1403 E Ireland Rd · South Bend, IN 46614

$155,000

2 bd · 1.0 ba · 988 sqft · SingleFamily public records · 13 Days on market

Built 1956 7,620 sqft lot Est $169k · 8% 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).

• Cash flow +12.7/30.0
• ARV discount +11.2/15.0
• DSCR +3.8/10.0
• 1% rule +3.2/10.0
• 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

PRESENTLY RENTED AT $700/MONTH. LONG TERM TENANT WANTS TO STAY. SHOWINGS AFTER 6PM OR POSSIBLE WEEKENDS. 48 HOUR MINIMUM NOTICE FOR SHOWINGS. TAXES ESTIMATED AT $789 WITH EXEMPTIONS.

Key facts

• Carport
• Fresh interior paint
• Tiled shower

Tags

• LUXURY VINYL PLANK FLOORING
• FRESH INTERIOR PAINT
• TILED SHOWER
• CARPORT
• LOW-MAINTENANCE LIVING
• EASY ACCESS TO THE BYPASS

Property features AI

Finance

• Other: Listing broker: Addresses Unlimited, LLC
• Financial info: Financial details not provided
• HOA & community: Subdivision: Broadmoor

Exterior

• Parking: Detached garage with space for 1 vehicle
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One-story
• Construction: Aluminum siding
• Exterior features: Irregular-shaped lot; Lot dimensions approximately 60 x 127; Approximately 0.18-acre lot

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Five total rooms; No basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-17 ($-201/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (17.6% below list).
• Recommended offer: $128k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Marshall Traditional School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 397 students, 59% 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) — zoned schools at 70% FRL track the district average.
• Market conditions: 190 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $44k; list at $155k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,783 (17.6% 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. Built in 1956 — 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. 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: 0.82% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.46%
• DSCR: 0.98
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $168,948
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4108 Woodvale Dr	0.25mi	3/1.0 (+1)	988 (0%)	1mo	$170,000	$172	83
1421 E Ireland Rd	0.04mi	3/1.0 (+1)	1,014 (+3%)	10mo	$151,000	$149	80
4120 Woodvale Dr	0.23mi	3/1.0 (+1)	988 (0%)	6mo	$158,000	$160	79
4106 Brookton Dr	0.27mi	3/1.0 (+1)	1,014 (+3%)	9mo	$178,000	$176	71
4039 Coral Dr	0.34mi	3/1.0 (+1)	1,008 (+2%)	8mo	$175,000	$174	69
4046 Coral Dr	0.35mi	3/1.0 (+1)	1,008 (+2%)	10mo	$175,000	$174	67
1349 Catherwood Dr	0.12mi	3/1.0 (+1)	1,114 (+13%)	9mo	$175,000	$157	61
4032 Woodvale Dr	0.28mi	3/1.0 (+1)	1,053 (+7%)	13mo	$173,000	$164	60
4026 Brookton Dr	0.30mi	3/1.0 (+1)	1,119 (+13%)	11mo	$181,500	$162	50
5015 Kirkshire Dr	0.58mi	2/2.0	1,073 (+9%)	6mo	$183,900	$171	50
1022 Amhurst Ave	0.65mi	3/1.0 (+1)	864 (-13%)	6mo	$135,000	$156	38
857 E Chippewa Ave	0.73mi	3/1.0 (+1)	864 (-13%)	11mo	$166,000	$192	31

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: -17.1%
• Equity multiple: 0.40×
• Total profit: $-26,194
• Equity at exit: $23,111

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-24,219
• Equity at exit: $13,402

Cash invested: $43,400 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$813
• Tax from tax record: −$149 /mo · $1,786/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-17

Break-even live

Break-even rent $1,299

Max offer price $152,035

Occupancy floor 96%

Sensitivity live

Price	-10% $71	-5% $27	+0% $-17	+5% $-61	+10% $-105
Rent	-10% $-118	-5% $-67	+0% $-17	+5% $34	+10% $84
Rate	-1.0pp $61	-0.5pp $23	base $-17	+0.5pp $-57	+1.0pp $-98

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1471 E Ireland Rd South Bend, IN	3.0	2.0	1073	$1,350	$1.26	45d	1	0.12mi
2032 Southern Vw Unit 1a South Bend, IN	2.0	1.0	1000	$1,200	$1.20	14d	1	0.63mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	0.90mi
4245 Irish Hills Dr South Bend, IN	1.0–2.0	1.0–1.5	739	$1,436	$1.94	14d	77	0.96mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.16mi
2500 Topsfield Rd #907 South Bend, IN	1.0	1.0	700	$1,100	$1.57	45d	1	1.27mi

Listing history 11 events

1. 2026-06-18
   days on market $155,000 Active 13 DOM
2. 2026-06-17
   days on market $155,000 Active 12 DOM
3. 2026-06-16
   days on market $155,000 Active 11 DOM
4. 2026-06-15
   days on market $155,000 Active 10 DOM
5. 2026-06-14
   days on market $155,000 Active 8 DOM
6. 2026-06-13
   days on market $155,000 Active 7 DOM
7. 2026-06-10
   days on market $155,000 Active 5 DOM
8. 2026-06-09
   days on market $155,000 Active 4 DOM
9. 2026-06-08
   days on market $155,000 Active 3 DOM
10. 2026-06-07
    remarks 671-char remark
11. 2026-06-07
    listed $155,000 Active 2 DOM

ⓘ 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: $1,786 · $149/mo
• Projected year-2 tax: $1,786 · $149/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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,334
• − Mortgage interest: −$8,682
• − Property taxes: −$1,786
• − Insurance: −$775
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$4,509
• Taxable loss: −$2,872
• Est. tax savings @ 24.0%: +$689
• After-tax cash flow: $488/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): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• 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

+213.1% since first listed

4 events — show timeline

• 2026-06-05 Listed $155,000 IRMLS
• 2016-11-15 Sold (MLS) $43,500 IRMLS
• 2016-05-30 Listed $49,500 IRMLS
• 2015-09-01 Listed $49,500 IRMLS

Property tax history

-5.9%/yr

Latest (2024): $1,786 · +48.2% YoY. Source: county tax records.