,531
• − Property taxes: −$3,388
• − Insurance: −$940
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$5,469
• Taxable loss: −$5,949
• Est. tax savings @ 24.0%: +$1,428
• After-tax cash flow: $-1,208/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): 6,552

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Black 5% Asian 3% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 1% Vietnamese 1% Arabic 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: ▼ -90.65%
• Current HPI: 213.5397
• 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

+135.3% since first listed

20 events — show timeline

• 2026-05-12 Price Changed $188,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $188,000 IRMLS
• 2026-04-14 Listed $196,000 IRMLS
• 2026-04-14 Listed $196,000 IRMLS
• 2026-04-10 Listed $196,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-27 Listed $196,000 IRMLS
• 2025-06-26 Pending — IRMLS
• 2025-06-19 Listed $208,000 IRMLS
• 2025-03-10 Price Changed $197,000 IRMLS
• 2025-01-03 Listed $199,000 IRMLS
• 2024-12-10 Price Changed $199,000 IRMLS
• 2024-11-20 Listed $208,000 IRMLS
• 2023-10-24 Sold (MLS) $160,000 IRMLS
• 2023-09-25 Pending — IRMLS
• 2023-09-16 Price Changed $164,900 IRMLS
• 2023-09-05 Listed $169,900 IRMLS
• 2022-09-17 Listed $1,500 IRMLS
• 2015-12-29 Sold (MLS) $78,000 IRMLS
• 2015-08-11 Listed $79,900 IRMLS
• 2015-04-01 Listed $79,900 IRMLS

Property tax history

+28.5%/yr

Latest (2023): $3,388 · -0.5% YoY. Source: county tax records.