735 E Bowman St · South Bend, IN 46613

$90,000

2 bd · 1.5 ba · 864 sqft · SingleFamily public records · 5 Days on market

Built 1923 5,227 sqft lot Est $85k · 6% over

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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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +4.7/15.0
• 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

Well-maintained two-bedroom, one-bath home offering affordability, flexibility, and opportunity. Whether you're searching for a place to call home or looking to expand your investment portfolio, this property deserves a closer look. The home features a covered front porch, spacious living area, dedicated dining room, functional kitchen, and a convenient mudroom off the rear entrance. Additional highlights include a basement with laundry and ample storage space, along with a large rear parking area accessible from the alley. With its practical layout, manageable size, and attractive price point, this property offers a variety of possibilities for its next owner. Interior photos will be added

Key facts

• Covered front porch
• Functional kitchen
• Convenient mudroom

Tags

• COVERED FRONT PORCH
• SPACIOUS LIVING AREA
• DEDICATED DINING ROOM
• FUNCTIONAL KITCHEN
• CONVENIENT MUDROOM
• BASEMENT WITH LAUNDRY

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Aluminum siding
• Exterior features: Corner lot; Sloped lot; Lot dimensions approximately 40 x 128

Interior

• Kitchen: No specific kitchen appliances listed
• Bedrooms: Total of 6 rooms (bedrooms included; specific bedroom counts not provided)
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Natural gas forced air heating; No central cooling
• Interior features: Gas water heater; Water heater (additional listing)
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 9.9% vs local median 4.3% 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); 78 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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 32% 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 $622 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $35k; list at $90k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1923 — 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: 1.26% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.03%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $84,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 E Calvert St	0.05mi	2/1.0	779 (-10%)	1mo	$72,000	$92	79
1140 E Dayton St	0.35mi	2/1.0	864 (0%)	7mo	$119,000	$138	76
1144 E Dayton St	0.36mi	3/1.0 (+1)	864 (0%)	1mo	$67,000	$78	76
817 E Eckman St	0.50mi	2/1.0	880 (+2%)	2mo	$130,000	$148	70
1148 E Dayton St	0.37mi	2/1.0	936 (+8%)	1mo	$67,000	$72	66
1340 E Calvert St	0.58mi	2/1.0	888 (+3%)	3mo	$65,500	$74	64
128 Milton St	0.47mi	2/1.0	832 (-4%)	11mo	$138,000	$166	61
925 Altgeld St	0.28mi	2/1.0	960 (+11%)	10mo	$120,000	$125	58
1113 E Donald St	0.27mi	3/1.0 (+1)	972 (+12%)	5mo	$95,000	$98	55
821 E Irvington Ave	0.44mi	2/1.0	752 (-13%)	3mo	$109,500	$146	54
312 E Donald St	0.33mi	2/1.0	748 (-13%)	8mo	$25,000	$33	53
1405 E Donald St	0.61mi	2/1.0	756 (-12%)	2mo	$55,000	$73	47

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: 4.2%
• Equity multiple: 1.16×
• Total profit: $4,107
• Equity at exit: $13,419

10-year hold

• IRR: 14.7%
• Equity multiple: 2.24×
• Total profit: $31,328
• Equity at exit: $7,782

Cash invested: $25,200 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,137 high
• Mortgage (P&I): −$472
• Tax from tax record: −$115 /mo · $1,386/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $274

Break-even live

Break-even rent $791

Max offer price $90,000

Occupancy floor 71%

Sensitivity live

Price	-10% $324	-5% $299	+0% $274	+5% $248	+10% $223
Rent	-10% $184	-5% $229	+0% $274	+5% $318	+10% $363
Rate	-1.0pp $319	-0.5pp $296	base $274	+0.5pp $250	+1.0pp $227

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	45d	1	0.12mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	23d	1	0.40mi
1142 E Indiana Ave South Bend, IN	1.0	1.0	751	$599	$0.80	15d	1	0.43mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	23d	1	0.45mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	45d	1	0.51mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	23d	1	0.52mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	45d	1	0.88mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	15d	1	0.93mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	45d	1	0.93mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	15d	1	1.01mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	45d	1	1.01mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	45d	1	1.08mi
533 Columbia St Unit C South Bend, IN	1.0	1.0	600	$700	$1.17	23d	1	1.16mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	15d	1	1.25mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	15d	1	1.29mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.44mi
1009 E Jefferson Blvd South Bend, IN	2.0	1.0	770	$1,049	$1.36	23d	1	1.49mi

Listing history 5 events

1. 2026-06-22
   remarks 699-char remark
2. 2026-06-22
   days on market $90,000 Active 5 DOM
3. 2026-06-18
   days on market $90,000 Active 2 DOM
4. 2026-06-16
   remarks 678-char remark
5. 2026-06-16
   listed $90,000 Active 1 DOM

ⓘ 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: $1,386 · $115/mo
• Projected year-2 tax: $1,386 · $115/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 · 15 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: $13,648
• − Mortgage interest: −$5,041
• − Property taxes: −$1,386
• − Insurance: −$450
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$2,618
• Taxable income: $1,969
• Est. tax owed @ 24.0%: −$473
• After-tax cash flow: $2,810/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

+157.1% since first listed

2 events — show timeline

• 2026-06-16 Listed $90,000 IRMLS
• 2011-02-22 Sold (Public Records) $35,000 Public Records

Property tax history

+13.2%/yr

Latest (2025): $1,386 · -48.5% YoY. Source: county tax records.