810 E 3rd St · Mishawaka, IN 46544

$220,000

5 bd · 2.0 ba · 2,178 sqft · MultiFamily public records · 1 Days on market

Built 1890 7,405 sqft lot Est $209k · 5% over

---

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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• ARV discount +5.2/15.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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 MLS

Nice duplex located in Mishawaka! The first unit has the living room, dining area, and kitchen on the first floor, 2 bedrooms and 1 bathroom on the second floor. The first unit has street parking only. The front unit is rented for $750.00. The lease ends 8/31/2021. The second unit has living room, dining area, kitchen, 2 bedrooms and 1 bathroom all on the main level. This unit has access to a fenced in yard, off street parking, and a 2 car garage. This unit is rented for $785.00. The lease ends 8/31/2021. Buyer to check all information, schools and all measurements. Bedroom measurements are not accurate. Rented, need 48 hour notice to show!

Key facts

• Functional layouts
• Strong rental appeal
• 7,405 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• FUNCTIONAL LAYOUTS
• STRONG RENTAL APPEAL
• HIGH DEMAND RENTAL AREA
• CONSISTENT OCCUPANCY POTENTIAL
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (Residential Income); 2 stories; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Forced air heating
• Interior features: Washer hookup; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive. Per door: $248/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 9.0% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, employment F.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Beiger Elementary School (math 30% / reading 28%, grade F, #725 of 994 statewide, top 73%, 546 students, 67% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL).
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,558/mo this rent would consume 52% of the median local household income ($59k/yr) (locally 685% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $115k; list at $220k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.16% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.68%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $209,088
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 E 8th St	0.65mi	6/3.0 (+1)	2,298 (+6%)	8mo	$220,000	$96	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.16×
• Total profit: $9,557
• Equity at exit: $32,803

10-year hold

• IRR: 17.6%
• Equity multiple: 2.80×
• Total profit: $110,767
• Equity at exit: $19,022

Cash invested: $61,600 (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 46544

• Rents YoY: 9.1%
• Active inventory: 141
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,558 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$279 /mo · $3,343/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $497

Break-even live

Break-even rent $1,929

Max offer price $220,000

Occupancy floor 76%

Sensitivity live

Price	-10% $621	-5% $559	+0% $497	+5% $435	+10% $372
Rent	-10% $295	-5% $396	+0% $497	+5% $598	+10% $699
Rate	-1.0pp $608	-0.5pp $553	base $497	+0.5pp $440	+1.0pp $382

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,558
Total (2 units)			$2,558

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 E 7th St Mishawaka, IN	4.0	2.0	2300	$1,750	$0.76	15d	1	0.65mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	23d	1	1.39mi

Listing history 7 events

1. 2026-05-20
   status Pending
2. 2026-05-19
   listed $220,000 Active
3. 2025-05-23
   historical $1,050
4. 2025-05-01
   listed $1,050
5. 2021-02-26
   soldstatus $115,000 655-char remark

   Show marketing remark (655 chars)

   Nice duplex located in Mishawaka! The first unit has the living room, dining area, and kitchen on the first floor, 2 bedrooms and 1 bathroom on the second floor. The first unit has street parking only. The front unit is rented for $750.00. The lease ends 8/31/2021. The second unit has living room, dining area, kitchen, 2 bedrooms and 1 bathroom all on the main level. This unit has access to a fenced in yard, off street parking, and a 2 car garage. This unit is rented for $785.00. The lease ends 8/31/2021. Buyer to check all information, schools and all measurements. Bedroom measurements are not accurate. Rented, need 48 hour notice to show!

6. 2021-01-27
   listed $115,000 655-char remark

   Show marketing remark (655 chars)

   Nice duplex located in Mishawaka! The first unit has the living room, dining area, and kitchen on the first floor, 2 bedrooms and 1 bathroom on the second floor. The first unit has street parking only. The front unit is rented for $750.00. The lease ends 8/31/2021. The second unit has living room, dining area, kitchen, 2 bedrooms and 1 bathroom all on the main level. This unit has access to a fenced in yard, off street parking, and a 2 car garage. This unit is rented for $785.00. The lease ends 8/31/2021. Buyer to check all information, schools and all measurements. Bedroom measurements are not accurate. Rented, need 48 hour notice to show!

7. 2020-03-18
   listed $115,000

ⓘ 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: $3,343 · $279/mo
• Projected year-2 tax: $3,343 · $279/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $30,696
• − Mortgage interest: −$12,323
• − Property taxes: −$3,343
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,456
• − Management: −$2,456
• − Depreciation: −$6,400
• Taxable income: $2,619
• Est. tax owed @ 24.0%: −$628
• After-tax cash flow: $5,334/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

Amenities F Commute C Cost of living A+ Crime C Employment F Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

+91.3% since first listed

7 events — show timeline

• 2026-05-20 Pending — IRMLS
• 2026-05-19 Listed $220,000 IRMLS
• 2025-05-23 Rental Removed $1,050 TENANTTURNER2
• 2025-05-01 Listed for Rent $1,050 TENANTTURNER2
• 2021-02-26 Sold (MLS) $115,000 IRMLS
• 2021-01-27 Listed $115,000 IRMLS
• 2020-03-18 Listed $115,000 IRMLS

Property tax history

+2.1%/yr

Latest (2023): $3,343 · +0.6% YoY. Source: county tax records.