1809 Elwood Ave · South Bend, IN 46628

$109,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 329 Days on market

Built 1924 5,888 sqft lot $127/sqft · 67% above area Est $98k · 12% over ↓ 8% since listing

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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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +5.9/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Opportunity in South Bend! A hidden gem with tons of potential, ready to shine with your custom finishing touches. This home offers two bedrooms and one bathroom on the main level, plus two additional rooms with closets and a family room in the basement, perfect for extra space or entertainment. Enjoy a fully fenced backyard with a wooden privacy fence, ideal for kids, pets, or outdoor gatherings. Located in the desirable LaSalle area, just steps from Portage Ave, close to schools, shops, and more. Don’t miss the chance to become a homeowner today!

Key facts

• Wooden privacy fence
• 5,888 sq ft lot
• Built 1924

Tags

• FULLY FENCED BACKYARD
• WOODEN PRIVACY FENCE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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, schools 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.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 329 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 329 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.38%
• DSCR: 1.37
• GRM: 7.7

CMA / ARV

• ARV (median comp): $98,448
• List price: $109,900
• Delta: 11.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1501 N Adams St	0.09mi	2/1.0	840 (-3%)	0mo	$134,900	$161	91
1118 N Brookfield St	0.29mi	2/1.0	864 (0%)	1mo	$159,900	$185	85
1622 Wilber St	0.25mi	2/1.0	840 (-3%)	3mo	$107,800	$128	82
1811 N Brookfield St	0.39mi	2/1.0	852 (-1%)	1mo	$89,900	$106	78
1322 Johnson St	0.13mi	2/2.0	912 (+6%)	3mo	$72,500	$79	78
1133 N Brookfield St	0.27mi	2/1.0	792 (-8%)	0mo	$112,900	$143	73
925 Sancome Ave	0.51mi	3/1.0 (+1)	864 (0%)	1mo	$108,000	$125	70
722 Johnson St	0.63mi	2/1.0	892 (+3%)	0mo	$65,000	$73	65
1119 College St	0.28mi	3/1.0 (+1)	960 (+11%)	3mo	$121,000	$126	61
1521 Van Buren St	0.54mi	2/1.0	792 (-8%)	1mo	$60,000	$76	60
1109 Beale St	0.69mi	3/1.0 (+1)	840 (-3%)	2mo	$142,000	$169	57
814 Sancome Ave	0.58mi	2/1.0	748 (-13%)	2mo	$56,000	$75	49

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $585
• Equity at exit: $16,386

10-year hold

• IRR: 13.6%
• Equity multiple: 2.27×
• Total profit: $39,027
• Equity at exit: $9,502

Cash invested: $30,772 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,194 high
• Mortgage (P&I): −$576
• Tax from tax record: −$106 /mo · $1,273/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $215

Break-even live

Break-even rent $922

Max offer price $109,900

Occupancy floor 77%

Sensitivity live

Price	-10% $277	-5% $246	+0% $215	+5% $184	+10% $153
Rent	-10% $121	-5% $168	+0% $215	+5% $262	+10% $309
Rate	-1.0pp $270	-0.5pp $243	base $215	+0.5pp $186	+1.0pp $157

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	44d	1	0.14mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	14d	1	0.14mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	0.20mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	14d	1	0.23mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	22d	1	0.25mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	44d	1	0.28mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	22d	1	0.36mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	44d	1	0.42mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	22d	1	0.42mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	22d	1	0.44mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	0.48mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	22d	1	0.49mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	0.51mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	0.66mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	0.67mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.69mi
717 Huey St South Bend, IN	2.0	1.0	672	$1,050	$1.56	44d	1	0.70mi
1033 Beale St South Bend, IN	3.0	1.0	840	$1,250	$1.49	22d	1	0.71mi
729 N Elmer St South Bend, IN	2.0	1.0	672	$1,100	$1.64	14d	1	0.73mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	22d	1	0.74mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	44d	1	0.76mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	44d	1	0.80mi
3224 Ardmore Trl South Bend, IN	1.0	1.0	675	$864	$1.28	14d	2	0.98mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	1.04mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	14d	1	1.11mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	22d	1	1.23mi
1301 N Michigan St South Bend, IN	1.0	1.0	575	$740	$1.29	22d	1	1.35mi

Listing history 16 events

1. 2026-06-18
   days on market $109,900 Active 329 DOM
2. 2026-06-17
   days on market $109,900 Active 328 DOM
3. 2026-06-16
   days on market $109,900 Active 327 DOM
4. 2026-06-15
   days on market $109,900 Active 326 DOM
5. 2026-06-14
   days on market $109,900 Active 324 DOM
6. 2026-06-13
   days on market $109,900 Active 323 DOM
7. 2026-06-10
   days on market $109,900 Active 321 DOM
8. 2026-06-09
   days on market $109,900 Active 320 DOM
9. 2026-06-08
   days on market $109,900 Active 319 DOM
10. 2026-06-07
    days on market $109,900 Active 318 DOM
11. 2026-06-03
    days on market $109,900 Active 314 DOM
12. 2026-06-02
    days on market $109,900 Active 313 DOM
13. 2026-06-01
    days on market $109,900 Active 312 DOM
14. 2026-05-31
    days on market $109,900 Active 311 DOM
15. 2026-02-16
    price $109,900 571-char remark

    Show marketing remark (571 chars)

    Excellent Opportunity in South Bend! A hidden gem with tons of potential, ready to shine with your custom finishing touches. This home offers two bedrooms and one bathroom on the main level, plus two additional rooms with closets and a family room in the basement, perfect for extra space or entertainment. Enjoy a fully fenced backyard with a wooden privacy fence, ideal for kids, pets, or outdoor gatherings. Located in the desirable LaSalle area, just steps from Portage Ave, close to schools, shops, and more. Don’t miss the chance to become a homeowner today!

16. 2025-07-24
    listed $119,900 Active 571-char remark

    Show marketing remark (571 chars)

    Excellent Opportunity in South Bend! A hidden gem with tons of potential, ready to shine with your custom finishing touches. This home offers two bedrooms and one bathroom on the main level, plus two additional rooms with closets and a family room in the basement, perfect for extra space or entertainment. Enjoy a fully fenced backyard with a wooden privacy fence, ideal for kids, pets, or outdoor gatherings. Located in the desirable LaSalle area, just steps from Portage Ave, close to schools, shops, and more. Don’t miss the chance to become a homeowner today!

ⓘ 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: $1,273 · $106/mo
• Projected year-2 tax: $1,273 · $106/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 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,325
• − Mortgage interest: −$6,156
• − Property taxes: −$1,273
• − Insurance: −$550
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$3,197
• Taxable income: $857
• Est. tax owed @ 24.0%: −$206
• After-tax cash flow: $2,372/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

-8.3% since first listed

2 events — show timeline

• 2026-02-16 Price Changed $109,900 IRMLS
• 2025-07-24 Listed $119,900 IRMLS

Property tax history

-0.7%/yr

Latest (2023): $1,273 · +69.5% YoY. Source: county tax records.