721 S Arnold St · South Bend, IN 46619

$129,900

3 bd · 1.0 ba · 2,568 sqft · SingleFamily public records · 2 Days on market

Built 1902 7,488 sqft lot Est $252k · 48% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

All you need to do is move in! Enjoy this newly renovated and very spacious 4 bedroom 2 bath home! The convenient and functional layout offers an open kitchen, large living room, and first floor laundry ideal for everyday living and entertaining! Enjoy a fully fenced backyard with plenty of room toplay, plus an outbuilding for extra storage. Home is being sold "As Is".

Key facts

• First floor laundry
• Large living room
• Newly renovated

Tags

• NEWLY RENOVATED
• OPEN KITCHEN
• LARGE LIVING ROOM
• FIRST FLOOR LAUNDRY
• FULLY FENCED BACKYARD
• OUTBUILDING FOR EXTRA STORAGE

Property features AI

Exterior

• Parking: Off-street parking
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family residence (site-built); 2 stories; Level lot
• Construction: Vinyl siding; Wood siding; Block foundation; Shingle roof; Full basement
• Exterior features: Covered porch; Storm doors; Chain link fencing; Detached outbuilding

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Total rooms: 8
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Natural gas heating; Baseboard heating; Forced air heating; Ceiling fans for cooling
• Interior features: Ceiling fans; Eat-in kitchen; Laminate countertops; Storm windows
• Laundry & utility: Washer hookup on main level; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $821 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 13.9% 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: Madison S.T.E.A.M. Academy (math 2% / reading 2%, grade F, #994 of 994 statewide, top 100%, 618 students, 93% 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: 53 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $49k; list at $130k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1902 — 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: 1.58% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.08%
• DSCR: 2.20
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $251,664
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1010 W Washington St	0.60mi	4/3.0 (+1)	2,950 (+15%)	1mo	$290,000	$98	34

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: 21.0%
• Equity multiple: 1.86×
• Total profit: $31,190
• Equity at exit: $19,369

10-year hold

• IRR: 29.1%
• Equity multiple: 3.59×
• Total profit: $94,338
• Equity at exit: $11,231

Cash invested: $36,372 (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 46619

• Home prices YoY: -29.9%
• Active inventory: 53
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,046 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$61 /mo · $727/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $821

Break-even live

Break-even rent $1,008

Max offer price $129,900

Occupancy floor 55%

Sensitivity live

Price	-10% $894	-5% $857	+0% $821	+5% $784	+10% $747
Rent	-10% $659	-5% $740	+0% $821	+5% $902	+10% $982
Rate	-1.0pp $886	-0.5pp $854	base $821	+0.5pp $787	+1.0pp $753

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 S Arnold St South Bend, IN	4.0	2.0	2568	$1,800	$0.70	15d	1	0.02mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	22d	19	1.00mi

Listing history 3 events

1. 2026-05-11
   status Pending
2. 2026-05-09
   listed $129,900 Active
3. 2007-03-12
   soldstatus $48,683

ⓘ 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: $727 · $61/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$189/yr (+$16/mo · 25.9%)

ⓘ 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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,556
• − Mortgage interest: −$7,276
• − Property taxes: −$727
• − Insurance: −$650
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − Depreciation: −$3,779
• Taxable income: $8,195
• Est. tax owed @ 24.0%: −$1,967
• After-tax cash flow: $7,882/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
• City population: 99,767
• Population (ZIP): 21,179

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 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 37% Black 19% Two or more races 19%
• Hispanic origin (detail): Mexican 32% Puerto Rican 1%
• Common ancestry: Romanian 12% English 1% Slovak 1%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 30% 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: ▼ -95.16%
• Current HPI: 223.6464
• 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

+166.8% since first listed

3 events — show timeline

• 2026-05-11 Pending — IRMLS
• 2026-05-09 Listed $129,900 IRMLS
• 2007-03-12 Sold (Public Records) $48,683 Public Records

Property tax history

-4.9%/yr

Latest (2023): $727 · -5.0% YoY. Source: county tax records.