1815 Sherman Ave · South Bend, IN 46616

$124,000

2 bd · 1.0 ba · 1,904 sqft · SingleFamily public records · 158 Days on market

Built 1916 Good condition 6,534 sqft lot $65/sqft · 27% below area Est $170k · 27% 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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Rent growth +4.1/5.0
• Condition / age +3.8/5.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• 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 $124k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Recommended offer: $109k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 4.3% 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: Kennedy Academy (math 45% / reading 52%, grade D, #304 of 994 statewide, top 31%, 520 students, 61% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% FRL); Clay High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 628 students, 65% FRL).
• Zoned-school proficiency averages 40% at this address vs 16% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.5%/yr); 65 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $857 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 $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $11k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $109,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.24% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.05%
• DSCR: 1.67
• GRM: 6.7

CMA / ARV

• ARV (median comp): $169,717
• List price: $124,000
• Delta: -26.94%
• 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%)	9mo	$120,000	$63	72
1116 Woodlawn Blvd	0.29mi	3/1.5 (+1)	1,776 (-7%)	2mo	$253,000	$142	66
1202 Cleveland Ave	0.68mi	2/1.0	1,800 (-6%)	2mo	$136,000	$76	58
1719 W Hamilton St	0.60mi	3/1.0 (+1)	1,950 (+2%)	8mo	$168,000	$86	56
2226 Beverly Pl	0.68mi	2/1.0	1,715 (-10%)	2mo	$168,500	$98	50
1719 Marquette Blvd	0.59mi	3/3.0 (+1)	1,894 (-0%)	12mo	$200,000	$106	49
2246 Beverly Pl	0.71mi	3/2.0 (+1)	2,018 (+6%)	3mo	$210,000	$104	45
506 W Angela Blvd	0.61mi	3/1.5 (+1)	1,728 (-9%)	5mo	$264,195	$153	45
501 W Angela Blvd	0.59mi	3/1.5 (+1)	1,692 (-11%)	4mo	$151,000	$89	43
727 Marquette Ave	0.60mi	3/2.0 (+1)	2,120 (+11%)	3mo	$315,000	$149	42
1846 N Johnson St	0.72mi	3/2.0 (+1)	1,800 (-6%)	10mo	$159,000	$88	40
702 W Angela Blvd	0.57mi	3/1.0 (+1)	1,638 (-14%)	12mo	$285,000	$174	35

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: 6.9%
• Equity multiple: 1.28×
• Total profit: $9,697
• Equity at exit: $18,489

10-year hold

• IRR: 19.1%
• Equity multiple: 2.85×
• Total profit: $64,279
• Equity at exit: $10,721

Cash invested: $34,720 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active · 16 under contract
• Months of supply: 2.1 mo (47%/mo absorbed)
• Median asking: $169,950 ($106/sqft)
• Median days on market: 44 d
• This list price: 17% of active listings are priced below it
• ARV vs active asking: -16.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46616

• Home prices YoY: -17.9%
• Rents YoY: 6.5%
• Active inventory: 65
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$650
• Tax from tax record: −$78 /mo · $932/yr
• Insurance: −$52
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $380

Break-even live

Break-even rent $1,057

Max offer price $124,000

Occupancy floor 70%

Sensitivity live

Price	-10% $450	-5% $415	+0% $380	+5% $345	+10% $310
Rent	-10% $258	-5% $319	+0% $380	+5% $441	+10% $501
Rate	-1.0pp $442	-0.5pp $411	base $380	+0.5pp $348	+1.0pp $315

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: $31,000
• Closing costs: $3,720
• Club membership (one-time): —
• 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	93d	1	0.58mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	93d	1	0.65mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	62d	1	0.75mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	93d	1	0.76mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	70d	1	0.94mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	93d	1	0.94mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	70d	1	0.98mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	93d	1	1.01mi
129 Clancey St South Bend, IN	3.0	3.5	2000	$2,950	$1.48	62d	1	1.07mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	70d	1	1.14mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	62d	1	1.27mi

