2110 S Gertrude St · South Bend, IN 46613

$97,500

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 27 Days on market

Built 1954 5,227 sqft lot Est $91k · 7% over

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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 +26.0/30.0
• DSCR +8.8/10.0
• 1% rule +6.9/10.0
• ARV discount +4.1/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity Awaits w/ this 2beds/1ba/Fenced Yard/2 Car Detached Garage & Tenant Occupied! Updates include: New Roof on House/Garage, Garage Doors & Opener, Furnace w/ repairs to Central Air Unit, Water Heater, New Cabinetry & Newer Windows. This property can be part of a Package Deal. Property sold in As-Is Condition.

Key facts

• Easy access
• Natural light
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• SPACIOUS LIVING AREAS
• NATURAL LIGHT
• CONVENIENTLY LOCATED
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Monroe Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 418 students, 90% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 33% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $674 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $75k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — 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 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: 1.19% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.69%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $90,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1921 W Ewing Ave	0.26mi	2/1.0	720 (0%)	6mo	$95,000	$132	83
1901 Swygart Ave	0.21mi	2/1.0	720 (0%)	18mo	$91,500	$127	75
1714 S Warren St	0.41mi	2/1.0	720 (0%)	10mo	$92,000	$128	72
2018 Kemble Ave	0.50mi	2/1.0	704 (-2%)	7mo	$71,000	$101	67
914 W Calvert St	0.54mi	2/1.0	768 (+7%)	5mo	$40,000	$52	59
1825 S Brookfield St	0.29mi	2/1.0	672 (-7%)	21mo	$90,000	$134	58
1621 S Carlisle St	0.52mi	2/1.0	748 (+4%)	14mo	$52,000	$70	58
1802 S Olive St	0.55mi	2/1.0	768 (+7%)	9mo	$60,776	$79	56
2213 Kendall St	0.67mi	2/1.0	792 (+10%)	6mo	$99,900	$126	48
1730 Kendall St	0.73mi	2/1.0	796 (+11%)	3mo	$68,000	$85	46
1725 S Brookfield St	0.33mi	3/1.0 (+1)	817 (+14%)	18mo	$109,900	$135	42
2014 Kendall St	0.69mi	2/1.0	624 (-13%)	18mo	$34,000	$54	30

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.04×
• Total profit: $986
• Equity at exit: $14,538

10-year hold

• IRR: 11.6%
• Equity multiple: 1.96×
• Total profit: $26,234
• Equity at exit: $8,430

Cash invested: $27,300 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,162 medium
• Mortgage (P&I): −$511
• Tax from tax record: −$123 /mo · $1,476/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $243

Break-even live

Break-even rent $854

Max offer price $97,500

Occupancy floor 74%

Sensitivity live

Price	-10% $298	-5% $271	+0% $243	+5% $216	+10% $188
Rent	-10% $151	-5% $197	+0% $243	+5% $289	+10% $335
Rate	-1.0pp $292	-0.5pp $268	base $243	+0.5pp $218	+1.0pp $192

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	44d	1	0.15mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	0.20mi
1612 S Carlisle St South Bend, IN	2.0	1.0	672	$1,000	$1.49	44d	1	0.51mi

Listing history 13 events

1. 2026-04-28
   status Pending
2. 2026-04-03
   status Active
3. 2026-03-23
   status Pending
4. 2026-03-21
   listed $97,500 Active
5. 2025-08-04
   historical $1,000
6. 2025-06-19
   listed $1,000
7. 2024-06-28
   historical $950
8. 2024-06-05
   listed $950
9. 2024-05-16
   soldstatus $75,000 Closed 349-char remark

   Show marketing remark (349 chars)

   Investment Opportunity Awaits w/ this 2beds/1ba/Fenced Yard/2 Car Detached Garage & Tenant Occupied! Updates include: New Roof on House/Garage, Garage Doors & Opener, Furnace w/ repairs to Central Air Unit, Water Heater, New Cabinetry & Newer Windows. This property can be part of a Package Deal. Property sold in As-Is Condition.

10. 2024-04-22
    status Pending 349-char remark

    Show marketing remark (349 chars)

    Investment Opportunity Awaits w/ this 2beds/1ba/Fenced Yard/2 Car Detached Garage & Tenant Occupied! Updates include: New Roof on House/Garage, Garage Doors & Opener, Furnace w/ repairs to Central Air Unit, Water Heater, New Cabinetry & Newer Windows. This property can be part of a Package Deal. Property sold in As-Is Condition.

11. 2024-04-09
    listed $88,000 Active 349-char remark

    Show marketing remark (349 chars)

    Investment Opportunity Awaits w/ this 2beds/1ba/Fenced Yard/2 Car Detached Garage & Tenant Occupied! Updates include: New Roof on House/Garage, Garage Doors & Opener, Furnace w/ repairs to Central Air Unit, Water Heater, New Cabinetry & Newer Windows. This property can be part of a Package Deal. Property sold in As-Is Condition.

12. 2016-03-23
    soldstatus $16,000 364-char remark

    Show marketing remark (364 chars)

    Affordable southwest side 2 bedroom home. Newer high efficiency furnace and water heater. Central air, detached garage with easy alley access, fenced back yard. Convenient location just 5 minutes to the US20 Bypass, one block to Rum Village Park and close to shopping and restaurants. Property is an estate, to be sold "as is", subject to court approval.

13. 2016-02-09
    listed $22,000 364-char remark

    Show marketing remark (364 chars)

    Affordable southwest side 2 bedroom home. Newer high efficiency furnace and water heater. Central air, detached garage with easy alley access, fenced back yard. Convenient location just 5 minutes to the US20 Bypass, one block to Rum Village Park and close to shopping and restaurants. Property is an estate, to be sold "as is", subject to court approval.

ⓘ 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: $1,476 · $123/mo
• Projected year-2 tax: $1,476 · $123/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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,946
• − Mortgage interest: −$5,462
• − Property taxes: −$1,476
• − Insurance: −$488
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − Depreciation: −$2,836
• Taxable income: $1,454
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $2,570/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

+343.2% since first listed

13 events — show timeline

• 2026-04-28 Pending — IRMLS
• 2026-04-03 Relisted — IRMLS
• 2026-03-23 Pending — IRMLS
• 2026-03-21 Listed $97,500 IRMLS
• 2025-08-04 Rental Removed $1,000 APPFOLIO
• 2025-06-19 Listed for Rent $1,000 APPFOLIO
• 2024-06-28 Rental Removed $950 APPFOLIO
• 2024-06-05 Listed for Rent $950 APPFOLIO
• 2024-05-16 Sold (MLS) $75,000 IRMLS
• 2024-04-22 Pending — IRMLS
• 2024-04-09 Listed $88,000 IRMLS
• 2016-03-23 Sold (MLS) $16,000 IRMLS
• 2016-02-09 Listed $22,000 IRMLS

Property tax history

+16.1%/yr

Latest (2023): $1,476 · +22.5% YoY. Source: county tax records.