1815 Sherman Ave · South Bend, IN 46616

$135,000

2 bd · 1.0 ba · 1,904 sqft · SingleFamily public records · 107 Days on market

Built 1916 6,534 sqft lot $71/sqft · 20% below area Est $168k · 20% under

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.4/10.0
• 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 MLS

Get into this rare investment opportunity with quick turn-around potential! This 3 bed, 1 bath Keller Park home offers 1,904 finished sqft. with additional 952 in the basement. This home was fully flipped just two years ago so you’re not starting from scratch. While there is a water issue that needs to be addressed, the major updating has already been completed, including kitchen and bath, newer appliances, windows, roof, water heater, and central air new in 2025. The open floor plan flows seamlessly into a dedicated dining room, and character shines through with charming arched doorways and a spacious upstairs bedroom flanked with built-ins. The full basement offers the potential to be finished for additional living space. Outside, enjoy a fully fenced backyard and a 1.5 car detached garage. Located just blocks to the riverwalk & bike trails & 2.8 mi. to ND. * This is a Short Sale - see Agent Remarks! Schedule your showing today—because it’s all about YOU!

Key facts

• Bike trails
• 6,534 sq ft lot
• Garage

Tags

• DEDICATED DINING ROOM
• CHARMING ARCHED DOORWAYS
• SPACIOUS UPSTAIRS BEDROOM
• FULLY FENCED BACKYARD
• BLOCKS TO THE RIVERWALK
• BIKE TRAILS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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, schools 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.
• Market conditions: Rents rising fast (+6.5%/yr); 42 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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: flood insurance adds $56/mo; built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 9.61%
• Cash-on-cash: 11.84%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (median comp): $168,085
• List price: $135,000
• Delta: -19.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1250 Woodlawn Blvd	0.30mi	3/1.0 (+1)	1,920 (+1%)	8mo	$120,000	$63	73
1116 Woodlawn Blvd	0.29mi	3/1.5 (+1)	1,776 (-7%)	1mo	$253,000	$142	68
1202 Cleveland Ave	0.68mi	2/1.0	1,800 (-6%)	1mo	$136,000	$76	59
1719 W Hamilton St	0.60mi	3/1.0 (+1)	1,950 (+2%)	7mo	$168,000	$86	58
2226 Beverly Pl	0.68mi	2/1.0	1,715 (-10%)	0mo	$168,500	$98	52
1719 Marquette Blvd	0.59mi	3/3.0 (+1)	1,894 (-0%)	10mo	$200,000	$106	50
2246 Beverly Pl	0.71mi	3/2.0 (+1)	2,018 (+6%)	2mo	$210,000	$104	46
506 W Angela Blvd	0.61mi	3/1.5 (+1)	1,728 (-9%)	3mo	$264,195	$153	46
501 W Angela Blvd	0.59mi	3/1.5 (+1)	1,692 (-11%)	2mo	$151,000	$89	45
727 Marquette Ave	0.60mi	3/2.0 (+1)	2,120 (+11%)	2mo	$315,000	$149	43
1846 N Johnson St	0.72mi	3/2.0 (+1)	1,800 (-6%)	8mo	$159,000	$88	42
702 W Angela Blvd	0.57mi	3/1.0 (+1)	1,638 (-14%)	10mo	$285,000	$174	37

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 · 6.49% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,940
• Equity at exit: $20,129

10-year hold

• IRR: 15.2%
• Equity multiple: 2.43×
• Total profit: $54,125
• Equity at exit: $11,672

Cash invested: $37,800 (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 46616

• Home prices YoY: -17.9%
• Rents YoY: 6.5%
• Active inventory: 42
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$708
• Tax from tax record: −$78 /mo · $932/yr
• Insurance: −$56
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $318

Break-even live

Break-even rent $1,136

Max offer price $135,000

Occupancy floor 74%

Sensitivity live

Price	-10% $394	-5% $356	+0% $318	+5% $279	+10% $241
Rent	-10% $196	-5% $257	+0% $318	+5% $378	+10% $439
Rate	-1.0pp $386	-0.5pp $352	base $318	+0.5pp $283	+1.0pp $247

