1002 E Bowman St · South Bend, IN 46613

$150,000

3 bd · 1.0 ba · 1,520 sqft · SingleFamily public records · 2 Days on market

Built 2002 5,120 sqft lot Est $137k · 10% over

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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 +20.6/30.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Rent growth +3.5/5.0
• ARV discount +3.2/15.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Nice two story home on a corner lot.

Key facts

• 5,120 sq ft lot
• Built 2002
• Listed 2 days

Property features AI

Finance

• Other: Annual tax amount listed (agent/broker for full details)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Built with other/unspecified construction materials
• Exterior features: Corner lot; Lot dimensions approximately 40 x 128

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Cooling present (other type)
• Interior features: Full basement; 9 total rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/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 $144k (4.2% below list).
• Recommended offer: $144k (4.2% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% 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: Rents rising fast (+4.1%/yr); 78 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 41% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $143,751 (4.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.96% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $136,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 E Ewing Ave	0.23mi	4/2.0 (+1)	1,568 (+3%)	1mo	$220,000	$140	74
922 Milton St	0.11mi	3/1.5	1,344 (-12%)	3mo	$60,000	$45	71
1133 Milton St	0.21mi	3/1.0	1,344 (-12%)	0mo	$85,000	$63	71
626 E Dubail Ave	0.35mi	3/1.0	1,638 (+8%)	2mo	$150,500	$92	69
1112 E Fox St	0.15mi	3/1.0	1,300 (-14%)	2mo	$148,500	$114	67
2405 Miami St	0.26mi	4/1.0 (+1)	1,664 (+10%)	2mo	$121,300	$73	66
822 E Ewing Ave	0.21mi	4/2.0 (+1)	1,660 (+9%)	1mo	$150,000	$90	65
320 E Fox St	0.48mi	4/1.0 (+1)	1,584 (+4%)	1mo	$72,500	$46	64
201 E Bowman St	0.58mi	3/2.0	1,456 (-4%)	0mo	$51,000	$35	62
1522 E Ewing Ave	0.63mi	3/1.5	1,411 (-7%)	0mo	$220,000	$156	56
1149 E Indiana Ave	0.40mi	4/1.5 (+1)	1,344 (-12%)	1mo	$90,000	$67	54
2609 Rush St	0.53mi	3/1.0	1,332 (-12%)	2mo	$166,000	$125	53

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.76×
• Total profit: $-9,919
• Equity at exit: $22,365

10-year hold

• IRR: 4.5%
• Equity multiple: 1.34×
• Total profit: $14,364
• Equity at exit: $12,969

Cash invested: $42,000 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 78
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,438 high
• Mortgage (P&I): −$787
• Tax from tax record: −$85 /mo · $1,017/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $202

Break-even live

Break-even rent $1,182

Max offer price $150,000

Occupancy floor 81%

Sensitivity live

Price	-10% $287	-5% $244	+0% $202	+5% $159	+10% $117
Rent	-10% $88	-5% $145	+0% $202	+5% $259	+10% $315
Rate	-1.0pp $277	-0.5pp $240	base $202	+0.5pp $163	+1.0pp $123

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	45d	1	0.11mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	45d	1	0.32mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	45d	1	0.34mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	15d	1	0.43mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	22d	1	0.50mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	45d	1	0.58mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	22d	1	0.60mi
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	45d	1	0.71mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	22d	1	0.73mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	45d	1	1.03mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	45d	1	1.09mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	15d	1	1.19mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	22d	1	1.35mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	45d	1	1.37mi

Listing history 2 events

1. 2026-05-10
   status Pending
2. 2026-05-08
   listed $150,000 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: $1,017 · $85/mo
• Projected year-2 tax: $1,146 · $96/mo
• Expected delta: +$129/yr (+$11/mo · 12.7%)

ⓘ 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: $17,250
• − Mortgage interest: −$8,402
• − Property taxes: −$1,017
• − Insurance: −$750
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − Depreciation: −$4,364
• Taxable loss: −$43
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $2,431/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

• 2026-05-10 Pending — IRMLS
• 2026-05-08 Listed $150,000 IRMLS

Property tax history

-14.3%/yr

Latest (2023): $1,017 · +10.3% YoY. Source: county tax records.