1514 Carroll St · South Bend, IN 46613

$49,900

2 bd · 1.0 ba · 616 sqft · SingleFamily public records · 21 Days on market

Built 1918 2,975 sqft lot Est $96k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors, flippers, or handy buyers! This is a great opportunity with excellent potential for rental, flip, or to renovate your own home in a desirable location. Home is cleaned out and ready for rehab. Property to be sold As-Is

Key facts

• 2,975 sq ft lot
• Built 1918
• Listed 21 days

Property features AI

Finance

• Other: Listing broker: Harbor & Lake Real Estate
• Financial info: Annual tax approx. $280
• HOA & community: No subdivision (listed as None)

Exterior

• Parking: Parking details not provided
• Security: Security features not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One-story
• Construction: Built with other/unspecified construction materials
• Exterior features: Lot dimensions approximately 35 x 85

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms information not provided
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Has cooling (type listed as Other)
• Interior features: Partial, unfinished basement; Total of 5 rooms
• Laundry & utility: Laundry details not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.2% 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, 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 33% of the median local income ($43k/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 $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1918 — 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. 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?
4. 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?
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: 2.32% ✓
• Cap rate: 20.21%
• Cash-on-cash: 49.70%
• DSCR: 3.21
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $96,096
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1141 Milton St	0.68mi	2/1.0	624 (+1%)	3mo	$70,000	$112	64
1703 Marine St	0.70mi	2/1.0	660 (+7%)	12mo	$122,500	$186	45
1512 Marine St	0.68mi	2/1.0	672 (+9%)	15mo	$40,000	$60	41
509 E Fairview Ave	0.71mi	1/1.0 (-1)	700 (+14%)	7mo	$109,000	$156	33

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 48.6%
• Equity multiple: 3.15×
• Total profit: $30,048
• Equity at exit: $7,440

10-year hold

• IRR: 54.6%
• Equity multiple: 6.65×
• Total profit: $78,988
• Equity at exit: $4,314

Cash invested: $13,972 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,156 high
• Mortgage (P&I): −$262
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $579

Break-even live

Break-even rent $423

Max offer price $49,900

Occupancy floor 45%

Sensitivity live

Price	-10% $607	-5% $593	+0% $579	+5% $565	+10% $550
Rent	-10% $487	-5% $533	+0% $579	+5% $624	+10% $670
Rate	-1.0pp $604	-0.5pp $591	base $579	+0.5pp $566	+1.0pp $553

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	44d	1	0.79mi
533 Columbia St Unit C South Bend, IN	1.0	1.0	600	$700	$1.17	21d	1	0.82mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.83mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	1.27mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	1.28mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	44d	1	1.31mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$5,399	$4.64	21d	19	1.33mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$2,409	$2.38	14d	31	1.45mi
307 E Lasalle Ave South Bend, IN	1.0–2.0	1.0–2.0	925	$1,670	$1.80	14d	22	1.47mi

Listing history 16 events

1. 2026-06-18
   days on market $49,900 Active 21 DOM
2. 2026-06-17
   days on market $49,900 Active 20 DOM
3. 2026-06-16
   days on market $49,900 Active 19 DOM
4. 2026-06-15
   days on market $49,900 Active 18 DOM
5. 2026-06-14
   days on market $49,900 Active 16 DOM
6. 2026-06-13
   days on market $49,900 Active 15 DOM
7. 2026-06-10
   days on market $49,900 Active 13 DOM
8. 2026-06-09
   days on market $49,900 Active 12 DOM
9. 2026-06-08
   days on market $49,900 Active 11 DOM
10. 2026-06-07
    days on market $49,900 Active 10 DOM
11. 2026-06-03
    days on market $49,900 Active 6 DOM
12. 2026-06-02
    days on market $49,900 Active 5 DOM
13. 2026-06-01
    days on market $49,900 Active 4 DOM
14. 2026-05-31
    days on market $49,900 Active 3 DOM
15. 2026-05-30
    days on market $49,900 Active 2 DOM
16. 2026-05-28
    listed $49,900 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: $622 · $52/mo
• Projected year-2 tax: $622 · $52/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 ≥99°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: $13,867
• − Mortgage interest: −$2,795
• − Property taxes: −$622
• − Insurance: −$250
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$1,452
• Taxable income: $6,530
• Est. tax owed @ 24.0%: −$1,567
• After-tax cash flow: $5,376/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

1 event — show timeline

• 2026-05-28 Listed $49,900 IRMLS

Property tax history

+8.6%/yr

Latest (2024): $622 · +54.5% YoY. Source: county tax records.