661 Lawndale St · South Bend, IN 46628

$57,000

4 bd · 1.0 ba · 1,568 sqft · SingleFamily public records · 110 Days on market

Built 1907 4,792 sqft lot $36/sqft · 5% below area Est $60k · 5% under ↓ 28% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +10.0/15.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

Key facts

• 4,792 sq ft lot
• Built 1907
• Listed 109 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $719 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $52k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.4% 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 (+6.8%/yr); 424 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y 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 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,870 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 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 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.56% ✓
• Cap rate: 21.43%
• Cash-on-cash: 54.05%
• DSCR: 3.40
• GRM: 3.3

CMA / ARV

• ARV (median comp): $60,296
• List price: $57,000
• Delta: -5.47%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
744 Blaine Ave	0.26mi	3/1.0 (-1)	1,566 (-0%)	1mo	$152,000	$97	82
1060 Woodward Ave	0.61mi	4/2.0	1,640 (+5%)	0mo	$272,000	$166	60
1210 Johnson St	0.61mi	3/2.0 (-1)	1,568 (0%)	4mo	$98,000	$63	59
2510 Fredrickson St	0.72mi	3/1.0 (-1)	1,540 (-2%)	1mo	$76,000	$49	57
1125 W Washington St	0.57mi	3/1.5 (-1)	1,636 (+4%)	4mo	$224,000	$137	56
526 Leland Ave	0.71mi	5/2.0 (+1)	1,568 (0%)	4mo	$225,000	$143	54
2205 Kenwood Ave	0.55mi	4/2.5	1,700 (+8%)	2mo	$49,000	$29	53
1238 Diamond Ave	0.56mi	3/1.0 (-1)	1,402 (-11%)	2mo	$101,000	$72	49
1040 Woodward Ave	0.64mi	3/2.0 (-1)	1,656 (+6%)	4mo	$185,000	$112	49
726 W Lasalle Ave	0.67mi	4/1.5	1,760 (+12%)	2mo	$235,000	$134	45
1337 N Adams St	0.65mi	3/1.0 (-1)	1,366 (-13%)	2mo	$95,000	$70	41
706 California St	0.65mi	3/2.5 (-1)	1,392 (-11%)	1mo	$230,000	$165	39

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 56.6%
• Equity multiple: 3.65×
• Total profit: $42,361
• Equity at exit: $8,499

10-year hold

• IRR: 63.0%
• Equity multiple: 8.62×
• Total profit: $121,607
• Equity at exit: $4,928

Cash invested: $15,960 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,460 high
• Mortgage (P&I): −$299
• Tax from tax record: −$112 /mo · $1,345/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $719

Break-even live

Break-even rent $550

Max offer price $57,000

Occupancy floor 46%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	0.10mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	0.17mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.29mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.39mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	0.42mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.46mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	0.48mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	0.55mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.57mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.58mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.59mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	0.60mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	0.60mi
609 N Scott St South Bend, IN	5.0	1.5	1951	$1,450	$0.74	43d	1	0.62mi
2530 Bonds Ave South Bend, IN	5.0	1.5	1866	$2,000	$1.07	43d	1	0.77mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	13d	1	0.77mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	13d	1	0.78mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	0.86mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.96mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	0.96mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	13d	1	1.02mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	21d	1	1.13mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	21d	19	1.13mi
2502 Ford St South Bend, IN	3.0	1.0	1176	$1,175	$1.00	43d	1	1.27mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	13d	1	1.30mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$3,009	$2.97	13d	31	1.34mi

Listing history 25 events

1. 2026-06-18
   days on market $57,000 Active 110 DOM
2. 2026-06-17
   days on market $57,000 Active 109 DOM
3. 2026-06-16
   days on market $57,000 Active 108 DOM
4. 2026-06-15
   days on market $57,000 Active 107 DOM
5. 2026-06-14
   days on market $57,000 Active 105 DOM
6. 2026-06-13
   days on market $57,000 Active 104 DOM
7. 2026-06-10
   days on market $57,000 Active 102 DOM
8. 2026-06-09
   days on market $57,000 Active 101 DOM
9. 2026-06-08
   days on market $57,000 Active 100 DOM
10. 2026-06-07
    days on market $57,000 Active 99 DOM
11. 2026-06-03
    days on market $57,000 Active 95 DOM
12. 2026-06-02
    days on market $57,000 Active 94 DOM
13. 2026-06-01
    days on market $57,000 Active 93 DOM
14. 2026-05-31
    days on market $57,000 Active 92 DOM
15. 2026-05-07
    status Active 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

16. 2026-05-07
    historical 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

17. 2026-04-04
    status Active 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

18. 2026-02-21
    price $57,000 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

19. 2025-10-30
    status Active 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

20. 2025-09-03
    status Pending 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

21. 2025-07-30
    listed $58,000 Active 181-char remark

    Show marketing remark (181 chars)

    * Seller financing available * for a potential investment property with 4 bedrooms and 1 bathroom with great potential? This property is less than a 10-minute drive to Notre Dame!!

22. 2025-06-18
    price $58,500
23. 2025-05-19
    price $65,000
24. 2025-04-15
    listed $77,000 Active
25. 2024-12-19
    listed $79,000 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: $1,345 · $112/mo
• Projected year-2 tax: $1,345 · $112/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 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: $17,523
• − Mortgage interest: −$3,193
• − Property taxes: −$1,345
• − Insurance: −$285
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$1,658
• Taxable income: $8,239
• Est. tax owed @ 24.0%: −$1,977
• After-tax cash flow: $6,649/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

-27.8% since first listed

11 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-04 Relisted — IRMLS
• 2026-02-21 Price Changed $57,000 IRMLS
• 2025-10-30 Relisted — IRMLS
• 2025-09-03 Pending — IRMLS
• 2025-07-30 Listed $58,000 IRMLS
• 2025-06-18 Price Changed $58,500 IRMLS
• 2025-05-19 Price Changed $65,000 IRMLS
• 2025-04-15 Listed $77,000 IRMLS
• 2024-12-19 Listed $79,000 IRMLS

Property tax history

-4.4%/yr

Latest (2023): $1,345 · -0.7% YoY. Source: county tax records.