1405 Pheasant Run · Mishawaka, IN 46544

$103,499

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 20 Days on market

Built 2026 Good condition $66/sqft · 50% below area Est $207k · 50% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this newly available 3-bedroom, 2-bathroom residence designed for comfortable and convenient living. This home features a bright, open floor plan, modern appliances, and access to the community's many amenities. It?s an ideal opportunity to find an affordable and charming place to call your own. Contact us today to schedule a showing! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

Key facts

• Private lake
• Rv boat storage
• Built 2026

Tags

• PRIVATE LAKE
• OUTDOOR SWIMMING POOL
• RV BOAT STORAGE
• PET FRIENDLY COMMUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $103k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $963 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $102k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.5% 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: schools C-, amenities F, employment F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 43% 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 $715 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($102k) is reasonable based on typical stale-listing flexibility.

Recommended offer $101,946 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.05% ✓
• Cap rate: 17.46%
• Cash-on-cash: 39.88%
• DSCR: 2.77
• GRM: 4.1

CMA / ARV

• ARV (median comp): $206,615
• List price: $103,499
• Delta: -49.91%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 41.8%
• Equity multiple: 2.93×
• Total profit: $55,833
• Equity at exit: $15,432

10-year hold

• IRR: 50.3%
• Equity multiple: 7.17×
• Total profit: $178,843
• Equity at exit: $8,949

Cash invested: $28,980 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,125 medium
• Mortgage (P&I): −$543
• Tax est. 1.5%: −$129 /mo · $1,552/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $963

Break-even live

Break-even rent $905

Max offer price $103,499

Occupancy floor 50%

Sensitivity live

Price	-10% $1,035	-5% $999	+0% $963	+5% $927	+10% $892
Rent	-10% $795	-5% $879	+0% $963	+5% $1,047	+10% $1,131
Rate	-1.0pp $1,015	-0.5pp $989	base $963	+0.5pp $936	+1.0pp $909

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: $25,875
• Closing costs: $3,105
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1929 Blue Stem Ct Mishawaka, IN	4.0	3.5	2213	$2,900	$1.31	14d	1	0.18mi
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	14d	1	0.36mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	22d	1	1.01mi
1109 Hidden Lakes Dr Mishawaka, IN	1.0–3.0	1.0–2.5	1392	$2,755	$1.98	14d	74	1.15mi

Listing history 5 events

1. 2026-06-02
   days on market $103,499 Active 20 DOM
2. 2026-06-01
   days on market $103,499 Active 19 DOM
3. 2026-05-31
   days on market $103,499 Active 18 DOM
4. 2026-05-30
   days on market $103,499 Active 17 DOM
5. 2026-05-13
   listed $103,499 Active 439-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,495
• − Mortgage interest: −$5,798
• − Property taxes: −$1,552
• − Insurance: −$517
• − Repairs & maintenance: −$2,040
• − Management: −$2,040
• − Depreciation: −$3,011
• Taxable income: $10,537
• Est. tax owed @ 24.0%: −$2,529
• After-tax cash flow: $9,029/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This home is in good condition with a good exterior and interior. It has a good foundation and structure, and the landscaping adds to its curb appeal. The home is move-in ready with minor maintenance items to address.

Value-add opportunities

• Both Paint the exterior siding — Fresh paint can enhance the home's curb appeal and value.
• Both Replace the carpet with hardwood flooring — Hardwood flooring is more durable and can increase both resale and rental value.
• Both Install smart home technology — Smart home features can increase both resale and rental value by making the home more modern and convenient.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Fresh paint can enhance the home's curb appeal and value. ↑
• Both Replace the carpet with hardwood flooring — Hardwood flooring is more durable and can increase both resale and rental value. ↑
• Both Install smart home technology — Smart home features can increase both resale and rental value by making the home more modern and convenient. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 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