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	44d	1	0.58mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	44d	1	0.65mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	14d	1	0.75mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	44d	1	0.76mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	0.94mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	0.94mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.98mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	1.01mi
129 Clancey St South Bend, IN	3.0	3.5	2000	$2,950	$1.48	14d	1	1.07mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	1.14mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	14d	1	1.27mi

Listing history 26 events

1. 2026-06-18
   days on market $135,000 Active 107 DOM
2. 2026-06-17
   days on market $135,000 Active 106 DOM
3. 2026-06-16
   days on market $135,000 Active 105 DOM
4. 2026-06-15
   days on market $135,000 Active 104 DOM
5. 2026-06-14
   days on market $135,000 Active 102 DOM
6. 2026-06-13
   days on market $135,000 Active 101 DOM
7. 2026-06-10
   days on market $135,000 Active 99 DOM
8. 2026-06-09
   days on market $135,000 Active 98 DOM
9. 2026-06-08
   days on market $135,000 Active 97 DOM
10. 2026-06-07
    days on market $135,000 Active 96 DOM
11. 2026-06-03
    days on market $135,000 Active 92 DOM
12. 2026-06-02
    days on market $135,000 Active 91 DOM
13. 2026-06-01
    days on market $135,000 Active 90 DOM
14. 2026-05-31
    days on market $135,000 Active 89 DOM
15. 2026-03-03
    listed $135,000 Active 1002-char remark

    Show marketing remark (1002 chars)

    Get into this rare investment opportunity with quick turn-around potential! This 3 bed, 1 bath Keller Park home offers 1,904 finished sqft. with additional 952 in the basement. This home was fully flipped just two years ago so you’re not starting from scratch. While there is a water issue that needs to be addressed, the major updating has already been completed, including kitchen and bath, newer appliances, windows, roof, water heater, and central air new in 2025. The open floor plan flows seamlessly into a dedicated dining room, and character shines through with charming arched doorways and a spacious upstairs bedroom flanked with built-ins. The full basement offers the potential to be finished for additional living space. Outside, enjoy a fully fenced backyard and a 1.5 car detached garage. Located just blocks to the riverwalk & bike trails & 2.8 mi. to ND. * This is a Short Sale - see Agent Remarks! Schedule your showing today—because it’s all about YOU!

16. 2026-01-02
    listed $160,000 Active
17. 2025-12-15
    price $162,500
18. 2025-12-03
    listed $165,000 Active
19. 2024-03-11
    soldstatus $143,000
20. 2024-03-01
    soldstatus $143,000 Closed
21. 2024-01-29
    historical Active Under Contract
22. 2024-01-26
    listed $143,000 Active
23. 2023-12-20
    price $175,000
24. 2023-11-07
    price $169,900
25. 2023-10-27
    listed $174,900 Active
26. 2022-11-30
    soldstatus $55,000

ⓘ 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: $932 · $78/mo
• Projected year-2 tax: $1,040 · $87/mo
• Expected delta: +$108/yr (+$9/mo · 11.6%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,455
• − Mortgage interest: −$7,562
• − Property taxes: −$932
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,476
• − Management: −$1,476
• − Depreciation: −$3,927
• Taxable income: $1,740
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $3,393/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): 5,979
• Household income: $58,537
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 339.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 21% Hispanic / Latino 16% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 7% Portuguese 2% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 7% 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: ▼ -51.53%
• Current HPI: 237.0154
• Rent YoY: ▲ 6.49%
• 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

+145.5% since first listed

12 events — show timeline

• 2026-03-03 Listed $135,000 IRMLS
• 2026-01-02 Listed $160,000 IRMLS
• 2025-12-15 Price Changed $162,500 IRMLS
• 2025-12-03 Listed $165,000 IRMLS
• 2024-03-11 Sold (Public Records) $143,000 Public Records
• 2024-03-01 Sold (MLS) $143,000 IRMLS
• 2024-01-29 Contingent — IRMLS
• 2024-01-26 Listed $143,000 IRMLS
• 2023-12-20 Price Changed $175,000 IRMLS
• 2023-11-07 Price Changed $169,900 IRMLS
• 2023-10-27 Listed $174,900 IRMLS
• 2022-11-30 Sold (Public Records) $55,000 Public Records

Property tax history

-8.8%/yr

Latest (2023): $932 · -1.2% YoY. Source: county tax records.