2806 S Michigan St · South Bend, IN 46614

$95,500

2 bd · 1.0 ba · 888 sqft · SingleFamily public records · 81 Days on market

Built 1923 4,560 sqft lot $108/sqft · 12% below area Est $109k · 12% under ↓ 2% since listing

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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 +27.7/30.0
• ARV discount +13.0/15.0
• DSCR +9.7/10.0
• 1% rule +6.8/10.0
• 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

Charming 3 bedroom, 1 full bath home located less than 3 miles from downtown South Bend with easy access to major roads, shopping, and dining. This property features a functional layout, spacious rooms, formal dining room, family, and a welcoming front porch. Strong rental history with good tenants in place perfect for investors seeking immediate income. The home includes an attic with potential to be finished into additional living space, as well as a basement offering extra storage. Great opportunity for investors or first time buyers looking for value and upside potential. Property is being sold as-is.

Key facts

• Attic
• Front porch
• Basement

Tags

• FRONT PORCH
• ATTIC
• BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $90k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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, 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: 190 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 $660 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($90k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,770 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.18% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 7.0

CMA / ARV

• ARV (median comp): $108,888
• List price: $95,500
• Delta: -12.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3409 Addison St	0.40mi	2/1.0	890 (+0%)	1mo	$173,000	$194	81
817 E Eckman St	0.57mi	2/1.0	880 (-1%)	2mo	$130,000	$148	70
3706 Addison St	0.57mi	3/1.0 (+1)	936 (+5%)	1mo	$175,000	$187	59
3806 Addison St	0.64mi	2/1.0	936 (+5%)	3mo	$163,000	$174	59
803 Dover Dr	0.66mi	3/1.0 (+1)	864 (-3%)	1mo	$144,000	$167	59
303 E Chippewa Ave	0.66mi	3/1.0 (+1)	864 (-3%)	4mo	$180,000	$208	56
3515 Woldhaven Dr	0.70mi	3/1.0 (+1)	864 (-3%)	3mo	$138,000	$160	55
2126 S Scott St	0.65mi	3/1.0 (+1)	960 (+8%)	0mo	$163,400	$170	51
3802 S Carroll St	0.64mi	2/1.0	768 (-14%)	3mo	$150,000	$195	45
2213 Kendall St	0.69mi	2/1.0	792 (-11%)	6mo	$99,900	$126	45
3610 S Saint Joseph St	0.53mi	3/1.0 (+1)	1,007 (+13%)	5mo	$187,000	$186	44
912 Ridgedale Rd	0.70mi	3/1.0 (+1)	1,000 (+13%)	7mo	$171,000	$171	36

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $2,793
• Equity at exit: $14,239

10-year hold

• IRR: 12.3%
• Equity multiple: 1.97×
• Total profit: $25,908
• Equity at exit: $8,257

Cash invested: $26,740 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,129 high
• Mortgage (P&I): −$501
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $287

Break-even live

Break-even rent $766

Max offer price $95,500

Occupancy floor 70%

Sensitivity live

Price	-10% $341	-5% $314	+0% $287	+5% $260	+10% $233
Rent	-10% $198	-5% $242	+0% $287	+5% $332	+10% $376
Rate	-1.0pp $335	-0.5pp $311	base $287	+0.5pp $262	+1.0pp $237

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: $23,875
• Closing costs: $2,865
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	45d	1	0.32mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	22d	1	0.33mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	22d	1	0.63mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	0.69mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	45d	1	0.70mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	45d	1	0.72mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.73mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	14d	1	0.76mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	22d	1	1.07mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	1.23mi
1142 E Indiana Ave South Bend, IN	1.0	1.0	751	$599	$0.80	14d	1	1.24mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	45d	1	1.24mi

Listing history 17 events

1. 2026-06-18
   days on market $95,500 Active 81 DOM
2. 2026-06-17
   days on market $95,500 Active 80 DOM
3. 2026-06-16
   days on market $95,500 Active 79 DOM
4. 2026-06-15
   days on market $95,500 Active 78 DOM
5. 2026-06-14
   days on market $95,500 Active 76 DOM
6. 2026-06-13
   days on market $95,500 Active 75 DOM
7. 2026-06-10
   days on market $95,500 Active 73 DOM
8. 2026-06-09
   days on market $95,500 Active 72 DOM
9. 2026-06-08
   days on market $95,500 Active 71 DOM
10. 2026-06-07
    days on market $95,500 Active 70 DOM
11. 2026-06-03
    days on market $95,500 Active 66 DOM
12. 2026-06-02
    days on market $95,500 Active 65 DOM
13. 2026-06-01
    days on market $95,500 Active 64 DOM
14. 2026-05-31
    days on market $95,500 Active 63 DOM
15. 2026-05-30
    days on market $95,500 Active 62 DOM
16. 2026-04-23
    price $95,500 612-char remark

    Show marketing remark (612 chars)

    Charming 3 bedroom, 1 full bath home located less than 3 miles from downtown South Bend with easy access to major roads, shopping, and dining. This property features a functional layout, spacious rooms, formal dining room, family, and a welcoming front porch. Strong rental history with good tenants in place perfect for investors seeking immediate income. The home includes an attic with potential to be finished into additional living space, as well as a basement offering extra storage. Great opportunity for investors or first time buyers looking for value and upside potential. Property is being sold as-is.

17. 2026-03-30
    listed $97,500 Active 612-char remark

    Show marketing remark (612 chars)

    Charming 3 bedroom, 1 full bath home located less than 3 miles from downtown South Bend with easy access to major roads, shopping, and dining. This property features a functional layout, spacious rooms, formal dining room, family, and a welcoming front porch. Strong rental history with good tenants in place perfect for investors seeking immediate income. The home includes an attic with potential to be finished into additional living space, as well as a basement offering extra storage. Great opportunity for investors or first time buyers looking for value and upside potential. Property is being sold as-is.

ⓘ 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: $772 · $64/mo
• Projected year-2 tax: $792 · $66/mo
• Expected delta: +$20/yr (+$2/mo · 2.5%)

ⓘ 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 ≥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: $13,550
• − Mortgage interest: −$5,349
• − Property taxes: −$772
• − Insurance: −$478
• − Repairs & maintenance: −$1,084
• − Management: −$1,084
• − Depreciation: −$2,778
• Taxable income: $2,005
• Est. tax owed @ 24.0%: −$481
• After-tax cash flow: $2,964/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

-2.1% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $95,500 IRMLS
• 2026-03-30 Listed $97,500 IRMLS

Property tax history

-11.3%/yr

Latest (2023): $772 · -0.7% YoY. Source: county tax records.