19948 Elizabeth St · South Bend, IN 46637

$169,000

1 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 21 Days on market

Built 1951 10,019 sqft lot Est $167k · 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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.0/15.0
• 1% rule +5.6/10.0
• 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

BARGAIN!! Completely remodeled and unique one story home! Conveniently located near Notre Dame and, shopping, by pass, toll road you name it! New appliances , New well (4 yrs) , Carpet, kitchen, high efficiency washer and dryer , tank-less water heater and all appliances stay! LARGE 27 X 32 over sized detached garage with large door for RV's to park and features a 10 X 27 "work shop" area with separate entrance for convenience of lawn mower or any toy you wish! AC unit does not operate. Home is sold as is.

Key facts

• Huge garage
• Concrete patio
• Updated kitchen

Tags

• CENTRAL AIR SYSTEM
• UPDATED KITCHEN
• HUGE GARAGE
• CONCRETE PATIO
• WALKING TRAILS

Property features AI

Finance

• Other: Property listed by Howard Hanna SB Real Estate

Exterior

• Parking: Detached garage with space for 3 vehicles; Off-street parking
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; Site-built home; Single-story
• Construction: Vinyl siding; Slab foundation; Built as site-built construction
• Exterior features: Level lot; Lot dimensions approximately 84 x 117

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Window treatments
• Laundry & utility: Washer and dryer on the main level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Jefferson Traditional School (math 12% / reading 22%, grade F, #284 of 330 statewide, top 87%, 516 students, 64% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL).
• Zoned-school proficiency averages 30% at this address vs 16% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 112 active listings in the ZIP; 1 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($166k) 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 $65k; list at $169k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,465 (1.5% below list)

Questions for the listing agent

1. Built in 1951 — 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: 1.06% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.62%
• DSCR: 1.47
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $167,232
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19444 Greenacre St	0.62mi	2/1.0 (+1)	1,212 (-3%)	8mo	$162,500	$134	54
19959 Kelley St	0.30mi	2/1.0 (+1)	1,086 (-13%)	9mo	$112,000	$103	52
50745 Bristol St	0.29mi	2/1.0 (+1)	1,093 (-12%)	14mo	$187,000	$171	49

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: -0.4%
• Equity multiple: 0.98×
• Total profit: $-781
• Equity at exit: $25,198

10-year hold

• IRR: 9.2%
• Equity multiple: 1.71×
• Total profit: $33,366
• Equity at exit: $14,612

Cash invested: $47,320 (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 46637

• Active inventory: 112
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$42 /mo · $509/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $419

Break-even live

Break-even rent $1,265

Max offer price $169,000

Occupancy floor 72%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 Merrill Ct S Unit 924 South Bend, IN	2.0	1.5	1263	$1,795	$1.42	13d	1	1.09mi

Listing history 19 events

1. 2026-06-18
   days on market $169,000 Active 21 DOM
2. 2026-06-17
   days on market $169,000 Active 20 DOM
3. 2026-06-16
   pricedays on market $169,000 Active 19 DOM
4. 2026-06-15
   days on market $175,000 Active 18 DOM
5. 2026-06-14
   days on market $175,000 Active 16 DOM
6. 2026-06-13
   days on market $175,000 Active 15 DOM
7. 2026-06-10
   days on market $175,000 Active 13 DOM
8. 2026-06-09
   days on market $175,000 Active 12 DOM
9. 2026-06-08
   days on market $175,000 Active 11 DOM
10. 2026-06-07
    days on market $175,000 Active 10 DOM
11. 2026-06-03
    days on market $175,000 Active 6 DOM
12. 2026-06-02
    days on market $175,000 Active 5 DOM
13. 2026-06-01
    days on market $175,000 Active 4 DOM
14. 2026-05-31
    days on market $175,000 Active 3 DOM
15. 2026-05-30
    days on market $175,000 Active 2 DOM
16. 2026-05-28
    listed $175,000 Active
17. 2018-06-04
    soldstatus $65,000 523-char remark

    Show marketing remark (523 chars)

    BARGAIN!! Completely remodeled and unique one story home! Conveniently located near Notre Dame and, shopping, by pass, toll road you name it! New appliances , New well (4 yrs) , Carpet, kitchen, high efficiency washer and dryer , tank-less water heater and all appliances stay! LARGE 27 X 32 over sized detached garage with large door for RV's to park and features a 10 X 27 "work shop" area with separate entrance for convenience of lawn mower or any toy you wish! AC unit does not operate. Home is sold as is.

18. 2018-04-30
    listed $65,000 523-char remark

    Show marketing remark (523 chars)

    BARGAIN!! Completely remodeled and unique one story home! Conveniently located near Notre Dame and, shopping, by pass, toll road you name it! New appliances , New well (4 yrs) , Carpet, kitchen, high efficiency washer and dryer , tank-less water heater and all appliances stay! LARGE 27 X 32 over sized detached garage with large door for RV's to park and features a 10 X 27 "work shop" area with separate entrance for convenience of lawn mower or any toy you wish! AC unit does not operate. Home is sold as is.

19. 2017-06-19
    listed $69,900

ⓘ 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: $509 · $42/mo
• Projected year-2 tax: $973 · $81/mo
• Expected delta: +$464/yr (+$39/mo · 91.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,540
• − Mortgage interest: −$9,467
• − Property taxes: −$509
• − Insurance: −$845
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$4,916
• Taxable income: $2,356
• Est. tax owed @ 24.0%: −$565
• After-tax cash flow: $4,462/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

• City population: 99,767
• Population (ZIP): 16,079

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 17% Two or more races 6% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Italian 3% Iranian 3%
• Foreign-born: 9% · China, Canada, Vietnam
• Languages at home: 91% English-only · Spanish 2% Chinese 2% Other Indo-European 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: ▼ -128.33%
• Current HPI: 210.1124
• 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

+150.4% since first listed

4 events — show timeline

• 2026-05-28 Listed $175,000 IRMLS
• 2018-06-04 Sold (MLS) $65,000 IRMLS
• 2018-04-30 Listed $65,000 IRMLS
• 2017-06-19 Listed $69,900 IRMLS

Property tax history

+0.9%/yr

Latest (2024): $509 · +12.8% YoY. Source: county tax records.