1709 Leer St · South Bend, IN 46613

$105,000

2 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 30 Days on market

Built 1907 0.25 ac lot $99/sqft · 7% above area Est $98k · 7% over ↓ 4% since listing

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Why this score? — see what drove the C 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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +6.1/10.0
• ARV discount +4.5/15.0
• 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 MLS

Welcome to 1709 Leer St—an excellent value-add property with strong potential. This 2-bedroom, 1-bath home features a durable metal roof installed in 2025, offering long-term peace of mind on one of the major components. The home is in as-is condition and primarily needs cosmetic updates, making it a great option for investors, flippers, or buyers looking to build equity. Interior offers a functional layout with living space, kitchen, and laundry area ready for your finishing touches. Situated on a manageable lot with off-street parking and convenient access to local amenities, schools, and major routes.

Key facts

• Metal roof
• Major routes
• Local amenities

Tags

• METAL ROOF
• OFF-STREET PARKING
• LOCAL AMENITIES
• MAJOR ROUTES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: 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); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Zoned-school proficiency averages 40% at this address vs 16% district-wide (+23 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 (+4.1%/yr); 78 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — 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: 1.11% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 7.5

CMA / ARV

• ARV (median comp): $98,386
• List price: $105,000
• Delta: 6.72%
• 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
1148 E Dayton St	0.15mi	2/1.0	936 (-12%)	1mo	$67,000	$72	72
1610 E Donald St	0.47mi	2/1.0	1,028 (-3%)	3mo	$120,000	$117	70
1339 E Bowman St	0.24mi	2/1.0	1,168 (+10%)	3mo	$120,000	$103	70
1909 Clyde St	0.23mi	3/1.0 (+1)	1,144 (+8%)	8mo	$135,000	$118	66
1202 S Twyckenham Dr	0.46mi	2/1.0	1,152 (+8%)	1mo	$155,000	$135	64
1402 E Calvert St	0.23mi	2/1.0	1,197 (+12%)	7mo	$140,000	$117	62
1201 Oakland St	0.39mi	2/1.0	965 (-9%)	5mo	$118,000	$122	62
1515 Lebanon St	0.43mi	2/1.0	1,161 (+9%)	4mo	$140,000	$121	61
1804 E Calvert St	0.56mi	3/1.0 (+1)	1,104 (+4%)	2mo	$185,000	$168	61
1113 E Donald St	0.34mi	3/1.0 (+1)	972 (-9%)	5mo	$95,000	$98	60
1715 Altgeld St	0.67mi	3/1.0 (+1)	1,148 (+8%)	6mo	$85,000	$74	46
1715 Southeast Dr	0.73mi	3/1.0 (+1)	1,150 (+8%)	6mo	$150,000	$130	42

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: 2.2%
• Equity multiple: 1.08×
• Total profit: $2,458
• Equity at exit: $15,656

10-year hold

• IRR: 12.7%
• Equity multiple: 2.05×
• Total profit: $30,851
• Equity at exit: $9,078

Cash invested: $29,400 (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: 78
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,170 high
• Mortgage (P&I): −$551
• Tax from tax record: −$44 /mo · $529/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $286

Break-even live

Break-even rent $808

Max offer price $105,000

Occupancy floor 71%

Sensitivity live

Price	-10% $346	-5% $316	+0% $286	+5% $256	+10% $227
Rent	-10% $194	-5% $240	+0% $286	+5% $332	+10% $379
Rate	-1.0pp $339	-0.5pp $313	base $286	+0.5pp $259	+1.0pp $231

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1142 E Indiana Ave South Bend, IN	1.0	1.0	751	$599	$0.80	15d	1	0.15mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	45d	1	0.27mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	45d	1	0.53mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	45d	1	0.53mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	45d	1	0.53mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	45d	1	0.68mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	45d	1	0.70mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	22d	1	0.75mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	15d	1	0.82mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	15d	1	0.87mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	22d	1	0.89mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	45d	1	0.96mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	45d	1	0.96mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	22d	1	0.98mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	45d	1	1.05mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	22d	1	1.11mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	15d	1	1.13mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	45d	1	1.15mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	45d	1	1.15mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	15d	1	1.17mi
1009 E Jefferson Blvd South Bend, IN	2.0	1.0	770	$1,049	$1.36	22d	1	1.31mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	45d	1	1.33mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	22d	1	1.34mi
2500 Topsfield Rd #907 South Bend, IN	1.0	1.0	700	$1,100	$1.57	45d	1	1.40mi
911 E Washington St South Bend, IN	3.0	1.0	886	$1,195	$1.35	15d	1	1.41mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	15d	1	1.44mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	45d	1	1.46mi

Listing history 3 events

1. 2026-05-14
   status Pending 617-char remark

   Show marketing remark (617 chars)

   Welcome to 1709 Leer St—an excellent value-add property with strong potential. This 2-bedroom, 1-bath home features a durable metal roof installed in 2025, offering long-term peace of mind on one of the major components. The home is in as-is condition and primarily needs cosmetic updates, making it a great option for investors, flippers, or buyers looking to build equity. Interior offers a functional layout with living space, kitchen, and laundry area ready for your finishing touches. Situated on a manageable lot with off-street parking and convenient access to local amenities, schools, and major routes.

2. 2026-04-30
   price $105,000 617-char remark

   Show marketing remark (617 chars)

   Welcome to 1709 Leer St—an excellent value-add property with strong potential. This 2-bedroom, 1-bath home features a durable metal roof installed in 2025, offering long-term peace of mind on one of the major components. The home is in as-is condition and primarily needs cosmetic updates, making it a great option for investors, flippers, or buyers looking to build equity. Interior offers a functional layout with living space, kitchen, and laundry area ready for your finishing touches. Situated on a manageable lot with off-street parking and convenient access to local amenities, schools, and major routes.

3. 2026-04-13
   listed $109,900 Active 617-char remark

   Show marketing remark (617 chars)

   Welcome to 1709 Leer St—an excellent value-add property with strong potential. This 2-bedroom, 1-bath home features a durable metal roof installed in 2025, offering long-term peace of mind on one of the major components. The home is in as-is condition and primarily needs cosmetic updates, making it a great option for investors, flippers, or buyers looking to build equity. Interior offers a functional layout with living space, kitchen, and laundry area ready for your finishing touches. Situated on a manageable lot with off-street parking and convenient access to local amenities, schools, and major routes.

ⓘ 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: $529 · $44/mo
• Projected year-2 tax: $711 · $59/mo
• Expected delta: +$182/yr (+$15/mo · 34.3%)

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,045
• − Mortgage interest: −$5,882
• − Property taxes: −$529
• − Insurance: −$525
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$3,055
• Taxable income: $1,807
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $3,000/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

-4.5% since first listed

3 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-04-30 Price Changed $105,000 IRMLS
• 2026-04-13 Listed $109,900 IRMLS

Property tax history

+44.6%/yr

Latest (2023): $529 · -37.4% YoY. Source: county tax records.