203 Wildemere Dr · South Bend, IN 46615

$269,900

3 bd · 2.0 ba · 1,472 sqft · SingleFamily public records · 8 Days on market

Built 1954 0.26 ac lot Est $224k · 21% over

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Why this score? — see what drove the F 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 +7.1/30.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +1.3/10.0
• DSCR +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Open House Saturday, June 20th from 1PM-3PM! Come check out this 3-bedroom, 2-bath ranch in Bercliff Estates, conveniently located near Bethel University! The updated kitchen features a farmhouse sink, stainless steel appliances, and a breakfast bar. The primary suite includes a private full bath and double doors leading to the deck. A spacious four-season sunroom with vaulted ceilings, exposed beams, and a gas fireplace adds additional living space and is the perfect spot to relax year-round. Exterior updates include vinyl siding and windows. Enjoy the fully fenced backyard with a tall privacy fence and large deck, ideal for entertaining, along with a detached 2-car garage and shed that pr

Key facts

• Farmhouse sink
• Updated kitchen
• Private full bath

Tags

• UPDATED KITCHEN
• FARMHOUSE SINK
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• PRIVATE FULL BATH
• FOUR-SEASON SUNROOM

Property features AI

Exterior

• Parking: Detached concrete off-street garage with 2 parking spaces
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence, site-built; One story; Level lot
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Deck; Privacy fencing (full fenced yard); Shed(s)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Breakfast bar
• Bedrooms: Master located on the main level
• Flooring: Hardwood; Tile; Vinyl
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Vaulted ceilings; Beamed ceilings; Breakfast bar; Built-in features; Master bedroom on the main level; Full, partially finished basement; One fireplace with gas starter in the family room
• Laundry & utility: Washer and dryer included; Laundry in basement; Water softener (owned); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-388 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (25.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (36.9% below list).
• Recommended offer: $170k (36.9% below list) — sets the bar for 1% rule.

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: Nuner Fine Arts Academy (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 479 students, 90% 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 70% FRL track the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 32% of the median local income ($63k/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 $8k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $170,234 (36.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1954 — 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.63% ✗
• Cap rate: 4.57%
• Cash-on-cash: -6.16%
• DSCR: 0.73
• GRM: 13.2

CMA / ARV

• ARV (on-the-fly): $223,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Sylvan Glen Dr	0.14mi	3/2.0	1,440 (-2%)	8mo	$245,000	$170	83
403 Manchester Dr	0.35mi	3/1.5	1,330 (-10%)	2mo	$205,000	$154	64
3404 Brighton Pl	0.52mi	3/1.5	1,520 (+3%)	6mo	$235,900	$155	64
610 Manchester Dr	0.43mi	3/1.5	1,576 (+7%)	3mo	$178,000	$113	63
506 W Edgar Ave	0.61mi	3/2.0	1,456 (-1%)	10mo	$230,000	$158	62
222 N Tuxedo Dr	0.70mi	3/1.0	1,476 (+0%)	5mo	$220,000	$149	59
3239 Essex Dr	0.32mi	3/1.5	1,274 (-14%)	3mo	$208,000	$163	58
2521 Club Dr	0.62mi	3/1.5	1,542 (+5%)	3mo	$233,500	$151	58
3519 Sorin St	0.47mi	4/1.5 (+1)	1,536 (+4%)	8mo	$227,000	$148	57
834 Woodcliff Dr	0.67mi	4/2.0 (+1)	1,576 (+7%)	1mo	$240,000	$152	52
2425 Club Dr	0.67mi	3/1.5	1,540 (+5%)	10mo	$168,000	$109	51
910 W Lawrence St	0.75mi	3/1.5	1,652 (+12%)	4mo	$225,000	$136	40

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 · 6.27% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.17×
• Total profit: $-62,695
• Equity at exit: $40,243

10-year hold

• IRR: -12.1%
• Equity multiple: 0.19×
• Total profit: $-61,223
• Equity at exit: $23,336

Cash invested: $75,572 (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 46615

• Home prices YoY: -34.0%
• Rents YoY: 6.3%
• Active inventory: 73
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$205 /mo · $2,456/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $-388

Break-even live

Break-even rent $2,193

Max offer price $201,424

Occupancy floor —

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	0.25mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	13d	1	0.59mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	13d	1	0.65mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	43d	1	0.74mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	43d	1	0.92mi
1160 Helmen Dr South Bend, IN	3.0	2.0	1528	$2,300	$1.51	13d	1	0.92mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	43d	1	1.01mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	43d	1	1.02mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	13d	1	1.09mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	1.14mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	1.20mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	1.20mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,975	$2.15	13d	25	1.32mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	1.32mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	1.33mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	13d	1	1.35mi
724 Northwood Dr South Bend, IN	4.0	2.0	1594	$2,600	$1.63	43d	1	1.35mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	1.36mi
1824 Peachtree Ln South Bend, IN	3.0	1.5	1852	$2,700	$1.46	21d	1	1.40mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,043	$2.15	13d	33	1.41mi

Listing history 7 events

1. 2026-06-18
   days on market $269,900 Active 8 DOM
2. 2026-06-17
   days on market $269,900 Active 7 DOM
3. 2026-06-16
   days on market $269,900 Active 6 DOM
4. 2026-06-15
   days on market $269,900 Active 5 DOM
5. 2026-06-14
   days on market $269,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $269,900 Active 2 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: $2,456 · $205/mo
• Projected year-2 tax: $2,456 · $205/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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,428
• − Mortgage interest: −$15,119
• − Property taxes: −$2,456
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$7,852
• Taxable loss: −$9,616
• Est. tax savings @ 24.0%: +$2,308
• After-tax cash flow: $-2,344/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): 14,190
• Household income: $62,964
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 420.0

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 (65%)
• Race & ethnicity: White 65% Black 14% Two or more races 11% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 6% Italian 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 7% Tagalog/Filipino 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: ▼ -124.82%
• Current HPI: 242.1938
• Rent YoY: ▲ 6.27%
• 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

1 event — show timeline

• 2026-06-10 Listed $269,900 IRMLS

Property tax history

+0.1%/yr

Latest (2025): $2,456 · -10.1% YoY. Source: county tax records.