302 Ostemo Pl · South Bend, IN 46617

$299,000

3 bd · 2.5 ba · 1,632 sqft · SingleFamily public records · 1 Days on market

Built 1923 5,663 sqft lot Est $271k · 10% 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 +5.3/30.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in the highly desirable Northshore Triangle neighborhood, this home is just minutes from Notre Dame, Memorial Hospital, and downtown South Bend. This classic home features the timeless charm and character for which the area is celebrated. The interior boasts unique architectural details, including curved entryways, custom plantation blinds, and beautiful hardwood flooring. While the property is being sold as-is and requires some updating, it offers a perfect canvas to make it your own. A notable feature of this home is the converted garage, which now serves as a versatile living space with its own half bathroom and separate entrance—ideal for a home office, guest suite, or stu

Key facts

• Converted garage
• Lower-level bar
• Side portico

Tags

• CONVERTED GARAGE
• PRIVATE BACK PATIO
• LOWER-LEVEL BAR
• SIDE PORTICO

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Wood siding; Block foundation; Shingle roof; Built as site-built home
• Exterior features: Enclosed porch; Patio; Corner lot

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Total of 9 rooms (bedroom count not specified)
• Flooring: Hardwood flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Wet bar; Partial, partially finished basement
• Laundry & utility: Washer; Laundry area on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-715 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (42.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (47.6% below list).
• Recommended offer: $157k (47.6% below list) — sets the bar for 1% rule.

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: Muessel Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 241 students, 88% 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 69% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 140 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $2k of loan paydown is wiped out by about $9k 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: flood insurance adds $56/mo; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,603 (47.6% 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 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: 0.52% ✗
• Cap rate: 3.65%
• Cash-on-cash: -9.46%
• DSCR: 0.58
• GRM: 15.9

CMA / ARV

• ARV (on-the-fly): $270,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 W Angela Blvd	0.18mi	3/1.5	1,692 (+4%)	2mo	$151,000	$89	80
525 W Angela Blvd	0.22mi	3/1.0	1,578 (-3%)	2mo	$250,000	$158	77
506 W Angela Blvd	0.17mi	3/1.5	1,728 (+6%)	3mo	$264,195	$153	76
210 Wakewa Ave	0.20mi	3/1.0	1,530 (-6%)	2mo	$300,000	$196	73
228 Tonti St	0.14mi	4/2.0 (+1)	1,500 (-8%)	3mo	$280,000	$187	71
1060 Woodward Ave	0.46mi	4/2.0 (+1)	1,640 (+0%)	0mo	$272,000	$166	70
1219 Leeper Ave	0.22mi	3/1.5	1,847 (+13%)	0mo	$385,000	$208	64
706 California St	0.44mi	3/2.5	1,392 (-15%)	1mo	$230,000	$165	54
1017 N Hill St	0.65mi	3/2.0	1,464 (-10%)	2mo	$660,000	$451	49
601 Howard St	0.69mi	4/2.5 (+1)	1,848 (+13%)	0mo	$630,000	$341	41
1202 Cleveland Ave	0.73mi	2/1.0 (-1)	1,800 (+10%)	1mo	$136,000	$76	37
1238 Diamond Ave	0.71mi	3/1.0	1,402 (-14%)	2mo	$101,000	$72	35

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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: -34.5%
• Equity multiple: -0.12×
• Total profit: $-93,575
• Equity at exit: $44,582

10-year hold

• IRR: -42.9%
• Equity multiple: -0.65×
• Total profit: $-138,371
• Equity at exit: $25,852

Cash invested: $83,720 (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 46617

• Rents YoY: 3.3%
• Active inventory: 140
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $1,566 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$204 /mo · $2,451/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-715

Break-even live

Break-even rent $2,471

Max offer price $172,655

Occupancy floor —

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 E Pokagon St South Bend, IN	2.0	1.0	1200	$1,500	$1.25	13d	1	0.27mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.68mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.68mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.73mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	13d	1	0.74mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	0.76mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.83mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	43d	1	0.95mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	0.95mi
307 E Lasalle Ave South Bend, IN	1.0–2.0	1.0–2.0	925	$1,670	$1.80	13d	22	1.00mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$3,009	$2.97	13d	31	1.03mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	1.03mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	13d	27	1.09mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	13d	1	1.13mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	21d	19	1.13mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	1.28mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	1.28mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	1.31mi
129 Clancey St South Bend, IN	3.0	3.5	2000	$2,950	$1.48	13d	1	1.32mi
221 S Taylor St South Bend, IN	3.0	2.0	1178	$2,599	$2.21	13d	1	1.32mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	1.36mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	13d	1	1.37mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	1.38mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	1.38mi
2217 Inglewood Pl South Bend, IN	3.0	1.0	1800	$2,200	$1.22	43d	1	1.40mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	21d	1	1.40mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	1.42mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	13d	1	1.43mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	1.47mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	21d	1	1.49mi

Listing history 2 events

1. 2026-06-18
   remarks 693-char remark
2. 2026-06-18
   listed $299,000 Active 1 DOM

ⓘ 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: $2,451 · $204/mo
• Projected year-2 tax: $2,496 · $208/mo
• Expected delta: +$45/yr (+$4/mo · 1.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $18,792
• − Mortgage interest: −$16,749
• − Property taxes: −$2,451
• − Insurance: −$2,162
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$8,698
• Taxable loss: −$14,274
• Est. tax savings @ 24.0%: +$3,426
• After-tax cash flow: $-5,157/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): 10,032
• Household income: $74,186
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 422.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Italian 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China, Dominican Republic
• Languages at home: 88% English-only · Spanish 6% Chinese 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: ▼ -163.04%
• Current HPI: 260.7904
• Rent YoY: ▲ 3.30%
• 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

1 event — show timeline

• 2026-06-17 Listed $299,000 IRMLS

Property tax history

-6.9%/yr

Latest (2025): $2,451 · -32.0% YoY. Source: county tax records.