405 W 13th St · Mishawaka, IN 46544

$179,900

4 bd · 2.5 ba · 2,320 sqft · SingleFamily public records · 4 Days on market

Built 1946 4,792 sqft lot Est $213k · 16% 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 +21.6/30.0
• ARV discount +14.6/15.0
• DSCR +6.9/10.0
• 1% rule +5.1/10.0
• 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

Listing remarks

Discover your perfect space in this massive, move-in ready Mishawaka home! Boasting 4 spacious bedrooms and 2 full bathrooms across over 2,800 square feet of beautifully finished living space, this residence offers room for everyone to spread out and enjoy. The main floor features a welcoming living room, formal dining room, and a large updated kitchen highlighted by a stylish backsplash—perfect for cooking and entertaining. Two large bedrooms and a full bathroom are conveniently located on the main level, along with a laundry area and abundant closet space to keep things organized. Upstairs, you'll find two additional bedrooms and an updated full bathroom complete with a gorgeous til

Key facts

• Private backyard
• Updated kitchen
• Move in ready

Tags

• MOVE IN READY
• UPDATED KITCHEN
• GORGEOUS TILED SHOWER
• FINISHED LOWER LEVEL
• PRIVATE BACKYARD
• 6 FOOT PRIVACY FENCE

Property features AI

Finance

• Other: Zoned R1 (Single Family Residential)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding
• Exterior features: Corner lot; Wood privacy fencing; Shingle roof

Interior

• Kitchen: Microwave; Gas range
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Natural gas heating; Forced air heating; No cooling system
• Interior features: Finished full basement; 16 total rooms
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.1% 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: Emmons Elementary School (math 14% / reading 14%, grade F, #874 of 994 statewide, top 89%, 435 students, 87% 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) — zoned schools average 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 140 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).
• This rent runs 37% of the median local income ($59k/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 + 8.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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 $80k; list at $180k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1946 — 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. 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.
4. 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.
5. 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: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $213,440
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 W 9th St	0.27mi	4/2.0	2,184 (-6%)	9mo	$154,000	$71	68
915 S Main St	0.26mi	4/2.5	2,236 (-4%)	18mo	$173,000	$77	67
523 W 16th St	0.26mi	3/3.0 (-1)	2,579 (+11%)	1mo	$380,000	$147	62
58600 Summit Ridge Rd	0.51mi	4/2.5	2,356 (+2%)	19mo	$367,000	$156	57
1208 Taylor St	0.26mi	3/2.0 (-1)	2,200 (-5%)	21mo	$244,000	$111	55
525 W 11th St	0.17mi	3/1.5 (-1)	2,016 (-13%)	10mo	$167,500	$83	53
330 E 9th St	0.48mi	3/2.0 (-1)	2,174 (-6%)	9mo	$200,000	$92	52
306 E 11th St	0.38mi	4/1.5	2,116 (-9%)	16mo	$175,000	$83	50
809 W 9th St	0.39mi	4/2.0	2,600 (+12%)	13mo	$240,000	$92	49
806 W 8th St	0.44mi	3/1.0 (-1)	2,279 (-2%)	23mo	$175,000	$77	46
16128 Chandler Blvd	0.67mi	3/2.5 (-1)	2,588 (+12%)	11mo	$350,000	$135	35

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-2,080
• Equity at exit: $26,824

10-year hold

• IRR: 13.1%
• Equity multiple: 2.28×
• Total profit: $64,425
• Equity at exit: $15,554

Cash invested: $50,372 (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: 140
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,822 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$147 /mo · $1,767/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $274

Break-even live

Break-even rent $1,475

Max offer price $179,900

Occupancy floor 80%

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: $44,975
• Closing costs: $5,397
• 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	13d	1	0.41mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	43d	1	1.24mi

Listing history 9 events

1. 2026-05-08
   status Pending
2. 2026-05-04
   status Active
3. 2026-04-22
   status Pending
4. 2026-04-20
   listed $179,900 Active
5. 2026-02-23
   soldstatus $80,000
6. 2016-04-18
   soldstatus $71,000
7. 2016-01-13
   listed $74,900
8. 2015-10-12
   listed $79,900
9. 2014-01-24
   listed $79,900

ⓘ 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: $1,767 · $147/mo
• Projected year-2 tax: $1,767 · $147/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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $21,870
• − Mortgage interest: −$10,077
• − Property taxes: −$1,767
• − Insurance: −$900
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − Depreciation: −$5,233
• Taxable income: $393
• Est. tax owed @ 24.0%: −$94
• After-tax cash flow: $3,195/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

+125.2% since first listed

9 events — show timeline

• 2026-05-08 Pending — IRMLS
• 2026-05-04 Relisted — IRMLS
• 2026-04-22 Pending — IRMLS
• 2026-04-20 Listed $179,900 IRMLS
• 2026-02-23 Sold (Public Records) $80,000 Public Records
• 2016-04-18 Sold (MLS) $71,000 IRMLS
• 2016-01-13 Listed $74,900 IRMLS
• 2015-10-12 Listed $79,900 IRMLS
• 2014-01-24 Listed $79,900 IRMLS

Property tax history

+5.4%/yr

Latest (2023): $1,767 · -0.8% YoY. Source: county tax records.