550 Lincolnway · Mishawaka, IN 46544

$215,900

8 bd · 4.0 ba · 2,582 sqft · MultiFamily public records · 99 Days on market

Built 1892 7,560 sqft lot $84/sqft · 8% above area Est $242k · 11% under

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Why this score? — see what drove the B+ 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 +12.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investor Special! You will find that the renovations have been started, however owner is unable to complete and would like to sell as-is.

Key facts

• 7,560 sq ft lot
• 6 parking spots
• Built 1892

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $216k.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $216k).
• Recommended offer: $196k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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.
• 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.
• Market conditions: Rents rising fast (+9.1%/yr); 141 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $3,185/mo this rent would consume 65% of the median local household income ($59k/yr) (locally 685% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $60k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 3 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 $75k; list at $216k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1892 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,469 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.34%
• DSCR: 1.86
• GRM: 5.6

CMA / ARV

• ARV (median comp): $242,268
• List price: $215,900
• Delta: -10.88%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
906-908 W Mishawaka Ave	0.47mi	8/2.5	2,284 (-12%)	15mo	$250,000	$109	40

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: 15.7%
• Equity multiple: 1.67×
• Total profit: $40,467
• Equity at exit: $32,191

10-year hold

• IRR: 27.9%
• Equity multiple: 4.10×
• Total profit: $187,643
• Equity at exit: $18,667

Cash invested: $60,452 (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: 11.3×

Monthly cashflow live

• Estimated rent: $3,185 high
• Mortgage (P&I): −$1,132
• Tax from tax record: −$320 /mo · $3,838/yr
• Insurance: −$90
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $919

Break-even live

Break-even rent $2,022

Max offer price $215,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,041	-5% $980	+0% $919	+5% $858	+10% $796
Rent	-10% $667	-5% $793	+0% $919	+5% $1,044	+10% $1,170
Rate	-1.0pp $1,027	-0.5pp $974	base $919	+0.5pp $863	+1.0pp $806

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,186
Total (2 units)			$3,185

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: $53,975
• Closing costs: $6,477
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $215,900 Active 99 DOM
2. 2026-06-17
   days on market $215,900 Active 98 DOM
3. 2026-06-16
   days on market $215,900 Active 97 DOM
4. 2026-06-15
   days on market $215,900 Active 96 DOM
5. 2026-06-14
   days on market $215,900 Active 94 DOM
6. 2026-06-13
   days on market $215,900 Active 93 DOM
7. 2026-06-10
   days on market $215,900 Active 91 DOM
8. 2026-06-09
   days on market $215,900 Active 90 DOM
9. 2026-06-08
   days on market $215,900 Active 89 DOM
10. 2026-06-07
    days on market $215,900 Active 88 DOM
11. 2026-06-02
    days on market $215,900 Active 83 DOM
12. 2026-06-01
    days on market $215,900 Active 82 DOM
13. 2026-05-31
    days on market $215,900 Active 81 DOM
14. 2026-05-30
    days on market $215,900 Active 80 DOM
15. 2026-03-11
    listed $215,900 Active 137-char remark

    Show marketing remark (137 chars)

    Investor Special! You will find that the renovations have been started, however owner is unable to complete and would like to sell as-is.

16. 2022-04-13
    soldstatus $75,000 Closed 491-char remark

    Show marketing remark (491 chars)

    Rare investment opportunity in Downtown Mishawaka next to the 100 Center and Kamm Island!! The River Walk, beautiful parks, and a variety of eclecticrestaurants are all a short stroll away. This four-unit Victorian is ready for you and your remodeler's imagination. Comparative rents nearby indicate that this could gross $3,500+/monthwhen completed as a long-term rental and possibly more on Airbnb! Electrical and gas are already split. Don't wait, opportunities like this don't last long!

17. 2022-04-13
    soldstatus $75,000

    Show marketing remark (491 chars)

    Rare investment opportunity in Downtown Mishawaka next to the 100 Center and Kamm Island!! The River Walk, beautiful parks, and a variety of eclecticrestaurants are all a short stroll away. This four-unit Victorian is ready for you and your remodeler's imagination. Comparative rents nearby indicate that this could gross $3,500+/monthwhen completed as a long-term rental and possibly more on Airbnb! Electrical and gas are already split. Don't wait, opportunities like this don't last long!

18. 2022-03-24
    historical 491-char remark

    Show marketing remark (491 chars)

    Rare investment opportunity in Downtown Mishawaka next to the 100 Center and Kamm Island!! The River Walk, beautiful parks, and a variety of eclecticrestaurants are all a short stroll away. This four-unit Victorian is ready for you and your remodeler's imagination. Comparative rents nearby indicate that this could gross $3,500+/monthwhen completed as a long-term rental and possibly more on Airbnb! Electrical and gas are already split. Don't wait, opportunities like this don't last long!

19. 2022-03-23
    listed $80,000 491-char remark

    Show marketing remark (491 chars)

    Rare investment opportunity in Downtown Mishawaka next to the 100 Center and Kamm Island!! The River Walk, beautiful parks, and a variety of eclecticrestaurants are all a short stroll away. This four-unit Victorian is ready for you and your remodeler's imagination. Comparative rents nearby indicate that this could gross $3,500+/monthwhen completed as a long-term rental and possibly more on Airbnb! Electrical and gas are already split. Don't wait, opportunities like this don't last long!

20. 2022-03-16
    listed $80,000

ⓘ 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: $3,838 · $320/mo
• Projected year-2 tax: $3,838 · $320/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 7/10 Severe FEMA zone X (unshaded) · 75% 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: $38,220
• − Mortgage interest: −$12,094
• − Property taxes: −$3,838
• − Insurance: −$1,746
• − Repairs & maintenance: −$3,058
• − Management: −$3,058
• − Depreciation: −$6,281
• Taxable income: $8,146
• Est. tax owed @ 24.0%: −$1,955
• After-tax cash flow: $9,068/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

+169.9% since first listed

6 events — show timeline

• 2026-03-11 Listed $215,900 IRMLS
• 2022-04-13 Sold (MLS) $75,000 IRMLS
• 2022-04-13 Sold (MLS) $75,000 IRMLS
• 2022-03-24 Delisted — IRMLS
• 2022-03-23 Listed $80,000 IRMLS
• 2022-03-16 Listed $80,000 IRMLS

Property tax history

+2.8%/yr

Latest (2023): $3,838 · +0.2% YoY. Source: county tax records.