1225 S 27th St · South Bend, IN 46615

$149,500

3 bd · 2.0 ba · 1,536 sqft · SingleFamily public records · 6 Days on market

Built 1923 6,200 sqft lot Est $195k · 23% 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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.8/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready gem in River Park! Completely remodeled and ready for its new owner, this charming 3BR, 2BA home offers exceptional value and size at an affordable price. Enjoy the feel of fresh paint, brand new carpet and flooring, along with a beautifully updated kitchen and beautiful baths! Great open floor plan with living and dining room flowing nicely to the kitchen! Split bedroom design gives privacy to the spacious primary suite featuring a private, oversized full bath which will really make you smile! Main level laundry room (8x8) with laundry tub (wow is that nice!) Located in the desirable River Park area, you'll love the convenience of being just minutes from schools, Potawatomi Z

Key facts

• Multiple parks
• Updated kitchen
• Minutes from schools

Tags

• UPDATED KITCHEN
• PRIVATE OVERSIZED FULL BATH
• MAIN LEVEL LAUNDRY ROOM
• MINUTES FROM SCHOOLS
• CLOSE TO POTAWATOMI ZOO
• MULTIPLE PARKS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Stone and vinyl siding exterior
• Exterior features: Level lot; Lot dimensions approximately 40 x 155 (0.14 acre); Located in the River Park subdivision; south of Mishawaka Ave

Interior

• Kitchen: Includes dishwasher, refrigerator, and gas range
• Bedrooms: Total rooms: 9
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Dishwasher; Refrigerator; Gas range; Carpet and tile flooring; Partial unfinished basement
• Laundry & utility: Washer and dryer on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 8.6% 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: 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; 10 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).
• This rent runs 31% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,500

Questions for the listing agent

1. Built in 1923 — 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: 1.08% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $195,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1225 S 27th St	0.00mi	3/2.0	1,536 (0%)	0mo	$149,500	$97	100
1111 S 27th St	0.11mi	3/1.5	1,464 (-5%)	2mo	$155,000	$106	84
114 River Ave	0.20mi	4/1.0 (+1)	1,500 (-2%)	0mo	$200,000	$133	78
2512 Mishawaka Ave	0.31mi	3/2.0	1,427 (-7%)	1mo	$95,000	$67	73
1113 S 23rd St	0.26mi	3/1.0	1,680 (+9%)	0mo	$185,000	$110	68
946 S 28th St	0.23mi	4/2.0 (+1)	1,680 (+9%)	1mo	$220,000	$131	68
2806 Milburn Blvd	0.52mi	3/1.0	1,585 (+3%)	1mo	$172,400	$109	66
1821 Milburn Blvd	0.55mi	3/2.0	1,448 (-6%)	1mo	$220,000	$152	64
1009 S 26 St	0.18mi	3/1.0	1,330 (-13%)	2mo	$199,900	$150	64
833 S 34th St	0.57mi	3/2.0	1,404 (-9%)	0mo	$178,000	$127	59
742 S 26th St	0.46mi	3/1.0	1,744 (+14%)	1mo	$185,000	$106	51
915 S Dale Ave	0.61mi	3/1.0	1,350 (-12%)	1mo	$183,000	$136	47

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-565
• Equity at exit: $22,291

10-year hold

• IRR: 12.4%
• Equity multiple: 2.12×
• Total profit: $47,025
• Equity at exit: $12,926

Cash invested: $41,860 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,618 high
• Mortgage (P&I): −$784
• Tax from tax record: −$147 /mo · $1,762/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $285

Break-even live

Break-even rent $1,257

Max offer price $149,500

Occupancy floor 77%

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	0.46mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	43d	1	0.46mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	43d	1	0.51mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	0.70mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	1.01mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	13d	1	1.25mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	1.29mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	1.29mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	43d	1	1.41mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	1.43mi

Listing history 4 events

1. 2026-05-10
   status Pending
2. 2026-05-08
   status Active
3. 2026-04-26
   status Pending
4. 2026-04-22
   listed $149,500 Active

ⓘ 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: $1,762 · $147/mo
• Projected year-2 tax: $1,762 · $147/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,417
• − Mortgage interest: −$8,374
• − Property taxes: −$1,762
• − Insurance: −$748
• − Repairs & maintenance: −$1,553
• − Management: −$1,553
• − Depreciation: −$4,349
• Taxable income: $1,077
• Est. tax owed @ 24.0%: −$259
• After-tax cash flow: $3,163/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

4 events — show timeline

• 2026-05-10 Pending — IRMLS
• 2026-05-08 Relisted — IRMLS
• 2026-04-26 Pending — IRMLS
• 2026-04-22 Listed $149,500 IRMLS

Property tax history

-8.0%/yr

Latest (2023): $1,762 · -0.7% YoY. Source: county tax records.