314 Altgeld St · South Bend, IN 46614

$165,000

4 bd · 2.0 ba · 2,002 sqft · MultiFamily public records · 43 Days on market

Built 1930 10,454 sqft lot $82/sqft · 8% above area Est $152k · 8% over ↓ 28% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +3.7/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

Key facts

• Front covered porch
• 2 kitchens
• 2 living rooms

Tags

• FRONT COVERED PORCH
• COZY FIREPLACE
• SPACIOUS UNFINISHED BASEMENT
• 2 KITCHENS
• 2 LIVING ROOMS

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: One and one-half story home; Built in 1930
• Construction: Assessor-sourced living area: 2,002 total above-grade finished square feet
• Exterior features: Front porch; Neighborhood view; Shed(s)

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Living room fireplace; Unfinished basement; Total of 8 rooms; Vacant
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: 190 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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).
• This rent runs 39% of the median local income ($74k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,050 (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. Built in 1930 — 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. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 11.60%
• Cash-on-cash: 18.94%
• DSCR: 1.84
• GRM: 5.7

CMA / ARV

• ARV (median comp): $152,141
• List price: $165,000
• Delta: 8.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2017 S William St	0.60mi	4/2.0	2,096 (+5%)	9mo	$180,000	$86	57

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.43×
• Total profit: $19,758
• Equity at exit: $24,602

10-year hold

• IRR: 19.9%
• Equity multiple: 2.67×
• Total profit: $77,210
• Equity at exit: $14,266

Cash invested: $46,200 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,392 high
• Mortgage (P&I): −$865
• Tax from tax record: −$226 /mo · $2,717/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $729

Break-even live

Break-even rent $1,469

Max offer price $165,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,392
Total (2 units)			$2,392

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	44d	1	0.21mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	44d	1	0.25mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	0.36mi
3406 Whitcomb Ave South Bend, IN	4.0	3.0	1665	$7,887	$4.74	44d	1	0.72mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	0.90mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	0.91mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	44d	1	1.06mi

Listing history 22 events

1. 2026-06-18
   days on market $165,000 Active 43 DOM
2. 2026-06-17
   days on market $165,000 Active 42 DOM
3. 2026-06-16
   days on market $165,000 Active 41 DOM
4. 2026-06-15
   days on market $165,000 Active 40 DOM
5. 2026-06-14
   days on market $165,000 Active 38 DOM
6. 2026-06-13
   days on market $165,000 Active 37 DOM
7. 2026-06-10
   days on market $165,000 Active 35 DOM
8. 2026-06-09
   days on market $165,000 Active 34 DOM
9. 2026-06-08
   days on market $165,000 Active 33 DOM
10. 2026-06-07
    days on market $165,000 Active 32 DOM
11. 2026-06-03
    days on market $165,000 Active 28 DOM
12. 2026-06-02
    days on market $165,000 Active 27 DOM
13. 2026-06-01
    days on market $165,000 Active 26 DOM
14. 2026-05-31
    days on market $165,000 Active 25 DOM
15. 2026-05-30
    days on market $165,000 Active 24 DOM
16. 2026-05-05
    listed $165,000 Active 266-char remark
17. 2023-04-28
    soldstatus $222,000 Closed 1048-char remark

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

18. 2023-04-24
    status Pending 1048-char remark

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

19. 2023-03-13
    historical Active Under Contract

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

20. 2023-03-13
    historical Active Under Contract 1048-char remark

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

21. 2023-03-09
    listed $229,900 Active 1048-char remark

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

22. 2023-03-09
    listed $229,900 Active

    Show marketing remark (1048 chars)

    Charming South Bend two-story home conveniently near local schools, shopping, restaurants, and the Studebaker Golf Course. The foyer entry guides you into the home's cozy living room boasting an abundance of natural light and a masonry woodburning fireplace. Make your way to the generously sized kitchen providing you with an ample amount of cabinetry and a full appliance package. The second level offers you 3 large bedrooms with plenty of closet space and hardwood floors plus a full bath. This home is full of unique features including an addition to the home that is currently set up as an apartment that is currently vacant. This 1 bed 1 bath apartment offers you a separate entrance from the rear, vaulted ceilings, a large living room, and a generously sized kitchen with a pass-through bar and plenty of storage. Other notable features of the property include a formal dining room, original woodwork, built-in shelving, and a two-car detached garage. Homes like this don't come around often so don't miss out! Schedule your showing today!

ⓘ 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: $2,717 · $226/mo
• Projected year-2 tax: $2,717 · $226/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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,704
• − Mortgage interest: −$9,243
• − Property taxes: −$2,717
• − Insurance: −$825
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$4,800
• Taxable income: $6,527
• Est. tax owed @ 24.0%: −$1,567
• After-tax cash flow: $7,185/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): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

-28.2% since first listed

7 events — show timeline

• 2026-05-05 Listed $165,000 NIRA MLS as Distributed by MLS Grid
• 2023-04-28 Sold (MLS) $222,000 IRMLS
• 2023-04-24 Pending — IRMLS
• 2023-03-13 Contingent — IRMLS
• 2023-03-13 Contingent — IRMLS
• 2023-03-09 Listed $229,900 IRMLS
• 2023-03-09 Listed $229,900 IRMLS

Property tax history

+2.7%/yr

Latest (2025): $2,717 · -5.3% YoY. Source: county tax records.