939 E 4th St · Mishawaka, IN 46544

$175,000

2 bd · 2.5 ba · 1,468 sqft · SingleFamily public records · 5 Days on market

Built 1882 6,970 sqft lot Est $204k · 14% under

---

Why this score? — see what drove the D+ 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).

• ARV discount +13.9/15.0
• Cash flow +12.7/30.0
• Rent growth +4.8/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated Mishawaka home packed with character! The main level features a warm, inviting layout highlighted by rustic, wood-clad accent walls and a spacious kitchen with classic tile flooring. Exceptional floor plan flexibility with two of the three bedrooms featuring their own private, full bathroom, including a pristine, brand-new primary shower. The primary bedroom also features a massive bonus room currently used as a dressing room. Numerous updates shine throughout the entire interior and exterior of this home. Step out the back door to a brand-new concrete sidewalk as you head to the practical two car detached garage—perfect for parking or a workshop with 100 amp servi

Key facts

• Massive bonus room
• Spacious kitchen
• 6,970 sq ft lot

Tags

• RUSTIC WOOD CLAD ACCENT WALLS
• SPACIOUS KITCHEN
• PRIVATE FULL BATHROOM
• BRAND NEW PRIMARY SHOWER
• MASSIVE BONUS ROOM
• TWO CAR DETACHED GARAGE

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Detached garage; Garage door opener; Off-street parking; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story; Detached structure
• Construction: Shingle roof; Block foundation; Built with other construction materials
• Exterior features: Patio (covered); Porch; Wood fencing; Level lot; Lot dimensions approximately 66 x 106

Interior

• Kitchen: Microwave; Refrigerator; Gas range
• Bedrooms: Master bedroom located on the main level
• Flooring: Hardwood; Carpet; Tile; Other flooring
• Bathrooms: Two full bathrooms; One half bathroom; Three main-level bathrooms
• Heating & cooling: Central air conditioning; Ceiling fans for cooling; Natural gas heating; Electric heating
• Interior features: Breakfast bar; Ceiling fans; Crown molding; Natural woodwork; Beamed ceilings; Master bedroom on main level; One fireplace
• Laundry & utility: Washer hookup; Gas dryer hookup; Washer and dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-19 ($-230/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (22.9% below list).
• Recommended offer: $135k (22.9% below list) — sets the bar for 1% rule.

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.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Beiger Elementary School (math 30% / reading 28%, grade F, #725 of 994 statewide, top 73%, 546 students, 67% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL).
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1882 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $134,845 (22.9% 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 1882 — 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. 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?
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: 0.77% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $204,052
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1005 E 3rd St	0.09mi	2/1.0	1,322 (-10%)	3mo	$180,000	$136	71
1434 E 4th St	0.51mi	3/2.0 (+1)	1,440 (-2%)	0mo	$225,000	$156	66
816 E 8th St	0.30mi	3/1.5 (+1)	1,532 (+4%)	6mo	$210,000	$137	65
612 N State St	0.64mi	2/2.0	1,520 (+4%)	1mo	$211,000	$139	61
131 E 6th St	0.72mi	3/2.0 (+1)	1,460 (-0%)	1mo	$217,500	$149	57
201 George St	0.64mi	2/1.0	1,386 (-6%)	0mo	$200,000	$144	54
731 E 6th St	0.29mi	3/1.5 (+1)	1,280 (-13%)	5mo	$166,500	$130	52
1332 E Mishawaka Ave	0.64mi	2/1.0	1,354 (-8%)	2mo	$223,356	$165	49
433 Park Ave	0.43mi	3/2.0 (+1)	1,670 (+14%)	2mo	$219,000	$131	48
214 N State St	0.46mi	3/1.5 (+1)	1,616 (+10%)	6mo	$238,900	$148	47
433 Studebaker St	0.47mi	3/1.0 (+1)	1,313 (-11%)	7mo	$166,655	$127	44
232 E 7th St	0.67mi	3/1.0 (+1)	1,250 (-15%)	3mo	$164,300	$131	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.54×
• Total profit: $-22,510
• Equity at exit: $26,093

10-year hold

• IRR: 2.6%
• Equity multiple: 1.23×
• Total profit: $11,029
• Equity at exit: $15,131

Cash invested: $49,000 (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: 10.8×

Monthly cashflow live

• Estimated rent: $1,348 high
• Mortgage (P&I): −$918
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-19

Break-even live

Break-even rent $1,373

Max offer price $171,609

Occupancy floor 96%

Sensitivity live

Price	-10% $80	-5% $30	+0% $-19	+5% $-69	+10% $-118
Rent	-10% $-126	-5% $-72	+0% $-19	+5% $34	+10% $87
Rate	-1.0pp $69	-0.5pp $25	base $-19	+0.5pp $-65	+1.0pp $-111

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	22d	1	0.54mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	44d	1	0.61mi
602 E Battell St Mishawaka, IN	1.0	1.0	980	$1,400	$1.43	22d	1	0.82mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	14d	1	0.85mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	14d	1	0.98mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	14d	31	1.00mi
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,029	$0.88	14d	1	1.07mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	14d	1	1.32mi

Listing history 7 events

1. 2026-06-18
   days on market $175,000 Active 5 DOM
2. 2026-06-17
   status $175,000 Active 4 DOM
3. 2026-06-17
   statusdays on market $175,000 Active Under Contract 4 DOM
4. 2026-06-16
   days on market $175,000 Active 3 DOM
5. 2026-06-15
   days on market $175,000 Active 2 DOM
6. 2026-06-14
   remarks 693-char remark
7. 2026-06-14
   listed $175,000 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: $1,126 · $94/mo
• Projected year-2 tax: $1,307 · $109/mo
• Expected delta: +$181/yr (+$15/mo · 16.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $16,181
• − Mortgage interest: −$9,803
• − Property taxes: −$1,126
• − Insurance: −$875
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$5,091
• Taxable loss: −$3,302
• Est. tax savings @ 24.0%: +$793
• After-tax cash flow: $562/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 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

• Census place: Mishawaka, IN
• 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

1 event — show timeline

• 2026-06-13 Listed $175,000 IRMLS

Property tax history

+5.4%/yr

Latest (2025): $1,126 · -18.1% YoY. Source: county tax records.