420 W Madison St · South Bend, IN 46601

$124,900

3 bd · 1.0 ba · 1,472 sqft · SingleFamily public records · 2 Days on market

Built 1913 5,271 sqft lot Est $202k · 38% under

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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 +19.3/30.0
• ARV discount +15.0/15.0
• 1% rule +6.5/10.0
• DSCR +6.1/10.0
• 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

Multiple offers received. Kindly submit all offers by 12:00 PM on Friday, June 19th. Opportunity awaits at this charming 1913 home nestled on a picturesque brick road with a 2nd lot. Step inside to discover the timeless elegance of hardwood floors, exquisite wood trim, and original unpainted wood accents and doors throughout. The updated kitchen boasts white cabinets, a tiled backsplash and a cozy eat-in area, perfect for creating culinary delights. One of the bedrooms opens up to a balcony, providing a front-row seat to the dazzling fireworks display at Four Winds Field. With three spacious bedrooms, a large dining room, a very nice garage, and a generous yard, this home is a true gem wait

Key facts

• Cozy eat-in area
• Generous yard
• Tiled backsplash

Tags

• CHARMING 1913 HOME
• UPDATED KITCHEN
• TILED BACKSPLASH
• COZY EAT-IN AREA
• BALCONY
• GENEROUS YARD

Property features AI

Exterior

• Parking: Detached off-street garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Aluminum siding and cedar exterior; Block foundation
• Exterior features: Balcony; Enclosed porch; Privacy fencing; Shingle roof; Level lot

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Flooring: Hardwood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Fireplace in family room (1)
• Interior features: Eat-in kitchen; Built-in features; Full basement
• Laundry & utility: Gas dryer hookup (lower level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 7.6% 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: Madison S.T.E.A.M. Academy (math 2% / reading 2%, grade F, #994 of 994 statewide, top 100%, 618 students, 93% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: 14 active listings in the ZIP; 37 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,900

Questions for the listing agent

1. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.74%
• DSCR: 1.21
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $201,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
319 W Madison St	0.08mi	3/1.0	1,512 (+3%)	2mo	$84,900	$56	90
210 Wakewa Ave	0.67mi	3/1.0	1,530 (+4%)	2mo	$300,000	$196	61
706 California St	0.53mi	3/2.5	1,392 (-5%)	1mo	$230,000	$165	59
744 Blaine Ave	0.65mi	3/1.0	1,566 (+6%)	1mo	$152,000	$97	58
228 Tonti St	0.72mi	4/2.0 (+1)	1,500 (+2%)	3mo	$280,000	$187	52
320 Howard St	0.74mi	3/2.5	1,512 (+3%)	4mo	$549,900	$364	51
836 Forest Ave	0.42mi	4/1.0 (+1)	1,664 (+13%)	4mo	$115,000	$69	51
611 Blaine Ave	0.58mi	2/1.0 (-1)	1,316 (-11%)	2mo	$162,000	$123	48
1125 W Washington St	0.64mi	3/1.5	1,636 (+11%)	4mo	$224,000	$137	47
1040 Woodward Ave	0.62mi	3/2.0	1,656 (+12%)	4mo	$185,000	$112	43
1060 Woodward Ave	0.67mi	4/2.0 (+1)	1,640 (+11%)	0mo	$272,000	$166	40
644 N Walnut Ave	0.71mi	4/1.0 (+1)	1,284 (-13%)	4mo	$38,000	$30	37

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-11,338
• Equity at exit: $18,623

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $1,874
• Equity at exit: $10,799

Cash invested: $34,972 (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 46601

• Home prices YoY: -13.4%
• Active inventory: 14
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$655
• Tax from tax record: −$288 /mo · $3,453/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $138

Break-even live

Break-even rent $1,259

Max offer price $124,900

Occupancy floor 85%

Sensitivity live

Price	-10% $209	-5% $174	+0% $138	+5% $103	+10% $67
Rent	-10% $25	-5% $82	+0% $138	+5% $195	+10% $251
Rate	-1.0pp $201	-0.5pp $170	base $138	+0.5pp $106	+1.0pp $73

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	14d	1	0.12mi
125 W Marion St South Bend, IN	2.0	1.0	672	$1,350	$2.01	14d	5	0.25mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	21d	19	0.35mi
307 E Lasalle Ave South Bend, IN	1.0–2.0	1.0–2.0	925	$1,670	$1.80	14d	22	0.44mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	14d	1	0.48mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$3,009	$2.97	14d	31	0.48mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.66mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.67mi
716 N Niles Ave South Bend, IN	1.0–2.0	1.0–2.0	732	$1,750	$2.39	14d	11	0.68mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	14d	1	0.74mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	44d	1	0.76mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	0.78mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.82mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	0.82mi
122 E Pokagon St South Bend, IN	2.0	1.0	1200	$1,500	$1.25	14d	1	0.90mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	44d	1	0.94mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	14d	1	0.96mi
911 E Washington St South Bend, IN	3.0	1.0	886	$1,195	$1.35	14d	1	0.98mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	0.99mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	1.14mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	21d	1	1.15mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	14d	27	1.18mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	1.21mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	1.21mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	44d	1	1.23mi
1222 Chalfant St South Bend, IN	3.0	1.0	992	$1,300	$1.31	44d	1	1.27mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	1.27mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	1.31mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	1.32mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	1.36mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	1.37mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	1.40mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	1.41mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	1.41mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	14d	1	1.41mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	21d	1	1.47mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	1.47mi

Listing history 4 events

1. 2026-06-18
   days on market $124,900 Active 2 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-17
   remarks 689-char remark
4. 2026-06-17
   listed $124,900 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: $3,453 · $288/mo
• Projected year-2 tax: $3,453 · $288/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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,209
• − Mortgage interest: −$6,996
• − Property taxes: −$3,453
• − Insurance: −$624
• − Repairs & maintenance: −$1,377
• − Management: −$1,377
• − Depreciation: −$3,633
• Taxable loss: −$252
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $1,718/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
• City population: 99,767
• Population (ZIP): 4,933

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 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 11% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 4% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 4% German/W. Germanic 1% 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: ▼ -33.25%
• Current HPI: 215.0749
• 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

2 events — show timeline

• 2026-06-16 Listed $124,900 IRMLS
• 2017-03-07 Listed — IRMLS

Property tax history

+67.7%/yr

Latest (2025): $3,453 · +33.0% YoY. Source: county tax records.