1228 Ironwood Dr · South Bend, IN 46617

$255,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 21 Days on market

Built 1957 7,841 sqft lot $245/sqft · 91% above area Est $236k · 8% over

---

Why this score? — see what drove the F 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 +5.8/30.0
• ARV discount +4.0/15.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.5/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Possibilities are endless with this adorable Ranch near the campus of Notre Dame! Hardwood floors, wood burning fireplace and finished basement are just a few amenities this home offers. With some much needed updates and a little TLC this home could be absolutely perfect! Seller is offering a 1-year home warranty as well!

Key facts

• 7,841 sq ft lot
• Garage
• Built 1957

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Stone and vinyl siding exterior
• Exterior features: Level lot; Lot dimensions approximately 55 x 140 (0.18 acre)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bedrooms: Total rooms: 7
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Window treatments; One fireplace in the living room; Basement (full, partially finished)
• Laundry & utility: Washer and dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $-513 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (35.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (45.2% below list).
• Recommended offer: $140k (45.2% below list) — sets the bar for 1% rule.

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: Edison Middle School (math 7% / reading 13%, grade F, #314 of 330 statewide, top 95%, 381 students, 84% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 140 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $107k; list at $255k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,831 (45.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.55% ✗
• Cap rate: 3.88%
• Cash-on-cash: -8.63%
• DSCR: 0.62
• GRM: 15.2

CMA / ARV

• ARV (median comp): $236,405
• List price: $255,000
• Delta: 7.87%
• 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
2202 Rockne Dr	0.26mi	3/1.0	1,050 (+1%)	10mo	$195,000	$186	78
2715 Edison Rd	0.38mi	3/1.0	1,080 (+4%)	6mo	$182,500	$169	70
1329 Pyle Ave	0.17mi	3/1.0	1,137 (+9%)	9mo	$220,000	$193	69
2609 Anzio Ave	0.24mi	3/1.0	912 (-12%)	0mo	$190,000	$208	68
1904 E Hartman Dr	0.20mi	2/1.0 (-1)	1,149 (+10%)	1mo	$207,000	$180	67
2405 Rockne Dr	0.21mi	3/1.0	1,184 (+14%)	2mo	$210,000	$177	66
3215 Bentley Ln	0.71mi	3/1.0	1,064 (+2%)	3mo	$180,000	$169	60
1741 Rockne Dr	0.57mi	3/1.0	1,078 (+4%)	11mo	$305,000	$283	58
1234 N Twyckenham Dr	0.50mi	3/1.5	1,155 (+11%)	11mo	$375,000	$325	47
1243 Browne Ln	0.71mi	3/1.0	896 (-14%)	1mo	$180,000	$201	43
1312 Brummit Ln	0.64mi	3/1.0	896 (-14%)	5mo	$151,000	$169	42
822 N Jacob St	0.71mi	3/1.0	936 (-10%)	10mo	$195,000	$208	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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: -31.3%
• Equity multiple: -0.03×
• Total profit: $-73,670
• Equity at exit: $38,021

10-year hold

• IRR: -33.8%
• Equity multiple: -0.47×
• Total profit: $-104,790
• Equity at exit: $22,048

Cash invested: $71,400 (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 46617

• Rents YoY: 3.3%
• Active inventory: 140
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $1,398 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$175 /mo · $2,096/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-513

Break-even live

Break-even rent $2,048

Max offer price $164,288

Occupancy floor —

Sensitivity live

Price	-10% $-369	-5% $-441	+0% $-513	+5% $-586	+10% $-658
Rent	-10% $-624	-5% $-569	+0% $-513	+5% $-458	+10% $-403
Rate	-1.0pp $-385	-0.5pp $-449	base $-513	+0.5pp $-580	+1.0pp $-647

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Rosemary Ln South Bend, IN	2.0	1.0	910	$1,138	$1.25	22d	1	0.27mi
1222 Chalfant St South Bend, IN	3.0	1.0	992	$1,300	$1.31	44d	1	0.96mi
1234 Bissell St South Bend, IN	2.0	1.0	704	$1,249	$1.77	44d	1	0.97mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	14d	27	1.03mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	44d	1	1.03mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	14d	1	1.36mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	14d	21	1.38mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	44d	1	1.43mi

Listing history 6 events

1. 2026-05-07
   listed $255,000 Active 1356-char remark
2. 2026-02-13
   status Active
3. 2026-02-13
   historical Active Under Contract
4. 2026-01-06
   listed $255,000 Active
5. 2020-04-29
   soldstatus $107,000

   Show marketing remark (327 chars)

   The Possibilities are endless with this adorable Ranch near the campus of Notre Dame! Hardwood floors, wood burning fireplace and finished basement are just a few amenities this home offers. With some much needed updates and a little TLC this home could be absolutely perfect! Seller is offering a 1-year home warranty as well!

6. 2020-02-28
   listed $107,500

   Show marketing remark (327 chars)

   The Possibilities are endless with this adorable Ranch near the campus of Notre Dame! Hardwood floors, wood burning fireplace and finished basement are just a few amenities this home offers. With some much needed updates and a little TLC this home could be absolutely perfect! Seller is offering a 1-year home warranty as well!

ⓘ 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: $2,096 · $175/mo
• Projected year-2 tax: $2,132 · $178/mo
• Expected delta: +$36/yr (+$3/mo · 1.7%)

ⓘ 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: $16,780
• − Mortgage interest: −$14,284
• − Property taxes: −$2,096
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − Depreciation: −$7,418
• Taxable loss: −$10,978
• Est. tax savings @ 24.0%: +$2,635
• After-tax cash flow: $-3,527/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): 10,032
• Household income: $74,186
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 422.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Italian 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China, Dominican Republic
• Languages at home: 88% English-only · Spanish 6% Chinese 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: ▼ -163.04%
• Current HPI: 260.7904
• Rent YoY: ▲ 3.30%
• 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

+137.2% since first listed

7 events — show timeline

• 2026-05-28 Pending — IRMLS
• 2026-05-07 Listed $255,000 IRMLS
• 2026-02-13 Relisted — IRMLS
• 2026-02-13 Contingent — IRMLS
• 2026-01-06 Listed $255,000 IRMLS
• 2020-04-29 Sold (MLS) $107,000 IRMLS
• 2020-02-28 Listed $107,500 IRMLS

Property tax history

+7.8%/yr

Latest (2025): $2,096 · +1.5% YoY. Source: county tax records.