1649 N Adams St · South Bend, IN 46628

$79,000

3 bd · 1.0 ba · 1,020 sqft · SingleFamily public records · 240 Days on market

Built 1946 5,227 sqft lot $77/sqft · 19% below area Est $98k · 19% under ↓ 17% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

* Seller financing available * Check out an excellent investment property near NOTRE DAME! This 3-bedroom, 1-bathroom home features a 1-stall garage, with the interior/exterior still needing some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

Key facts

• Near notre dame
• Investment property
• Downtown access

Tags

• INVESTMENT PROPERTY
• NEAR NOTRE DAME
• LOCAL AMENITIES
• DOWNTOWN ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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 (+6.8%/yr); 424 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $546 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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: 1.70% ✓
• Cap rate: 13.67%
• Cash-on-cash: 26.34%
• DSCR: 2.17
• GRM: 4.9

CMA / ARV

• ARV (median comp): $97,560
• List price: $79,000
• Delta: -19.02%
• 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
1414 Wilber St	0.21mi	3/1.0	1,020 (0%)	0mo	$118,000	$116	90
1233 Wilber St	0.37mi	3/1.0	1,079 (+6%)	0mo	$67,490	$63	73
1310 N Brookfield St	0.35mi	3/1.0	1,092 (+7%)	2mo	$140,000	$128	70
933 Beale St	0.64mi	3/1.0	1,008 (-1%)	1mo	$129,000	$128	68
1119 College St	0.50mi	3/1.0	960 (-6%)	3mo	$121,000	$126	64
834 W Bryan St	0.70mi	3/1.0	1,008 (-1%)	2mo	$116,000	$115	64
1122 Fremont St	0.69mi	3/1.0	1,008 (-1%)	2mo	$120,000	$119	64
1734 N Elmer St	0.36mi	3/1.0	1,148 (+12%)	1mo	$178,000	$155	61
1958 Beverly Pl	0.44mi	2/1.0 (-1)	1,120 (+10%)	1mo	$130,000	$116	57
2237 Hollywood Place St	0.75mi	3/1.0	1,064 (+4%)	2mo	$145,000	$136	56
1749 N Fremont St	0.51mi	3/2.0	1,120 (+10%)	2mo	$155,000	$138	54
2021 Hollywood Pl	0.55mi	2/1.0 (-1)	908 (-11%)	0mo	$150,000	$165	51

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: 24.5%
• Equity multiple: 2.06×
• Total profit: $23,454
• Equity at exit: $11,779

10-year hold

• IRR: 34.6%
• Equity multiple: 4.79×
• Total profit: $83,876
• Equity at exit: $6,830

Cash invested: $22,120 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,341 high
• Mortgage (P&I): −$414
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $486

Break-even live

Break-even rent $726

Max offer price $79,000

Occupancy floor 59%

Sensitivity live

Price	-10% $530	-5% $508	+0% $486	+5% $463	+10% $441
Rent	-10% $380	-5% $433	+0% $486	+5% $539	+10% $591
Rate	-1.0pp $525	-0.5pp $506	base $486	+0.5pp $465	+1.0pp $444

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	0.14mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	14d	1	0.15mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	44d	1	0.16mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	14d	1	0.20mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	44d	1	0.28mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	22d	1	0.30mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	44d	1	0.32mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	22d	1	0.32mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	14d	1	0.35mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	0.36mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	14d	1	0.38mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	0.41mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	0.43mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	22d	1	0.46mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	0.47mi
1033 Beale St South Bend, IN	3.0	1.0	840	$1,250	$1.49	22d	1	0.56mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	0.60mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	44d	1	0.63mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	22d	1	0.64mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	22d	1	0.66mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	44d	1	0.67mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	0.69mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	0.72mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	22d	1	0.73mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	0.77mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	0.84mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	22d	1	0.85mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.86mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	22d	1	0.90mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	22d	1	1.01mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	14d	1	1.11mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	1.20mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	1.25mi
122 E Pokagon St South Bend, IN	2.0	1.0	1200	$1,500	$1.25	14d	1	1.43mi

Listing history 18 events

1. 2026-06-18
   days on market $79,000 Active 240 DOM
2. 2026-06-17
   days on market $79,000 Active 239 DOM
3. 2026-06-16
   days on market $79,000 Active 238 DOM
4. 2026-06-15
   days on market $79,000 Active 237 DOM
5. 2026-06-14
   days on market $79,000 Active 235 DOM
6. 2026-06-13
   days on market $79,000 Active 234 DOM
7. 2026-06-10
   days on market $79,000 Active 232 DOM
8. 2026-06-09
   days on market $79,000 Active 231 DOM
9. 2026-06-08
   days on market $79,000 Active 230 DOM
10. 2026-06-07
    days on market $79,000 Active 229 DOM
11. 2026-06-03
    days on market $79,000 Active 225 DOM
12. 2026-06-02
    days on market $79,000 Active 224 DOM
13. 2026-06-01
    days on market $79,000 Active 223 DOM
14. 2026-05-31
    days on market $79,000 Active 222 DOM
15. 2026-04-24
    price $79,000 442-char remark

    Show marketing remark (442 chars)

    * Seller financing available * Check out an excellent investment property near NOTRE DAME! This 3-bedroom, 1-bathroom home features a 1-stall garage, with the interior/exterior still needing some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

16. 2026-02-23
    status Active 442-char remark

    Show marketing remark (442 chars)

    * Seller financing available * Check out an excellent investment property near NOTRE DAME! This 3-bedroom, 1-bathroom home features a 1-stall garage, with the interior/exterior still needing some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

17. 2026-01-25
    price $85,000 442-char remark

    Show marketing remark (442 chars)

    * Seller financing available * Check out an excellent investment property near NOTRE DAME! This 3-bedroom, 1-bathroom home features a 1-stall garage, with the interior/exterior still needing some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

18. 2025-10-22
    listed $95,000 Active 442-char remark

    Show marketing remark (442 chars)

    * Seller financing available * Check out an excellent investment property near NOTRE DAME! This 3-bedroom, 1-bathroom home features a 1-stall garage, with the interior/exterior still needing some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $1,519 · $127/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: $16,091
• − Mortgage interest: −$4,425
• − Property taxes: −$1,519
• − Insurance: −$395
• − Repairs & maintenance: −$1,287
• − Management: −$1,287
• − Depreciation: −$2,298
• Taxable income: $4,879
• Est. tax owed @ 24.0%: −$1,171
• After-tax cash flow: $4,656/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

-16.8% since first listed

4 events — show timeline

• 2026-04-24 Price Changed $79,000 IRMLS
• 2026-02-23 Relisted — IRMLS
• 2026-01-25 Price Changed $85,000 IRMLS
• 2025-10-22 Listed $95,000 IRMLS

Property tax history

+15.1%/yr

Latest (2023): $1,519 · -0.7% YoY. Source: county tax records.