19694 Ruth Ave · Gilmer Park, IN 46614

$169,900

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 13 Days on market

Built 1942 0.28 ac lot Est $204k · 17% under

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Why this score? — see what drove the D+ 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 +16.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

SELLER WILL INSTALL NEW SEPTIC WHEN WEATHER PERMITS. COPY OF WHOLE HOUSE INSPECTION ATTACHED IN DOCUMENTS. QUARTER ACRE LOT! BRAND NEW ROOF OCT 2025! GENERAC FOR PEACE OF MIND! SOUTHSIDE RANCH. CLOSE TO SHOPPING & ENTERTAINMENT. HOME HOLDS POTENTIAL TO BE A CHARMER. POSSIBLE HD WD FLS IN MANY AREAS. NEEDS UPDATING. OVERSIZED GARAGE IS 26 x 22. 3 BD RM. 2 BATH. EAT-IN KIT PLUS DINING IN LIVE/DINE COMBO. ENCL’D SIDE PATIO FOR RELAXING W/ PEST FREE-ENJOYMENT! COVERED FRONT PORCH W/ NEWER RAILINGS. REFG. RANGE. MICROWAVE. WASHER & DRYER IN 3RD BD RM. ANOTHER WASHER & DRYER LOCATED IN BSTM. EXTRA REFG & FREEZER IN BSMT. THIS HOME HOLDS POTENTIAL & WAITING FOR

Key facts

• Covered front porch
• Quarter acre lot
• Enclosed side patio

Tags

• QUARTER ACRE LOT
• ENCLOSED SIDE PATIO
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (12.6% below list).
• Recommended offer: $148k (12.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Monroe Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 418 students, 90% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: 190 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,450 (12.6% below list)

Questions for the listing agent

1. Built in 1942 — 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. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.73%
• DSCR: 1.12
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $204,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19694 Ruth Ave	0.00mi	3/2.0	1,224 (0%)	0mo	$160,000	$131	96
19705 Jewell Ave	0.06mi	3/1.5	1,056 (-14%)	2mo	$198,000	$188	71
19551 Jewell Ave	0.13mi	2/1.0 (-1)	1,121 (-8%)	10mo	$190,000	$169	66
60215 Ruby St	0.60mi	3/1.5	1,197 (-2%)	1mo	$167,000	$140	66
20155 Jewell Ave	0.41mi	3/2.0	1,192 (-3%)	13mo	$200,000	$168	62
19598 Yoder St	0.43mi	3/2.0	1,125 (-8%)	2mo	$203,000	$180	61
60337 Saint Joseph St	0.20mi	2/1.5 (-1)	1,072 (-12%)	10mo	$179,500	$167	54
19629 Gilmer St	0.58mi	2/1.5 (-1)	1,308 (+7%)	10mo	$190,000	$145	46
20305 Topaz St	0.61mi	3/1.5	1,374 (+12%)	4mo	$220,000	$160	46
19796 Pulling St	0.55mi	2/1.0 (-1)	1,138 (-7%)	14mo	$105,000	$92	45
19776 Gilmer St	0.61mi	3/2.0	1,314 (+7%)	12mo	$220,000	$167	45
20134 Pulling St	0.70mi	2/2.0 (-1)	1,140 (-7%)	15mo	$110,000	$96	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.57×
• Total profit: $-20,678
• Equity at exit: $25,333

10-year hold

• IRR: -2.9%
• Equity multiple: 0.80×
• Total profit: $-9,306
• Equity at exit: $14,690

Cash invested: $47,572 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,484 high
• Mortgage (P&I): −$891
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $108

Break-even live

Break-even rent $1,347

Max offer price $169,900

Occupancy floor 88%

Sensitivity live

Price	-10% $204	-5% $156	+0% $108	+5% $60	+10% $12
Rent	-10% $-9	-5% $50	+0% $108	+5% $167	+10% $226
Rate	-1.0pp $194	-0.5pp $152	base $108	+0.5pp $64	+1.0pp $19

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	44d	1	0.93mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	44d	1	0.95mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	44d	1	1.32mi
1471 E Ireland Rd South Bend, IN	3.0	2.0	1073	$1,350	$1.26	44d	1	1.35mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	1.47mi

Listing history 4 events

1. 2026-02-04
   status Pending
2. 2026-01-24
   status Active
3. 2025-11-16
   status Pending
4. 2025-11-14
   listed $169,900 Active

ⓘ 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: $1,232 · $103/mo
• Projected year-2 tax: $1,338 · $112/mo
• Expected delta: +$106/yr (+$9/mo · 8.6%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,814
• − Mortgage interest: −$9,517
• − Property taxes: −$1,232
• − Insurance: −$850
• − Repairs & maintenance: −$1,425
• − Management: −$1,425
• − Depreciation: −$4,943
• Taxable loss: −$1,578
• Est. tax savings @ 24.0%: +$379
• After-tax cash flow: $1,678/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 — Gilmer Park

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Gilmer Park, IN
• County: Saint Joseph County · 189,048 people
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

4 events — show timeline

• 2026-02-04 Pending — IRMLS
• 2026-01-24 Relisted — IRMLS
• 2025-11-16 Pending — IRMLS
• 2025-11-14 Listed $169,900 IRMLS

Property tax history

+8.0%/yr

Latest (2023): $1,232 · -11.0% YoY. Source: county tax records.