753 Cleveland Ave · South Bend, IN 46628

$90,000

4 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 20 Days on market

Built 1900 4,792 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* Seller willing to sell on land contract * Welcome to this spacious 4-bedroom, 2-bath home located in South Bend. Offering a versatile floor plan and generous living space, this property is ideal for growing families or investors looking to add to their portfolio.

Key facts

• 4,792 sq ft lot
• Built 1900
• Listed 20 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; Two stories
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 50 x 92

Interior

• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Natural gas heating; No cooling
• Interior features: Partial basement; Seven total rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.1% 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: Muessel Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 241 students, 88% FRL); Jefferson Traditional School (math 12% / reading 22%, grade F, #284 of 330 statewide, top 87%, 516 students, 64% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL) — zoned schools at 69% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,333/mo this rent would consume 45% of the median local household income ($62k/yr) (locally 1024% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 + 6.8% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.59% ✓
• Cap rate: 22.15%
• Cash-on-cash: 56.62%
• DSCR: 3.52
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $33,600
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 Lindsey St	0.17mi	4/2.0	1,456 (+4%)	5mo	$35,000	$24	81

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 59.4%
• Equity multiple: 3.79×
• Total profit: $70,412
• Equity at exit: $13,419

10-year hold

• IRR: 65.5%
• Equity multiple: 8.93×
• Total profit: $199,908
• 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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,333 high
• Mortgage (P&I): −$472
• Tax from tax record: −$145 /mo · $1,735/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $1,189

Break-even live

Break-even rent $828

Max offer price $90,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,240	-5% $1,215	+0% $1,189	+5% $1,164	+10% $1,138
Rent	-10% $1,005	-5% $1,097	+0% $1,189	+5% $1,281	+10% $1,373
Rate	-1.0pp $1,234	-0.5pp $1,212	base $1,189	+0.5pp $1,166	+1.0pp $1,142

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,332
Total (2 units)			$2,333

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 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	45d	1	0.04mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	22d	1	0.11mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.12mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	22d	1	0.18mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	45d	1	0.26mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	45d	1	0.41mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	22d	1	0.54mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	22d	1	0.57mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	45d	1	0.61mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	22d	1	0.62mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	45d	1	0.64mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	0.66mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	14d	1	0.66mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	0.67mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	0.70mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	0.71mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	0.76mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	14d	1	0.79mi
2530 Bonds Ave South Bend, IN	5.0	1.5	1866	$2,000	$1.07	45d	1	0.90mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	14d	1	0.91mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	14d	1	0.92mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	45d	1	0.96mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	14d	1	1.02mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	22d	19	1.07mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	14d	1	1.22mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$3,009	$2.97	14d	31	1.24mi
1317 Poland St South Bend, IN	3.0	1.0	1100	$1,300	$1.18	22d	1	1.26mi
2502 Ford St South Bend, IN	3.0	1.0	1176	$1,175	$1.00	45d	1	1.47mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	45d	1	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $90,000 Active 20 DOM
2. 2026-06-17
   days on market $90,000 Active 19 DOM
3. 2026-06-16
   days on market $90,000 Active 18 DOM
4. 2026-06-15
   days on market $90,000 Active 17 DOM
5. 2026-06-14
   days on market $90,000 Active 15 DOM
6. 2026-06-13
   days on market $90,000 Active 14 DOM
7. 2026-06-10
   days on market $90,000 Active 12 DOM
8. 2026-06-09
   days on market $90,000 Active 11 DOM
9. 2026-06-08
   days on market $90,000 Active 10 DOM
10. 2026-06-07
    days on market $90,000 Active 9 DOM
11. 2026-06-03
    days on market $90,000 Active 5 DOM
12. 2026-06-02
    days on market $90,000 Active 4 DOM
13. 2026-06-01
    days on market $90,000 Active 3 DOM
14. 2026-05-31
    days on market $90,000 Active 2 DOM
15. 2026-05-30
    remarks 266-char remark
16. 2026-05-30
    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: $1,735 · $145/mo
• Projected year-2 tax: $1,735 · $145/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 5/10 Major FEMA zone X (unshaded) · 56% 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,996
• − Mortgage interest: −$5,041
• − Property taxes: −$1,735
• − Insurance: −$450
• − Repairs & maintenance: −$2,240
• − Management: −$2,240
• − Depreciation: −$2,618
• Taxable income: $13,672
• Est. tax owed @ 24.0%: −$3,281
• After-tax cash flow: $10,987/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

• 2026-05-29 Listed $90,000 IRMLS

Property tax history

+22.3%/yr

Latest (2024): $1,735 · +71.0% YoY. Source: county tax records.