1731 Homewood Ave · Mishawaka, IN 46544

$150,000

2 bd · 1.0 ba · 726 sqft · SingleFamily public records · 5 Days on market

Built 1929 7,523 sqft lot $207/sqft · at area comps Est $155k · at est.

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Why this score? — see what drove the D 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 +12.5/30.0
• ARV discount +9.0/15.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Highest and Best due by 12 pm on Saturday, 5/21. You do not want to miss this adorable 2 bedroom, 1 bath home with newly updated flooring and paint throughout in Mishawaka! Walking distance to elementary and high school. Close to river area parks and recreation. Main floor laundry, with extra storage or pantry space. Chain link fence surrounds the oversized yard for playing or pets, along with large concrete patio for entertaining and an enclosed front porch for lemonade sipping as you watch the cars go by! Schedule your showing today, this will not last long!

Key facts

• Alley access
• Full-size basement
• Updated home

Tags

• UPDATED HOME
• MAIN-LEVEL LAUNDRY
• FUNCTIONAL STORAGE SPACE
• FULL-SIZE BASEMENT
• FENCED YARD SPACE
• ALLEY ACCESS

Property features AI

Finance

• Other: Lot dimensions approximately 66 x 114 (0.1727 acres)
• HOA & community: No association amenities

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Aluminum siding; Block foundation; Shingle roof; Built as a site-built home
• Exterior features: Enclosed porch; Porch; Chain link fencing; Level lot

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: Master bedroom located on the main level
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Ceiling fan(s); Natural gas forced-air heating
• Interior features: Ceiling fans throughout; Master bedroom on the main level; Full basement
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-23 ($-274/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (22.5% below list).
• Recommended offer: $116k (22.5% below list) — sets the bar for 1% rule.

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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.
• Current owner paid $125k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,283 (22.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.78% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 10.7

CMA / ARV

• ARV (median comp): $155,186
• List price: $150,000
• Delta: -3.34%
• 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
1750 Homewood Ave	0.05mi	2/1.0	660 (-9%)	11mo	$135,000	$205	73
1508 E 4th St	0.36mi	2/1.0	780 (+7%)	3mo	$150,000	$192	69
1617 E 4th St	0.27mi	2/1.0	804 (+11%)	7mo	$80,500	$100	64
2125 Linden St	0.30mi	3/1.0 (+1)	768 (+6%)	12mo	$131,000	$171	61
2022 Lincolnway E	0.23mi	2/2.0	800 (+10%)	10mo	$132,000	$165	60
405 Gernhart Ave	0.56mi	2/1.0	768 (+6%)	17mo	$172,000	$224	50
213 N State St	0.50mi	2/1.0	792 (+9%)	15mo	$169,000	$213	49
332 S Brook Ave	0.54mi	2/1.0	672 (-7%)	20mo	$120,000	$179	46
630 Studebaker St	0.68mi	2/1.0	660 (-9%)	12mo	$167,500	$254	43
1118 E 4th St	0.72mi	2/1.0	780 (+7%)	18mo	$87,630	$112	38
411 N Wenger Ave	0.73mi	2/1.0	804 (+11%)	12mo	$160,000	$199	38
1311 E 7th St	0.72mi	2/1.0	625 (-14%)	14mo	$70,000	$112	32

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: -12.4%
• Equity multiple: 0.53×
• Total profit: $-19,657
• Equity at exit: $22,365

10-year hold

• IRR: 2.4%
• Equity multiple: 1.21×
• Total profit: $8,813
• Equity at exit: $12,969

Cash invested: $42,000 (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: 10.7×

Monthly cashflow live

• Estimated rent: $1,163 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $-23

Break-even live

Break-even rent $1,192

Max offer price $145,964

Occupancy floor 97%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-13
   listed $150,000 Active 736-char remark
2. 2022-06-13
   soldstatus $125,000 568-char remark

   Show marketing remark (568 chars)

   Highest and Best due by 12 pm on Saturday, 5/21. You do not want to miss this adorable 2 bedroom, 1 bath home with newly updated flooring and paint throughout in Mishawaka! Walking distance to elementary and high school. Close to river area parks and recreation. Main floor laundry, with extra storage or pantry space. Chain link fence surrounds the oversized yard for playing or pets, along with large concrete patio for entertaining and an enclosed front porch for lemonade sipping as you watch the cars go by! Schedule your showing today, this will not last long!

3. 2022-05-19
   listed $115,000 568-char remark

   Show marketing remark (568 chars)

   Highest and Best due by 12 pm on Saturday, 5/21. You do not want to miss this adorable 2 bedroom, 1 bath home with newly updated flooring and paint throughout in Mishawaka! Walking distance to elementary and high school. Close to river area parks and recreation. Main floor laundry, with extra storage or pantry space. Chain link fence surrounds the oversized yard for playing or pets, along with large concrete patio for entertaining and an enclosed front porch for lemonade sipping as you watch the cars go by! Schedule your showing today, this will not last long!

4. 2017-01-27
   soldstatus $48,000

   Show marketing remark (354 chars)

   The Price is Right! Sweet home with new paint and flooring. New kitchen. Basement has drywall - just add flooring and ceiling & it's your ManCave! Located close to Beiger Elementary and the river area parks and recreation areas. Fenced back yard. Alley access on two sides and a side yard ideal for a quick game of catch. Call & see it today.

5. 2016-08-27
   listed $49,900

   Show marketing remark (354 chars)

   The Price is Right! Sweet home with new paint and flooring. New kitchen. Basement has drywall - just add flooring and ceiling & it's your ManCave! Located close to Beiger Elementary and the river area parks and recreation areas. Fenced back yard. Alley access on two sides and a side yard ideal for a quick game of catch. Call & see it today.

6. 2015-02-23
   soldstatus $24,000
7. 2014-05-07
   listed $24,900

ⓘ 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: $1,108 · $92/mo
• Projected year-2 tax: $1,192 · $99/mo
• Expected delta: +$83/yr (+$7/mo · 7.5%)

ⓘ 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: $13,954
• − Mortgage interest: −$8,402
• − Property taxes: −$1,108
• − Insurance: −$750
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − Depreciation: −$4,364
• Taxable loss: −$2,903
• Est. tax savings @ 24.0%: +$697
• After-tax cash flow: $423/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

+502.4% since first listed

8 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-05-13 Listed $150,000 IRMLS
• 2022-06-13 Sold (MLS) $125,000 IRMLS
• 2022-05-19 Listed $115,000 IRMLS
• 2017-01-27 Sold (MLS) $48,000 IRMLS
• 2016-08-27 Listed $49,900 IRMLS
• 2015-02-23 Sold (MLS) $24,000 IRMLS
• 2014-05-07 Listed $24,900 IRMLS

Property tax history

-5.2%/yr

Latest (2025): $1,108 · -1.2% YoY. Source: county tax records.