531 S Logan St · South Bend, IN 46615

$105,000

3 bd · 1.0 ba · 752 sqft · SingleFamily public records · 99 Days on market

Built 1935 6,098 sqft lot $140/sqft · 17% below area Est $127k · 17% under ↓ 22% since listing

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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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

Key facts

• Attached garage
• 6,098 sq ft lot
• Garage

Tags

• FULLY FENCED BACKYARD
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/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: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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, 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: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 18 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 11.12%
• Cash-on-cash: 17.22%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (median comp): $127,253
• List price: $105,000
• Delta: -17.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
734 S 33rd St	0.27mi	2/1.0 (-1)	748 (-0%)	3mo	$141,000	$189	79
602 S 35th St	0.11mi	2/1.0 (-1)	700 (-7%)	3mo	$152,000	$217	76
3410 Wall St	0.25mi	2/1.0 (-1)	720 (-4%)	0mo	$90,000	$125	76
509 S 32nd St	0.32mi	2/1.5 (-1)	782 (+4%)	0mo	$154,900	$198	71
721 W Broadway St	0.25mi	2/1.0 (-1)	712 (-5%)	5mo	$128,000	$180	70
715 S 35 St	0.17mi	2/1.0 (-1)	809 (+8%)	6mo	$144,000	$178	69
810 S 35th St	0.24mi	2/1.0 (-1)	864 (+15%)	2mo	$185,000	$214	57
3513 Pleasant St	0.54mi	2/1.0 (-1)	816 (+8%)	0mo	$168,000	$206	56
526 S 28th St	0.57mi	2/1.0 (-1)	808 (+7%)	2mo	$55,000	$68	54
737 S 30th St	0.49mi	2/1.0 (-1)	816 (+8%)	5mo	$80,000	$98	54
516 N Logan St	0.40mi	2/1.0 (-1)	648 (-14%)	2mo	$150,000	$231	51
525 S 28th St	0.60mi	2/1.0 (-1)	864 (+15%)	3mo	$155,000	$179	40

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 · 6.27% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.50×
• Total profit: $14,565
• Equity at exit: $15,656

10-year hold

• IRR: 23.3%
• Equity multiple: 3.31×
• Total profit: $67,936
• 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 46615

• Home prices YoY: -34.0%
• Rents YoY: 6.3%
• Active inventory: 73
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,387 high
• Mortgage (P&I): −$551
• Tax from tax record: −$80 /mo · $955/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $422

Break-even live

Break-even rent $853

Max offer price $105,000

Occupancy floor 65%

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 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1006 S 35th St South Bend, IN	3.0	2.0	816	$1,000	$1.23	13d	1	0.43mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	0.44mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	43d	1	0.47mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	13d	1	0.56mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	0.64mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	43d	1	0.65mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	13d	31	0.79mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	0.82mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	13d	1	0.86mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	13d	1	0.88mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	43d	1	0.89mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	13d	1	0.94mi
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	21d	1	0.99mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	13d	1	1.01mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	13d	1	1.16mi
722 S Spring St Apt 3 Mishawaka, IN	2.0	1.0	800	$1,200	$1.50	13d	1	1.29mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	1.39mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	13d	1	1.48mi

Listing history 7 events

1. 2026-04-27
   price $105,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

2. 2026-03-24
   price $110,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

3. 2026-03-16
   price $115,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

4. 2026-03-09
   price $120,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

5. 2026-03-03
   price $125,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

6. 2026-02-23
   price $130,000 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

7. 2026-02-16
   listed $135,000 Active 544-char remark

   Show marketing remark (544 chars)

   Charming and nearly complete, this adorable 2 bedroom, 1 bathroom home offers 752 square feet of thoughtfully refreshed living space. Recent updates are new roof, new windows, new doors, all new plumbing, new furnace, new hot water heater. All trim and interior doors are in the garage just needs to be finished with installation. All this bringing a fresh feel throughout, while still leaving just enough finishing touches to make it your own. The layout is efficient and inviting, maximizing every square foot for comfortable everyday living.

ⓘ 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: $955 · $80/mo
• Projected year-2 tax: $955 · $80/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 · 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: $16,648
• − Mortgage interest: −$5,882
• − Property taxes: −$955
• − Insurance: −$525
• − Repairs & maintenance: −$1,332
• − Management: −$1,332
• − Depreciation: −$3,055
• Taxable income: $3,568
• Est. tax owed @ 24.0%: −$856
• After-tax cash flow: $4,208/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): 14,190
• Household income: $62,964
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 420.0

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: Predominantly White (65%)
• Race & ethnicity: White 65% Black 14% Two or more races 11% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 6% Italian 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 7% Tagalog/Filipino 1% Other Indo-European 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: ▼ -124.82%
• Current HPI: 242.1938
• Rent YoY: ▲ 6.27%
• 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

-22.2% since first listed

7 events — show timeline

• 2026-04-27 Price Changed $105,000 IRMLS
• 2026-03-24 Price Changed $110,000 IRMLS
• 2026-03-16 Price Changed $115,000 IRMLS
• 2026-03-09 Price Changed $120,000 IRMLS
• 2026-03-03 Price Changed $125,000 IRMLS
• 2026-02-23 Price Changed $130,000 IRMLS
• 2026-02-16 Listed $135,000 IRMLS

Property tax history

-8.3%/yr

Latest (2023): $955 · -1.0% YoY. Source: county tax records.