206 Helen Ave · Mishawaka, IN 46544

$99,900

2 bd · 1.0 ba · 656 sqft · SingleFamily public records · 22 Days on market

Built 1925 5,625 sqft lot Est $116k · 14% under ↓ 20% since listing

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Why this score? — see what drove the B- 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 +26.0/30.0
• ARV discount +13.8/15.0
• DSCR +8.7/10.0
• 1% rule +6.4/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Great option for investors or first-time home buyers. This property features a remodel completed in January 2022, including kitchen cabinets and countertops and vinyl flooring. The bathroom has been refreshed with new fixtures. The second bedroom is currently set up as a main-floor laundry room and can easily be changed into a small bedroom. Additional updates include a new roof (October 2023) and water heater (2024). Enjoy a large fenced yard and a convenient garden shed. Buyer's Agent to verify taxes, measurements & schools.

Key facts

• Vinyl flooring
• Water heater
• Kitchen cabinets

Tags

• REMODEL COMPLETED
• KITCHEN CABINETS
• VINYL FLOORING
• NEW FIXTURES
• NEW ROOF
• WATER HEATER

Property features AI

Finance

• Other: Property listed by At Home Realty Group

Exterior

• Parking: Gravel parking
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Shingle roof
• Exterior features: Chain link and wood fencing; Level lot; Lot dimensions approximately 45 x 125

Interior

• Kitchen: Refrigerator included
• Bedrooms: Total of 5 rooms (bedrooms and living areas combined)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Ceiling fan(s); Window unit(s) for cooling
• Interior features: Ceiling fan(s); Eat-in kitchen; Laminate counters; Has basement
• Laundry & utility: Main level laundry; Laundry chute; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: 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); 140 active listings in the ZIP; 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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.14% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.62%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $116,112
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1750 Homewood Ave	0.21mi	2/1.0	660 (+1%)	11mo	$135,000	$205	80
332 S Brook Ave	0.35mi	2/1.0	672 (+2%)	20mo	$120,000	$179	63
123 S Home St	0.11mi	2/1.0	735 (+12%)	20mo	$130,000	$177	58
2401 E 4th St	0.30mi	2/1.0	725 (+10%)	23mo	$110,000	$152	49
1311 E 7th St	0.73mi	2/1.0	625 (-5%)	14mo	$70,000	$112	46

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: 4.9%
• Equity multiple: 1.20×
• Total profit: $5,572
• Equity at exit: $14,895

10-year hold

• IRR: 18.4%
• Equity multiple: 2.88×
• Total profit: $52,451
• Equity at exit: $8,638

Cash invested: $27,972 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,136 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$85 /mo · $1,017/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $247

Break-even live

Break-even rent $823

Max offer price $99,900

Occupancy floor 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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-08
   status Pending
2. 2026-05-01
   price $99,900
3. 2026-04-16
   listed $124,900 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: $1,017 · $85/mo
• Projected year-2 tax: $1,017 · $85/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 ≥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: $13,637
• − Mortgage interest: −$5,596
• − Property taxes: −$1,017
• − Insurance: −$500
• − Repairs & maintenance: −$1,091
• − Management: −$1,091
• − Depreciation: −$2,906
• Taxable income: $1,436
• Est. tax owed @ 24.0%: −$345
• After-tax cash flow: $2,625/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

-20.0% since first listed

3 events — show timeline

• 2026-05-08 Pending — IRMLS
• 2026-05-01 Price Changed $99,900 IRMLS
• 2026-04-16 Listed $124,900 IRMLS

Property tax history

-5.7%/yr

Latest (2023): $1,017 · +2.8% YoY. Source: county tax records.