Listing history 50 events

1. 2026-08-08
   days on market $124,000 Active 158 DOM
2. 2026-08-07
   days on market $124,000 Active 157 DOM
3. 2026-08-06
   days on market $124,000 Active 156 DOM
4. 2026-08-05
   days on market $124,000 Active 155 DOM
5. 2026-08-04
   days on market $124,000 Active 154 DOM
6. 2026-08-03
   days on market $124,000 Active 153 DOM
7. 2026-07-31
   days on market $124,000 Active 150 DOM
8. 2026-07-30
   days on market $124,000 Active 149 DOM
9. 2026-07-29
   days on market $124,000 Active 148 DOM
10. 2026-07-27
    days on market $124,000 Active 146 DOM
11. 2026-07-25
    days on market $124,000 Active 144 DOM
12. 2026-07-23
    days on market $124,000 Active 142 DOM
13. 2026-07-22
    days on market $124,000 Active 141 DOM
14. 2026-07-21
    days on market $124,000 Active 140 DOM
15. 2026-07-18
    days on market $124,000 Active 137 DOM
16. 2026-07-16
    days on market $124,000 Active 135 DOM
17. 2026-07-16
    days on market $124,000 Active 134 DOM
18. 2026-07-14
    days on market $124,000 Active 133 DOM
19. 2026-07-13
    days on market $124,000 Active 132 DOM
20. 2026-07-12
    days on market $124,000 Active 131 DOM
21. 2026-07-11
    days on market $124,000 Active 130 DOM
22. 2026-07-10
    days on market $124,000 Active 129 DOM
23. 2026-07-09
    days on market $124,000 Active 128 DOM
24. 2026-07-08
    days on market $124,000 Active 127 DOM
25. 2026-07-07
    pricedays on market $124,000 Active 126 DOM
26. 2026-07-06
    days on market $135,000 Active 125 DOM
27. 2026-07-06
    days on market $135,000 Active 124 DOM
28. 2026-07-04
    days on market $135,000 Active 123 DOM
29. 2026-07-03
    days on market $135,000 Active 122 DOM
30. 2026-07-02
    days on market $135,000 Active 121 DOM
31. 2026-07-01
    days on market $135,000 Active 120 DOM
32. 2026-06-30
    days on market $135,000 Active 119 DOM
33. 2026-06-29
    days on market $135,000 Active 118 DOM
34. 2026-06-28
    days on market $135,000 Active 117 DOM
35. 2026-06-28
    days on market $135,000 Active 116 DOM
36. 2026-06-27
    days on market $135,000 Active 115 DOM
37. 2026-06-25
    days on market $135,000 Active 113 DOM
38. 2026-06-23
    days on market $135,000 Active 111 DOM
39. 2026-06-22
    days on market $135,000 Active 110 DOM
40. 2026-06-18
    days on market $135,000 Active 107 DOM
41. 2026-06-17
    days on market $135,000 Active 106 DOM
42. 2026-06-16
    days on market $135,000 Active 105 DOM
43. 2026-06-15
    days on market $135,000 Active 104 DOM
44. 2026-06-14
    days on market $135,000 Active 102 DOM
45. 2026-06-13
    days on market $135,000 Active 101 DOM
46. 2026-06-10
    days on market $135,000 Active 99 DOM
47. 2026-06-09
    days on market $135,000 Active 98 DOM
48. 2026-06-08
    days on market $135,000 Active 97 DOM
49. 2026-06-07
    days on market $135,000 Active 96 DOM
50. 2026-06-03
    days on market $135,000 Active 92 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: $932 · $78/mo
• Projected year-2 tax: $993 · $83/mo
• Expected delta: +$61/yr (+$5/mo · 6.5%)

ⓘ 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: −$6,946
• − Property taxes: −$932
• − Insurance: −$1,286
• − Repairs & maintenance: −$1,476
• − Management: −$1,476
• − Depreciation: −$3,607
• Taxable income: $2,731
• Est. tax owed @ 24.0%: −$655
• After-tax cash flow: $3,903/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.

Condition & rehab AI · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $9,520–$28,560 screening

This 3-bedroom, 1-bath home offers a good condition with recent updates, including a new roof, windows, and central air. It's ready for a new owner to move in and enjoy.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — refreshes interior and exterior ↑
• Both new flooring — improves aesthetics and functionality ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 36/100

Zoned Schools

Elementary Kennedy Academy D IN #304/994 Nat'l #14,081/41,679 Middle Jefferson Traditional School F IN #284/330 Nat'l #12,279/14,009 High Adams High School F IN #195/369 Nat'l #7,501/17,239

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

C Composite livability gradescore 64/100

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 · 273,186 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: 8% of renters

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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%

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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%

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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

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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.