740 E 6th St · Mishawaka, IN 46544

$89,900

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 7 Days on market

Built 1922 6,525 sqft lot Est $141k · 36% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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

Listing remarks MLS

MLS input for comparables only - pending at time of listing

Key facts

• 6,525 sq ft lot
• Garage
• Built 1922

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 11.5% 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: 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.
• Zoned schools: Emmons Elementary School (math 14% / reading 14%, grade F, #874 of 994 statewide, top 89%, 435 students, 87% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL) — zoned schools average 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $45k; list at $90k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.36% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.52%
• DSCR: 1.82
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $140,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 E 6th St	0.00mi	2/1.0	768 (0%)	1mo	$77,027	$100	99
737 E 4th St	0.12mi	2/1.0	720 (-6%)	19mo	$72,000	$100	68
1118 E 4th St	0.43mi	2/1.0	780 (+2%)	18mo	$87,630	$112	62
118 W 12th St	0.70mi	2/1.0	748 (-3%)	2mo	$199,900	$267	61
909 E Lawrence St	0.73mi	2/1.0	770 (+0%)	7mo	$125,000	$162	60
116 W 10th St	0.65mi	2/1.0	836 (+9%)	3mo	$171,000	$205	53
411 N Wenger Ave	0.63mi	2/1.0	804 (+5%)	12mo	$160,000	$199	53
405 Gernhart Ave	0.73mi	2/1.0	768 (0%)	17mo	$172,000	$224	52
1005 E 4th St	0.31mi	2/1.0	880 (+15%)	12mo	$161,000	$183	52
218 E 12th St	0.60mi	2/1.0	828 (+8%)	10mo	$135,000	$163	51
213 N State St	0.70mi	2/1.0	792 (+3%)	15mo	$169,000	$213	49
314 E 16th St	0.74mi	2/1.0	840 (+9%)	5mo	$146,390	$174	46

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: 12.4%
• Equity multiple: 1.52×
• Total profit: $13,126
• Equity at exit: $13,404

10-year hold

• IRR: 25.0%
• Equity multiple: 3.71×
• Total profit: $68,244
• Equity at exit: $7,773

Cash invested: $25,172 (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: 140
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,222 high
• Mortgage (P&I): −$471
• Tax from tax record: −$68 /mo · $819/yr
• Insurance: −$37
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $333

Break-even live

Break-even rent $801

Max offer price $89,900

Occupancy floor 68%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	13d	1	0.42mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	43d	1	0.42mi
722 S Spring St Apt 3 Mishawaka, IN	2.0	1.0	800	$1,200	$1.50	13d	1	0.70mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	0.84mi
602 E Battell St Mishawaka, IN	1.0	1.0	980	$1,400	$1.43	20d	1	0.87mi
516 W 3rd St Apt 1 Mishawaka, IN	1.0	1.0	750	$800	$1.07	20d	1	0.89mi
516 W 3rd St #6 Mishawaka, IN	2.0	1.0	700	$800	$1.14	13d	1	0.89mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	13d	31	0.93mi
724 Elizabeth St Mishawaka, IN	1.0	1.0	850	$875	$1.03	13d	1	1.00mi
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,029	$0.88	13d	1	1.13mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	13d	1	1.30mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	1.46mi

Listing history 4 events

1. 2026-04-03
   status Pending
2. 2026-03-27
   listed $89,900 Active
3. 2022-03-16
   soldstatus $45,000 59-char remark

   Show marketing remark (59 chars)

   MLS input for comparables only - pending at time of listing

4. 2022-02-18
   listed $45,000 59-char remark

   Show marketing remark (59 chars)

   MLS input for comparables only - pending at time of listing

ⓘ 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: $819 · $68/mo
• Projected year-2 tax: $819 · $68/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) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $14,669
• − Mortgage interest: −$5,036
• − Property taxes: −$819
• − Insurance: −$1,116
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − Depreciation: −$2,615
• Taxable income: $2,736
• Est. tax owed @ 24.0%: −$657
• After-tax cash flow: $3,339/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

+99.8% since first listed

4 events — show timeline

• 2026-04-03 Pending — IRMLS
• 2026-03-27 Listed $89,900 IRMLS
• 2022-03-16 Sold (MLS) $45,000 IRMLS
• 2022-02-18 Listed $45,000 IRMLS

Property tax history

-7.9%/yr

Latest (2023): $819 · -27.3% YoY. Source: county tax records.