1119 Liberty Dr · Mishawaka, IN 46545

$129,900

2 bd · 1.0 ba · 968 sqft · SingleFamily public records · 1 Days on market

Built 1920 5,227 sqft lot Est $178k · 27% 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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Many new upgrades in this Mishawaka 3 bedroom. New furnace and A/C. New water heater and electrical breaker box. New paint and all new flooring. Move-in ready.

Key facts

• New upgrades
• New furnace
• New water heater

Tags

• NEW UPGRADES
• NEW FURNACE
• NEW A/C
• NEW WATER HEATER
• NEW ELECTRICAL BREAKER BOX
• NEW PAINT

Property features AI

Finance

• Other: Property located just south of railroad tracks; cross street Jefferson

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding
• Exterior features: Level lot; Shed(s)

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Bedrooms on main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Partial basement; 6 total rooms
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 8.1% vs local median 5.3% in Mishawaka — 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 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: Battell Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 290 students, 78% 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) — zoned schools average 72% FRL vs 54% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 74 active listings in the ZIP; 24 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1920 — 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. 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.
4. 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.
5. 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: 1.02% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $178,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 W Broadway St	0.20mi	2/1.0	896 (-7%)	2mo	$165,000	$184	77
807 W Lowell Ave	0.46mi	3/1.0 (+1)	925 (-4%)	1mo	$164,900	$178	66
239 E Jefferson Blvd	0.47mi	2/1.0	1,020 (+5%)	6mo	$84,000	$82	64
428 W Jefferson Blvd	0.16mi	3/1.0 (+1)	1,113 (+15%)	2mo	$232,000	$208	61
218 E Borley Ave	0.47mi	2/1.0	880 (-9%)	2mo	$156,757	$178	61
741 S 36th St	0.62mi	2/2.0	1,004 (+4%)	0mo	$200,000	$199	61
222 E Donaldson Ave	0.50mi	3/1.0 (+1)	902 (-7%)	5mo	$156,000	$173	56
526 S 35th St	0.62mi	3/1.0 (+1)	1,028 (+6%)	2mo	$154,500	$150	54
201 E Russ Ave	0.69mi	3/1.0 (+1)	1,008 (+4%)	4mo	$210,000	$208	53
239 E Edgar Ave	0.54mi	2/2.0	1,066 (+10%)	2mo	$185,000	$174	52
215 E Broadway St	0.43mi	3/1.0 (+1)	840 (-13%)	3mo	$155,000	$185	51
810 S 35th St	0.67mi	2/1.0	864 (-11%)	2mo	$185,000	$214	49

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-5,390
• Equity at exit: $19,369

10-year hold

• IRR: 8.1%
• Equity multiple: 1.67×
• Total profit: $24,407
• Equity at exit: $11,231

Cash invested: $36,372 (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 46545

• Rents YoY: 5.2%
• Active inventory: 74
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,320 high
• Mortgage (P&I): −$681
• Tax from tax record: −$108 /mo · $1,301/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $199

Break-even live

Break-even rent $1,068

Max offer price $129,900

Occupancy floor 80%

Sensitivity live

Price	-10% $273	-5% $236	+0% $199	+5% $162	+10% $126
Rent	-10% $95	-5% $147	+0% $199	+5% $251	+10% $303
Rate	-1.0pp $265	-0.5pp $232	base $199	+0.5pp $166	+1.0pp $131

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
724 Elizabeth St Mishawaka, IN	1.0	1.0	850	$875	$1.03	14d	1	0.31mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	14d	31	0.38mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	14d	1	0.58mi
602 E Battell St Mishawaka, IN	1.0	1.0	980	$1,400	$1.43	22d	1	0.67mi
516 W 3rd St Apt 1 Mishawaka, IN	1.0	1.0	750	$800	$1.07	22d	1	0.74mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	14d	1	0.74mi
1006 S 35th St South Bend, IN	3.0	2.0	816	$1,000	$1.23	14d	1	0.79mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	14d	21	0.84mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	14d	1	0.90mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,052	$1.26	14d	1	0.94mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	44d	1	0.99mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	14d	1	1.08mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	14d	1	1.09mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	14d	1	1.09mi
722 S Spring St Apt 3 Mishawaka, IN	2.0	1.0	800	$1,200	$1.50	14d	1	1.16mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	44d	1	1.16mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	22d	1	1.17mi
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	22d	1	1.24mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	44d	1	1.33mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,619	$1.76	14d	25	1.33mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	14d	1	1.35mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	14d	1	1.37mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,591	$1.67	14d	33	1.40mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	44d	1	1.41mi

Listing history 2 events

1. 2026-06-07
   remarks 159-char remark
2. 2026-06-07
   listed $129,900 Pending 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: $1,301 · $108/mo
• Projected year-2 tax: $1,301 · $108/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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,843
• − Mortgage interest: −$7,276
• − Property taxes: −$1,301
• − Insurance: −$650
• − Repairs & maintenance: −$1,267
• − Management: −$1,267
• − Depreciation: −$3,779
• Taxable income: $302
• Est. tax owed @ 24.0%: −$72
• After-tax cash flow: $2,318/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): 26,606
• Household income: $56,865
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1243.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Lithuanian 2% English 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -114.83%
• Current HPI: 188.2811
• Rent YoY: ▲ 5.20%
• 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

+100.2% since first listed

3 events — show timeline

• 2026-06-05 Pending — IRMLS
• 2026-06-03 Listed $129,900 IRMLS
• 2020-10-01 Listed $64,900 IRMLS

Property tax history

-2.0%/yr

Latest (2024): $1,301 · -0.2% YoY. Source: county tax records.