1421 Ruskin St · South Bend, IN 46615

$130,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 1 Days on market

Built 1925 4,800 sqft lot Est $109k · 19% over

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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 +15.6/30.0
• DSCR +4.8/10.0
• Rent growth +4.1/5.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

* * Pended at List * * Charming ranch-style home with cottage-inspired character, featuring an inviting enclosed four-season sunroom at the entry, abundant natural light, and a beautifully landscaped yard. This well-maintained home offers comfortable one-level living with a functional layout that includes a living room, dining room, and a completely remodeled kitchen with new cabinetry, flooring, and appliances (May 2023). The newer windows throughout home and new exterior doors provide energy efficiency and added comfort. The home features 2 bedrooms, 1 bath, and just over 700 square feet, making it an ideal option for low-maintenance living. A full basement offers generous storage space

Key facts

• New exterior doors
• Remodeled kitchen
• Full basement

Tags

• ENCLOSED FOUR-SEASON SUNROOM
• REMODELED KITCHEN
• NEWER WINDOWS
• NEW EXTERIOR DOORS
• FULL BASEMENT
• DEDICATED LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $56 ($671/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 $114k (12.6% below list).
• Recommended offer: $114k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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, crime 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.
• Zoned schools: Nuner Fine Arts Academy (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 479 students, 90% FRL); Jefferson Traditional School (math 12% / reading 22%, grade F, #284 of 330 statewide, top 87%, 516 students, 64% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,676 (12.6% below list)

Questions for the listing agent

1. Built in 1925 — 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. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $109,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1421 Ruskin St	0.00mi	2/1.0	720 (0%)	0mo	$130,000	$181	100
1110 Roberts St	0.19mi	2/1.0	752 (+4%)	3mo	$146,000	$194	81
931 Emerson Ave	0.12mi	2/1.0	816 (+13%)	0mo	$170,000	$208	72
1618 E Dayton St	0.58mi	2/1.0	748 (+4%)	2mo	$135,000	$180	65
1321 E Calvert St	0.66mi	2/1.0	722 (+0%)	14mo	$109,400	$152	57
1512 Marine St	0.46mi	2/1.0	672 (-7%)	15mo	$40,000	$60	55
1629 E Bowman St	0.74mi	2/1.0	720 (0%)	12mo	$70,000	$97	55
1703 Marine St	0.54mi	2/1.0	660 (-8%)	12mo	$122,500	$186	50
1141 Milton St	0.68mi	2/1.0	624 (-13%)	3mo	$70,000	$112	44
1710 E Calvert St	0.74mi	1/1.0 (-1)	808 (+12%)	2mo	$115,000	$142	39
1801 Robinson St	0.66mi	1/1.0 (-1)	616 (-14%)	2mo	$38,000	$62	39
2217 Vine St	0.68mi	2/1.0	816 (+13%)	21mo	$90,000	$110	28

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 · 6.27% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.62×
• Total profit: $-13,660
• Equity at exit: $19,383

10-year hold

• IRR: 3.2%
• Equity multiple: 1.26×
• Total profit: $9,572
• Equity at exit: $11,240

Cash invested: $36,400 (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 46615

• Home prices YoY: -34.0%
• Rents YoY: 6.3%
• Active inventory: 73
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,137 high
• Mortgage (P&I): −$682
• Tax from tax record: −$106 /mo · $1,275/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $56

Break-even live

Break-even rent $1,066

Max offer price $130,000

Occupancy floor 90%

Sensitivity live

Price	-10% $129	-5% $93	+0% $56	+5% $19	+10% $-18
Rent	-10% $-34	-5% $11	+0% $56	+5% $101	+10% $146
Rate	-1.0pp $121	-0.5pp $89	base $56	+0.5pp $22	+1.0pp $-12

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	14d	1	0.50mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	0.78mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	0.79mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	44d	1	0.80mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	14d	1	0.85mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	44d	1	0.91mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	21d	1	0.96mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	14d	1	0.97mi
533 Columbia St Unit C South Bend, IN	1.0	1.0	600	$700	$1.17	21d	1	1.07mi
1234 Bissell St South Bend, IN	2.0	1.0	704	$1,249	$1.77	44d	1	1.42mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$2,409	$2.38	14d	31	1.47mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	14d	21	1.48mi
508 N Hill St South Bend, IN	2.0	1.0	422	$845	$2.00	44d	1	1.50mi

Listing history 2 events

1. 2026-04-25
   status Pending
2. 2026-04-18
   listed $130,000 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: $1,275 · $106/mo
• Projected year-2 tax: $1,275 · $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 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: $13,641
• − Mortgage interest: −$7,282
• − Property taxes: −$1,275
• − Insurance: −$650
• − Repairs & maintenance: −$1,091
• − Management: −$1,091
• − Depreciation: −$3,782
• Taxable loss: −$1,530
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $1,038/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): 14,190
• Household income: $62,964
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 420.0

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 (65%)
• Race & ethnicity: White 65% Black 14% Two or more races 11% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 6% Italian 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 7% Tagalog/Filipino 1% Other Indo-European 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: ▼ -124.82%
• Current HPI: 242.1938
• Rent YoY: ▲ 6.27%
• 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

2 events — show timeline

• 2026-04-25 Pending — IRMLS
• 2026-04-18 Listed $130,000 IRMLS

Property tax history

+7.6%/yr

Latest (2023): $1,275 · +45.1% YoY. Source: county tax records.