1233 Wilber St · South Bend, IN 46628

$59,900

3 bd · 1.0 ba · 1,079 sqft · SingleFamily public records · 11 Days on market

Built 1925 4,792 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor Alert! Check out this low cost home with tons of upside potential. With some updates this could make a great flip, home to live in, or rental to add to your portfolio. Main floor has large living room, 3 nice sized bedrooms, kitchen, and bathroom. Full basement has mechanicals and lots of space for storage. Out back is nice fenced private backyard and 1 car detached garage. Please note: Highest and best offers will be reviewed by 5 PM on Monday, 6/1/26. The seller is accepting cash-only, AS-IS offers from buyers prepared to close quickly. The seller has never lived in the home and provides limited information—buyers and their agents are responsible for verifying room dimensio

Key facts

• Storage
• Kitchen
• Full basement

Tags

• FENCED PRIVATE BACKYARD
• FULL BASEMENT
• LARGE LIVING ROOM
• KITCHEN
• MECHANICALS
• STORAGE

Property features AI

Finance

• Other: Lot dimensions approximately 40 x 127 (0.11 acres); Zoning: SN1 Suburban Neighborhood

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding
• Exterior features: Privacy wood fencing; Shingle roof

Interior

• Bedrooms: Bedrooms located on main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Full unfinished basement; 11 total rooms
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 18.4% 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: Muessel Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 241 students, 88% FRL); 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 schools at 69% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $25k; list at $60k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1925 — 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: 2.24% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.24%
• DSCR: 2.92
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $128,401
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1233 Wilber St	0.00mi	3/1.0	1,079 (0%)	0mo	$67,490	$63	100
1310 N Brookfield St	0.17mi	3/1.0	1,092 (+1%)	2mo	$140,000	$128	89
1414 Wilber St	0.18mi	3/1.0	1,020 (-6%)	0mo	$118,000	$116	82
1119 College St	0.18mi	3/1.0	960 (-11%)	3mo	$121,000	$126	71
1233 Van Buren St	0.48mi	3/1.0	1,168 (+8%)	2mo	$50,000	$43	62
1122 Fremont St	0.55mi	3/1.0	1,008 (-7%)	2mo	$120,000	$119	61
1734 N Elmer St	0.62mi	3/1.0	1,148 (+6%)	1mo	$178,000	$155	59
2018 Roger St	0.71mi	3/1.0	1,152 (+7%)	2mo	$75,000	$65	54
1749 N Fremont St	0.75mi	3/2.0	1,120 (+4%)	2mo	$155,000	$138	53
1506 N Huey St	0.41mi	2/1.0 (-1)	924 (-14%)	3mo	$70,000	$76	49
1026 W Rose St	0.61mi	2/2.0 (-1)	1,008 (-7%)	3mo	$93,000	$92	49
1006 W Rose St	0.64mi	3/2.0	1,214 (+12%)	1mo	$195,000	$161	45

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 44.5%
• Equity multiple: 3.03×
• Total profit: $34,117
• Equity at exit: $8,931

10-year hold

• IRR: 52.2%
• Equity multiple: 7.14×
• Total profit: $102,901
• Equity at exit: $5,179

Cash invested: $16,772 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,339 high
• Mortgage (P&I): −$314
• Tax from tax record: −$114 /mo · $1,370/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $604

Break-even live

Break-even rent $574

Max offer price $59,900

Occupancy floor 50%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	0.02mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	13d	1	0.22mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	13d	1	0.25mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	0.25mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	44d	1	0.32mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	44d	1	0.40mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	0.41mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	0.41mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.41mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.42mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	0.44mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	21d	1	0.45mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	0.46mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	21d	1	0.47mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	44d	1	0.47mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	0.48mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.48mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	0.48mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	0.50mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.53mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.56mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	21d	1	0.57mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	21d	1	0.59mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	21d	1	0.62mi
1033 Beale St South Bend, IN	3.0	1.0	840	$1,250	$1.49	21d	1	0.69mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	44d	1	0.71mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	13d	1	0.74mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	44d	1	0.77mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	0.81mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	0.91mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	13d	1	0.95mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.99mi
122 E Pokagon St South Bend, IN	2.0	1.0	1200	$1,500	$1.25	13d	1	1.30mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	21d	1	1.32mi
125 W Marion St South Bend, IN	2.0	1.0	672	$1,350	$2.01	13d	5	1.35mi
208 S Bendix Dr South Bend, IN	3.0	1.0	864	$1,150	$1.33	21d	1	1.47mi

Listing history 6 events

1. 2026-06-02
   status $59,900 Pending 11 DOM
2. 2026-06-01
   days on market $59,900 Active 11 DOM
3. 2026-05-31
   days on market $59,900 Active 10 DOM
4. 2026-05-30
   days on market $59,900 Active 9 DOM
5. 2026-05-21
   listed $59,900 Active
6. 2026-04-29
   soldstatus $25,000

ⓘ 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: $1,370 · $114/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $16,065
• − Mortgage interest: −$3,355
• − Property taxes: −$1,370
• − Insurance: −$300
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$1,743
• Taxable income: $6,728
• Est. tax owed @ 24.0%: −$1,615
• After-tax cash flow: $5,638/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

+139.6% since first listed

2 events — show timeline

• 2026-05-21 Listed $59,900 IRMLS
• 2026-04-29 Sold (Public Records) $25,000 Public Records

Property tax history

+5.7%/yr

Latest (2023): $1,370 · +12.4% YoY. Source: county tax records.