16400 Elmwood Ave · Mishawaka, IN 46544

$228,000

4 bd · 1.0 ba · 1,073 sqft · SingleFamily public records · 31 Days on market

Built 1949 1.82 ac lot $212/sqft · 10% below area Est $254k · 10% under ↓ 3% since listing

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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 +16.0/30.0
• ARV discount +12.2/15.0
• Schools +5.1/10.0
• DSCR +5.0/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One-Owner All-Brick Home on 1.82 Acres in the Penn School District! Full of Charm and Character, this Well-Loved Property Offers Hardwood Floors, Arched Doorways, Built-in Cabinets, Formal Dining Room, Large Living Room with plenty of Natural Light, Fresh Paint Throughout in 2026, Main Floor Laundry, New Toilet in 2025, 2 New Windows with a Transferable Warranty. In Addition to the Attached 1-car garage, the Property also Features a 2-car Detached Garage with its Own Separate Driveway, w/ New Windows, and a New Garage Door in 2025—Perfect for Extra Parking, Storage, Hobbies, or Workshop Space. Additional Highlights Include a Transferable LeafGuard Warranty and a Transferable Warranty

Key facts

• 1.82 acre lot
• Garage
• Built 1949

Property features AI

Exterior

• Parking: Attached garage (1 car); Asphalt and concrete driveway/parking
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence (site-built); One story
• Construction: Brick construction; Block foundation; Built as a site-built home
• Exterior features: Level lot; Asphalt roof

Interior

• Kitchen: Refrigerator; Electric range
• Flooring: Hardwood; Carpet; Laminate; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Fireplace in the basement; Full basement with sump pump; 5 total rooms
• Laundry & utility: Laundry on the main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/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 $189k (16.9% below list).
• Recommended offer: $189k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, employment F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elm Road Elementary School (math 52% / reading 49%, grade D+, #269 of 994 statewide, top 27%, 513 students, 43% FRL); Virgil I Grissom Middle School (math 25% / reading 45%, grade F, #164 of 330 statewide, top 50%, 678 students, 46% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools average 39% FRL vs 21% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 141 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).
• This rent runs 39% of the median local income ($59k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($221k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,484 (16.9% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.15%
• DSCR: 1.10
• GRM: 10.0

CMA / ARV

• ARV (median comp): $254,337
• List price: $228,000
• Delta: -10.36%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.69×
• Total profit: $-19,734
• Equity at exit: $33,996

10-year hold

• IRR: 6.5%
• Equity multiple: 1.59×
• Total profit: $37,411
• Equity at exit: $19,713

Cash invested: $63,840 (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 46544

• Rents YoY: 9.1%
• Active inventory: 141
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,895 medium
• Mortgage (P&I): −$1,196
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $114

Break-even live

Break-even rent $1,750

Max offer price $228,000

Occupancy floor 89%

Sensitivity live

Price	-10% $243	-5% $179	+0% $114	+5% $50	+10% $-15
Rent	-10% $-35	-5% $40	+0% $114	+5% $189	+10% $264
Rate	-1.0pp $229	-0.5pp $172	base $114	+0.5pp $55	+1.0pp $-5

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$2,755	$1.98	15d	74	1.04mi

Listing history 4 events

1. 2026-05-30
   status $228,000 Pending 31 DOM
2. 2026-05-14
   historical Active Under Contract 1055-char remark
3. 2026-05-11
   price $228,000 1055-char remark
4. 2026-04-28
   listed $234,900 Active 1055-char remark

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $1,520 · $127/mo
• Expected delta: +$418/yr (+$35/mo · 37.9%)

ⓘ 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 ≥98°F today · 15 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: $22,738
• − Mortgage interest: −$12,772
• − Property taxes: −$1,102
• − Insurance: −$1,140
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − Depreciation: −$6,633
• Taxable loss: −$2,546
• Est. tax savings @ 24.0%: +$611
• After-tax cash flow: $1,984/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

Amenities F Commute C Cost of living A+ Crime C Employment F Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

-2.9% since first listed

5 events — show timeline

• 2026-06-12 Sold (MLS) $228,000 IRMLS
• 2026-05-29 Pending — IRMLS
• 2026-05-14 Contingent — IRMLS
• 2026-05-11 Price Changed $228,000 IRMLS
• 2026-04-28 Listed $234,900 IRMLS

Property tax history

+4.0%/yr

Latest (2025): $1,102 · +134.3% YoY. Source: county tax records.