2122 Lincoln Way Way W · South Bend, IN 46628

$79,000

3 bd · 2.0 ba · 1,794 sqft · MultiFamily public records · 43 Days on market

Built 1927 5,227 sqft lot $44/sqft · 13% below area Est $91k · 13% 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 +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks

* Seller willing to sell on land contract * Check out this duplex that is ready for a complete transformation! This property has been taken down to the studs, offering a clean slate for your next project. Perfect for investors, flippers, or anyone looking to customize a multi-unit property from the ground up. Endless possibilities to design, build, and add value. Located near local amenities and positioned for strong future returns.

Key facts

• 5,227 sq ft lot
• 2 parking spots
• Built 1927

Property features AI

Finance

• Other: Pets allowed
• Financial info: Annual tax listed (see broker)

Exterior

• Parking: Two open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; Two-story
• Construction: Brick construction
• Exterior features: Level lot; Lot dimensions approximately 41 x 132

Interior

• Bathrooms: Two full bathrooms; Three main-level bathrooms
• Heating & cooling: No central heating listed
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $79k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $672/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.7% 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, 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: Coquillard Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 343 students, 89% FRL); Dickinson Fine Arts Academy (math 0% / reading 5%, grade F, #329 of 330 statewide, top 100%, 449 students, 86% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 85% FRL vs 66% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,487/mo this rent would consume 48% 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 $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $76,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.15% ✓
• Cap rate: 26.71%
• Cash-on-cash: 72.92%
• DSCR: 4.24
• GRM: 2.6

CMA / ARV

• ARV (median comp): $90,883
• List price: $79,000
• Delta: -13.08%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 77.1%
• Equity multiple: 4.74×
• Total profit: $82,706
• Equity at exit: $11,779

10-year hold

• IRR: 81.8%
• Equity multiple: 11.22×
• Total profit: $226,142
• Equity at exit: $6,830

Cash invested: $22,120 (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: 5.3×

Monthly cashflow live

• Estimated rent: $2,487 high
• Mortgage (P&I): −$414
• Tax from tax record: −$173 /mo · $2,081/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $1,344

Break-even live

Break-even rent $786

Max offer price $79,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,486
Total (2 units)			$2,487

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.07mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	20d	1	0.08mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.15mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	0.30mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	20d	1	0.31mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	0.48mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	0.59mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.69mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	20d	1	0.73mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.79mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.79mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	13d	1	1.27mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	43d	1	1.45mi
721 S Arnold St South Bend, IN	4.0	2.0	2568	$1,800	$0.70	13d	1	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $79,000 Active 43 DOM
2. 2026-06-17
   days on market $79,000 Active 42 DOM
3. 2026-06-16
   days on market $79,000 Active 41 DOM
4. 2026-06-15
   days on market $79,000 Active 40 DOM
5. 2026-06-14
   days on market $79,000 Active 38 DOM
6. 2026-06-13
   days on market $79,000 Active 37 DOM
7. 2026-06-10
   days on market $79,000 Active 35 DOM
8. 2026-06-09
   days on market $79,000 Active 34 DOM
9. 2026-06-08
   days on market $79,000 Active 33 DOM
10. 2026-06-07
    days on market $79,000 Active 32 DOM
11. 2026-06-03
    days on market $79,000 Active 28 DOM
12. 2026-06-02
    days on market $79,000 Active 27 DOM
13. 2026-06-01
    days on market $79,000 Active 26 DOM
14. 2026-05-31
    days on market $79,000 Active 25 DOM
15. 2026-05-30
    days on market $79,000 Active 24 DOM
16. 2026-05-06
    listed $79,000 Active 424-char remark

ⓘ 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: $2,081 · $173/mo
• Projected year-2 tax: $2,081 · $173/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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,844
• − Mortgage interest: −$4,425
• − Property taxes: −$2,081
• − Insurance: −$395
• − Repairs & maintenance: −$2,388
• − Management: −$2,388
• − Depreciation: −$2,298
• Taxable income: $15,869
• Est. tax owed @ 24.0%: −$3,809
• After-tax cash flow: $12,321/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

• 2026-05-06 Listed $79,000 IRMLS

Property tax history

+0.3%/yr

Latest (2025): $2,081 · -2.1% YoY. Source: county tax records.