2411 Eisenhower Ave · South Bend, IN 46615

$259,900

3 bd · 1.0 ba · 1,800 sqft · SingleFamily public records · 4 Days on market

Built 1948 0.26 ac lot Est $274k · 5% under

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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 +22.0/30.0
• ARV discount +9.8/15.0
• DSCR +7.0/10.0
• 1% rule +5.1/10.0
• 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

Multiple Offers Received - Highest and best offers due by 5:00pm on Sunday, May 10th. Bold on the outside, inviting on the inside! This updated 4-bedroom 2-full-bathroom bungalow with a finished basement in Edison Park is situated less than a mile from Notre Dame and a pitching wedge away from Morris Park Country Club. The backyard is massive and includes a patio with a pergola that will stay with the home. Upstairs is an expansive primary suite, the main floor has 3 bedrooms and the other full bathroom. Schedule your showing today!

Key facts

• Massive backyard
• Finished basement
• Edison park location

Tags

• FINISHED BASEMENT
• MASSIVE BACKYARD
• PATIO WITH PERGOLA
• EXPANSIVE PRIMARY SUITE
• EDISON PARK LOCATION

Property features AI

Finance

• Other: Lot is level; Lot dimensions approximately 55 x 206 (0.26 acre); Located in the McKinley Terrace subdivision
• HOA & community: No association amenities

Exterior

• Parking: Detached garage; Concrete driveway/parking; Off-street parking; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Aluminum siding; Asphalt shingle roof
• Exterior features: Patio; Fenced yard (full); Shed(s); Above-ground private pool

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bedrooms: Master bedroom on main level
• Flooring: Hardwood flooring; Carpet
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Central air; Ceiling fans for additional cooling; Natural gas forced-air heating
• Interior features: Breakfast bar; Ceiling fans; Eat-in kitchen; Laminate countertops; Master suite on main level; One fireplace (none specified as functional feature)
• Laundry & utility: Laundry in basement; Full, partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Cap rate 8.2% 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: Nuner Fine Arts Academy (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 479 students, 90% FRL); Jefferson Traditional School (math 12% / reading 22%, grade F, #284 of 330 statewide, top 87%, 516 students, 64% 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 fast (+6.3%/yr); 73 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• At $2,618/mo this rent would consume 50% of the median local household income ($63k/yr) (locally 420% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,900

Questions for the listing agent

1. Built in 1948 — 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: 1.01% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.81%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $273,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2410 Eisenhower Ave	0.03mi	3/2.5	1,909 (+6%)	2mo	$250,000	$131	81
2403 Corby Blvd	0.04mi	4/2.0 (+1)	1,644 (-9%)	2mo	$249,000	$151	73
1703 Corby Blvd	0.49mi	3/1.0	1,872 (+4%)	2mo	$350,000	$187	68
624 Cherry Tree Ln	0.31mi	3/3.0	1,899 (+6%)	1mo	$505,500	$266	68
2514 Edison Rd	0.43mi	3/1.5	1,640 (-9%)	2mo	$239,000	$146	62
2301 Union Ave	0.29mi	4/1.5 (+1)	1,593 (-12%)	2mo	$235,000	$148	59
2716 Kettering Dr	0.52mi	3/1.0	1,578 (-12%)	1mo	$259,000	$164	54
1614 Cedar St	0.67mi	3/2.0	1,952 (+8%)	1mo	$401,000	$205	50
1706 Mckinley Ave	0.72mi	3/1.5	1,970 (+9%)	1mo	$325,000	$165	48
834 Woodcliff Dr	0.48mi	4/2.0 (+1)	1,576 (-12%)	1mo	$240,000	$152	47
1518 Hass Dr	0.71mi	4/2.0 (+1)	1,680 (-7%)	2mo	$251,000	$149	45
1512 Cedar St	0.73mi	3/2.0	2,044 (+14%)	2mo	$292,000	$143	38

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: -2.5%
• Equity multiple: 0.90×
• Total profit: $-6,966
• Equity at exit: $38,752

10-year hold

• IRR: 10.3%
• Equity multiple: 1.92×
• Total profit: $66,651
• Equity at exit: $22,471

Cash invested: $72,772 (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: 8.3×

Monthly cashflow live

• Estimated rent: $2,618 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$184 /mo · $2,208/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $413

Break-even live

Break-even rent $2,095

Max offer price $259,900

Occupancy floor 79%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1824 Peachtree Ln South Bend, IN	3.0	1.5	1852	$2,700	$1.46	21d	1	0.41mi
2121 E Madison St South Bend, IN	3.0	3.0	2319	$4,500	$1.94	43d	1	0.48mi
724 Northwood Dr South Bend, IN	4.0	2.0	1594	$2,600	$1.63	43d	1	0.56mi
1160 Helmen Dr South Bend, IN	3.0	2.0	1528	$2,300	$1.51	13d	1	0.76mi
1752 Willis St South Bend, IN	4.0	4.5	2065	$4,800	$2.32	21d	1	0.86mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	13d	27	1.07mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	43d	1	1.15mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	1.45mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	43d	1	1.45mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	13d	1	1.46mi

Listing history 2 events

1. 2026-05-11
   status Pending
2. 2026-05-07
   listed $259,900 Active

ⓘ 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: $2,208 · $184/mo
• Projected year-2 tax: $2,208 · $184/mo
• Expected delta: +$1/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) · 20% 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: $31,415
• − Mortgage interest: −$14,558
• − Property taxes: −$2,208
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,513
• − Management: −$2,513
• − Depreciation: −$7,561
• Taxable income: $762
• Est. tax owed @ 24.0%: −$183
• After-tax cash flow: $4,772/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

2 events — show timeline

• 2026-05-11 Pending — IRMLS
• 2026-05-07 Listed $259,900 IRMLS

Property tax history

+3.8%/yr

Latest (2023): $2,208 · +13.0% YoY. Source: county tax records.