1934 Randolph St · South Bend, IN 46613

$114,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 15 Days on market

Built 1973 Est $110k · at est.

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Why this score? — see what drove the C- 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 +22.1/30.0
• DSCR +7.1/10.0
• ARV discount +5.6/15.0
• 1% rule +4.8/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great home located in Roseland Park. 2 Bedroom 1 bath home with a fenced in backyard. Kitchen features ceramic tile and all appliances stay. Water heater was replaced in 2015. Washer/Dryer hookup. House payments are lower than rent, don't miss out!

Key facts

• New furnace
• New water heater
• New central a/c

Tags

• NEW ROOF
• NEW CENTRAL A/C
• NEW FURNACE
• NEW WATER HEATER
• NEWER PRIVACY FENCE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $185 ($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 $113k (2.0% below list).
• Recommended offer: $113k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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, 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: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 32% 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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $51k; list at $115k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,646 (2.0% below list)

Questions for the listing agent

1. Built in 1973 — 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: 0.98% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.89%
• DSCR: 1.31
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $110,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
921 Geyer Ave	0.31mi	2/1.0	725 (+1%)	2mo	$119,900	$165	83
913 Geyer Ave	0.30mi	2/1.0	725 (+1%)	4mo	$110,000	$152	82
1902 Randolph St	0.06mi	2/1.0	660 (-8%)	5mo	$62,000	$94	79
1618 E Dayton St	0.34mi	2/1.0	748 (+4%)	2mo	$135,000	$180	76
1516 E Fox St	0.49mi	2/1.0	720 (0%)	2mo	$110,000	$153	75
1934 E Bowman St	0.13mi	2/1.0	816 (+13%)	3mo	$125,000	$153	69
1001 Carlton St	0.68mi	2/1.0	720 (0%)	3mo	$124,900	$173	66
137 Monmoor Ave	0.34mi	2/1.0	660 (-8%)	6mo	$105,000	$159	66
1405 E Donald St	0.58mi	2/1.0	756 (+5%)	2mo	$55,000	$73	63
1710 E Calvert St	0.26mi	1/1.0 (-1)	808 (+12%)	2mo	$115,000	$142	62
1801 Robinson St	0.28mi	1/1.0 (-1)	616 (-14%)	2mo	$38,000	$62	56
2416 Milburn Blvd	0.34mi	2/1.0	823 (+14%)	6mo	$156,500	$190	55

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-5,662
• Equity at exit: $17,132

10-year hold

• IRR: 6.1%
• Equity multiple: 1.47×
• Total profit: $15,245
• Equity at exit: $9,934

Cash invested: $32,172 (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: 77
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,126 high
• Mortgage (P&I): −$603
• Tax from tax record: −$55 /mo · $659/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $185

Break-even live

Break-even rent $893

Max offer price $114,900

Occupancy floor 79%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	13d	1	0.21mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	43d	1	0.32mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	13d	1	0.49mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	13d	1	0.54mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	43d	1	0.71mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.77mi
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	21d	1	0.88mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	21d	1	0.89mi
2500 Topsfield Rd #907 South Bend, IN	1.0	1.0	700	$1,100	$1.57	43d	1	0.91mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	1.05mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	13d	1	1.13mi

Listing history 12 events

1. 2026-06-16
   status $114,900 Under Contract 15 DOM
2. 2026-06-16
   days on market $114,900 Active 15 DOM
3. 2026-06-15
   days on market $114,900 Active 14 DOM
4. 2026-06-14
   days on market $114,900 Active 12 DOM
5. 2026-06-13
   days on market $114,900 Active 11 DOM
6. 2026-06-10
   days on market $114,900 Active 9 DOM
7. 2026-06-09
   days on market $114,900 Active 8 DOM
8. 2026-06-08
   days on market $114,900 Active 7 DOM
9. 2026-06-07
   days on market $114,900 Active 6 DOM
10. 2026-06-03
    days on market $114,900 Active 2 DOM
11. 2026-06-02
    remarks 675-char remark
12. 2026-06-02
    listed $114,900 Active 1 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: $659 · $55/mo
• Projected year-2 tax: $818 · $68/mo
• Expected delta: +$159/yr (+$13/mo · 24.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,518
• − Mortgage interest: −$6,436
• − Property taxes: −$659
• − Insurance: −$574
• − Repairs & maintenance: −$1,081
• − Management: −$1,081
• − Depreciation: −$3,343
• Taxable income: $343
• Est. tax owed @ 24.0%: −$82
• After-tax cash flow: $2,133/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

+170.4% since first listed

4 events — show timeline

• 2026-06-02 Listed $114,900 FSBO.com
• 2021-04-26 Sold (MLS) $51,000 IRMLS
• 2021-03-15 Listed $50,000 IRMLS
• 2017-04-06 Listed $42,500 IRMLS

Property tax history

+7.0%/yr

Latest (2024): $659 · +12.2% YoY. Source: county tax records.