915 S Dale Ave · Mishawaka, IN 46544

$179,900

3 bd · 1.0 ba · 875 sqft · SingleFamily public records · 8 Days on market

Built 1951 6,120 sqft lot Est $147k · 22% over

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Why this score? — see what drove the F 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 +9.5/30.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

HIGHEST AND BEST DUE BY 6PM Friday (May 20,2022) Expiration not to be before Noon Sat (May 21, 2022) . .. Seeking a move in home in Mishawaka? Here it is . .. Adorable home offering hardwood flooring, newer updated Kitchen and bath, spacious fenced backyard with shed and much more! Well maintained and neutral . .. Move right in!!! 2 finished rooms in the basement and plenty of storage space. Call today for more information! Home is being SOLD "As Is".

Key facts

• Versatile rooms
• Updated kitchen
• Built-in shelving

Tags

• HARDWOOD FLOORS
• UPDATED KITCHEN
• UPDATED BATHROOM
• BUILT-IN SHELVING
• PARTIALLY FINISHED BASEMENT
• VERSATILE ROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (28.3% below list).
• Recommended offer: $129k (28.3% below list) — sets the bar for 1% rule.

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: Lasalle Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 543 students, 84% 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 74% FRL vs 54% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 19 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).

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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $131k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,010 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1951 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.72% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.01%
• DSCR: 0.87
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $147,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1917 Panama St	0.14mi	3/1.0	936 (+7%)	2mo	$175,000	$187	80
2536 Milburn Blvd	0.36mi	2/1.0 (-1)	900 (+3%)	1mo	$130,000	$144	73
2523 Milburn Blvd	0.32mi	3/1.0	925 (+6%)	4mo	$155,000	$168	72
2611 Delaware St	0.37mi	3/1.0	936 (+7%)	1mo	$164,000	$175	70
2416 Milburn Blvd	0.28mi	2/1.0 (-1)	823 (-6%)	6mo	$156,500	$190	67
1325 S 29th St	0.52mi	3/1.0	936 (+7%)	3mo	$80,000	$85	62
1934 E Bowman St	0.56mi	2/1.0 (-1)	816 (-7%)	3mo	$125,000	$153	55
2423 Woodmont Dr	0.71mi	3/1.0	912 (+4%)	7mo	$172,000	$189	54
1325 S 31st St	0.53mi	2/1.0 (-1)	821 (-6%)	7mo	$159,500	$194	54
1331 29th St	0.51mi	2/1.0 (-1)	948 (+8%)	6mo	$97,900	$103	52
1625 Lincolnway West St	0.47mi	3/1.0	768 (-12%)	7mo	$95,000	$124	52
1012 W 8th St	0.70mi	2/1.0 (-1)	942 (+8%)	1mo	$135,000	$143	48

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: -16.4%
• Equity multiple: 0.40×
• Total profit: $-30,430
• Equity at exit: $26,824

10-year hold

• IRR: -1.5%
• Equity multiple: 0.88×
• Total profit: $-6,005
• 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: 141
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$943
• Tax from tax record: −$127 /mo · $1,528/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-126

Break-even live

Break-even rent $1,450

Max offer price $157,555

Occupancy floor —

Sensitivity live

Price	-10% $-25	-5% $-76	+0% $-126	+5% $-177	+10% $-228
Rent	-10% $-228	-5% $-177	+0% $-126	+5% $-76	+10% $-25
Rate	-1.0pp $-36	-0.5pp $-81	base $-126	+0.5pp $-173	+1.0pp $-221

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 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	23d	1	0.37mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	15d	1	0.46mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	15d	1	0.61mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	15d	1	0.65mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	15d	1	0.69mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	45d	1	0.79mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	45d	1	0.83mi
1006 S 35th St South Bend, IN	3.0	2.0	816	$1,000	$1.23	15d	1	0.84mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	15d	1	0.91mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	45d	1	1.05mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	45d	1	1.09mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	15d	1	1.12mi
722 S Spring St Apt 3 Mishawaka, IN	2.0	1.0	800	$1,200	$1.50	15d	1	1.19mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	15d	1	1.22mi
4245 Irish Hills Dr South Bend, IN	1.0–2.0	1.0–1.5	739	$1,436	$1.94	15d	77	1.27mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	23d	1	1.31mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	45d	1	1.31mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	15d	1	1.32mi
2032 Southern Vw Unit 1a South Bend, IN	2.0	1.0	1000	$1,200	$1.20	15d	1	1.37mi

Listing history 6 events

1. 2026-04-25
   status Pending
2. 2026-04-20
   historical Active Under Contract
3. 2026-04-16
   listed $179,900 Active
4. 2022-06-22
   soldstatus $130,600 Closed 467-char remark

   Show marketing remark (467 chars)

   HIGHEST AND BEST DUE BY 6PM Friday (May 20,2022) Expiration not to be before Noon Sat (May 21, 2022) . .. Seeking a move in home in Mishawaka? Here it is . .. Adorable home offering hardwood flooring, newer updated Kitchen and bath, spacious fenced backyard with shed and much more! Well maintained and neutral . .. Move right in!!! 2 finished rooms in the basement and plenty of storage space. Call today for more information! Home is being SOLD "As Is".

5. 2022-05-21
   historical 467-char remark

   Show marketing remark (467 chars)

   HIGHEST AND BEST DUE BY 6PM Friday (May 20,2022) Expiration not to be before Noon Sat (May 21, 2022) . .. Seeking a move in home in Mishawaka? Here it is . .. Adorable home offering hardwood flooring, newer updated Kitchen and bath, spacious fenced backyard with shed and much more! Well maintained and neutral . .. Move right in!!! 2 finished rooms in the basement and plenty of storage space. Call today for more information! Home is being SOLD "As Is".

6. 2022-05-17
   listed $109,900 467-char remark

   Show marketing remark (467 chars)

   HIGHEST AND BEST DUE BY 6PM Friday (May 20,2022) Expiration not to be before Noon Sat (May 21, 2022) . .. Seeking a move in home in Mishawaka? Here it is . .. Adorable home offering hardwood flooring, newer updated Kitchen and bath, spacious fenced backyard with shed and much more! Well maintained and neutral . .. Move right in!!! 2 finished rooms in the basement and plenty of storage space. Call today for more information! Home is being SOLD "As Is".

ⓘ 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: $1,528 · $127/mo
• Projected year-2 tax: $1,528 · $127/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $15,481
• − Mortgage interest: −$10,077
• − Property taxes: −$1,528
• − Insurance: −$900
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$5,233
• Taxable loss: −$4,734
• Est. tax savings @ 24.0%: +$1,136
• After-tax cash flow: $-382/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

+63.7% since first listed

6 events — show timeline

• 2026-04-25 Pending — IRMLS
• 2026-04-20 Contingent — IRMLS
• 2026-04-16 Listed $179,900 IRMLS
• 2022-06-22 Sold (MLS) $130,600 IRMLS
• 2022-05-21 Delisted — IRMLS
• 2022-05-17 Listed $109,900 IRMLS

Property tax history

+9.8%/yr

Latest (2023): $1,528 · +41.4% YoY. Source: county tax records.