54426 32nd St · South Bend, IN 46635

$239,900

4 bd · 1.5 ba · 1,352 sqft · SingleFamily public records · 1 Days on market

Built 1967 9,855 sqft lot $177/sqft · 36% above area Est $244k · 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 +15.1/30.0
• ARV discount +8.2/15.0
• DSCR +4.6/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Truly a hidden gem! This beautifully maintained home offers charm, comfort, and important updates throughout. You’ll love the meticulously cared-for hardwood floors that add warmth and character to the living space. The galley kitchen provides efficiency and functionality, while the updated bathroom adds a fresh, modern touch. Major improvements include new windows from Window World and an HVAC system only 4 years old, giving you peace of mind and energy efficiency. Step outside to enjoy the wonderful lush green yard, perfect for relaxing, gardening, or entertaining. The 1+ car garage offers great space for parking, storage, or hobbies. This home has been lovingly cared for and is ready for its next owner to enjoy. A fantastic opportunity for anyone looking for a well-maintained home with charm and updates!

Key facts

• 9,855 sq ft lot
• Garage
• Built 1967

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $80 ($962/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (16.5% below list).
• Recommended offer: $200k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: 32 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $200,409 (16.5% below list)

Questions for the listing agent

1. Built in 1967 — 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. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• GRM: 10.0

CMA / ARV

• ARV (median comp): $243,837
• List price: $239,900
• Delta: -1.61%
• 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
1728 Winston Dr	0.24mi	4/1.5	1,351 (-0%)	3mo	$250,000	$185	86
1801 Winston Dr	0.20mi	4/1.5	1,462 (+8%)	4mo	$212,000	$145	74
1715 Rerick Dr	0.29mi	4/1.5	1,462 (+8%)	3mo	$215,000	$147	71
1701 Rerick St	0.31mi	4/1.5	1,462 (+8%)	2mo	$240,000	$164	70
1703 Crestwood Blvd	0.33mi	4/2.0	1,462 (+8%)	3mo	$251,000	$172	66
54335 Maple Lane Ave	0.51mi	3/1.0 (-1)	1,330 (-2%)	2mo	$197,500	$148	64
54296 Maple Ln	0.50mi	3/2.0 (-1)	1,404 (+4%)	5mo	$214,000	$152	59
54162 N Ironwood Rd	0.68mi	3/2.0 (-1)	1,392 (+3%)	2mo	$165,000	$119	55
5101 Jenny Ln	0.70mi	3/2.0 (-1)	1,414 (+5%)	2mo	$255,000	$180	51
54150 N Ironwood Rd	0.68mi	3/2.0 (-1)	1,308 (-3%)	7mo	$210,000	$161	50
1239 Brummit Ln	0.68mi	4/2.0	1,232 (-9%)	6mo	$196,887	$160	47
1225 Manchester Dr	0.74mi	3/1.5 (-1)	1,552 (+15%)	3mo	$235,000	$151	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-33,835
• Equity at exit: $35,770

10-year hold

• IRR: -5.3%
• Equity multiple: 0.66×
• Total profit: $-23,153
• Equity at exit: $20,742

Cash invested: $67,172 (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 46635

• Home prices YoY: -29.8%
• Active inventory: 32
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,004 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$145 /mo · $1,741/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $80

Break-even live

Break-even rent $1,903

Max offer price $239,900

Occupancy floor 91%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5640 Irish Way Mishawaka, IN	3.0	2.0	1189	$1,675	$1.41	43d	1	0.71mi
1160 Helmen Dr South Bend, IN	3.0	2.0	1528	$2,300	$1.51	13d	1	0.83mi
5630 University Park Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,003	$2.11	13d	17	0.86mi
1824 Peachtree Ln South Bend, IN	3.0	1.5	1852	$2,700	$1.46	21d	1	1.19mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	13d	1	1.45mi

Listing history 2 events

1. 2026-05-05
   status Pending 824-char remark

   Show marketing remark (824 chars)

   Truly a hidden gem! This beautifully maintained home offers charm, comfort, and important updates throughout. You’ll love the meticulously cared-for hardwood floors that add warmth and character to the living space. The galley kitchen provides efficiency and functionality, while the updated bathroom adds a fresh, modern touch. Major improvements include new windows from Window World and an HVAC system only 4 years old, giving you peace of mind and energy efficiency. Step outside to enjoy the wonderful lush green yard, perfect for relaxing, gardening, or entertaining. The 1+ car garage offers great space for parking, storage, or hobbies. This home has been lovingly cared for and is ready for its next owner to enjoy. A fantastic opportunity for anyone looking for a well-maintained home with charm and updates!

2. 2026-04-18
   historical $239,900 824-char remark

   Show marketing remark (824 chars)

   Truly a hidden gem! This beautifully maintained home offers charm, comfort, and important updates throughout. You’ll love the meticulously cared-for hardwood floors that add warmth and character to the living space. The galley kitchen provides efficiency and functionality, while the updated bathroom adds a fresh, modern touch. Major improvements include new windows from Window World and an HVAC system only 4 years old, giving you peace of mind and energy efficiency. Step outside to enjoy the wonderful lush green yard, perfect for relaxing, gardening, or entertaining. The 1+ car garage offers great space for parking, storage, or hobbies. This home has been lovingly cared for and is ready for its next owner to enjoy. A fantastic opportunity for anyone looking for a well-maintained home with charm and updates!

ⓘ 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: $1,741 · $145/mo
• Projected year-2 tax: $1,890 · $157/mo
• Expected delta: +$149/yr (+$12/mo · 8.6%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,049
• − Mortgage interest: −$13,438
• − Property taxes: −$1,741
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$6,979
• Taxable loss: −$3,156
• Est. tax savings @ 24.0%: +$757
• After-tax cash flow: $1,719/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

• City population: 99,767
• Population (ZIP): 6,552

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Black 5% Asian 3% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 1% Vietnamese 1% Arabic 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: ▼ -90.65%
• Current HPI: 213.5397
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-05 Pending — IRMLS
• 2026-04-18 Coming Soon $239,900 IRMLS

Property tax history

+10.6%/yr

Latest (2023): $1,741 · -12.1% YoY. Source: county tax records.