2520 Normandy Dr · Mishawaka, IN 46545

$184,900

2 bd · 2.0 ba · 1,576 sqft · SingleFamily public records · 4 Days on market

Built 1949 6,250 sqft lot Est $194k · at est.

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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 +17.4/30.0
• ARV discount +9.6/15.0
• DSCR +5.4/10.0
• 1% rule +3.8/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the desirable Normain Heights, this property is sure to sell fast! Three bedrooms and two bathrooms, privacy fencing, and a spacious backyard offer plenty of opportunities for those seeking to live in such a family-friendly neighborhood. Property includes a spacious half story living space upstairs as well as endless potential in the lower level. Schedule your showing today!

Key facts

• Workshop space
• Backyard deck
• Excellent storage

Tags

• FULLY FENCED YARD
• BACKYARD DECK
• FUNCTIONAL FLOOR PLAN
• EXCELLENT STORAGE
• WORKSHOP SPACE
• FUTURE FINISHING POTENTIAL

Property features AI

Finance

• Other: Property is listed with Greater South Bend-Mishawaka AOR

Exterior

• Parking: Asphalt parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Aluminum siding; Shingle roof; Concrete perimeter foundation; Built as site-built home
• Exterior features: Wood fencing; Level lot; Lot dimensions approximately 50 x 125

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bedrooms: 5 total rooms (bedroom count not specified)
• Flooring: Carpet; Laminate; Other flooring
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Open concept living with one fireplace; Full basement
• Laundry & utility: Washer and dryer included; Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/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 $162k (12.2% below list).
• Recommended offer: $162k (12.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Liberty Elementary School (math 23% / reading 22%, grade F, #788 of 994 statewide, top 79%, 417 students, 80% 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 73% FRL vs 54% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 74 active listings in the ZIP; 9 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).
• This rent runs 34% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $150k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,318 (12.2% below list)

Questions for the listing agent

1. Built in 1949 — 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: 0.88% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.21%
• DSCR: 1.14
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $193,848
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
424 Pregel Dr	0.20mi	2/2.0	1,404 (-11%)	2mo	$264,900	$189	71
204 Saint Lo Ave	0.12mi	3/1.5 (+1)	1,414 (-10%)	13mo	$169,900	$120	60
2327 Normandy Dr	0.20mi	3/2.0 (+1)	1,394 (-12%)	8mo	$225,000	$161	59
2715 Grape Rd	0.51mi	2/1.0	1,564 (-1%)	16mo	$157,000	$100	57
208 E Leyte Ave	0.10mi	3/1.0 (+1)	1,382 (-12%)	17mo	$157,500	$114	52
2610 Schumacher Dr	0.33mi	3/1.5 (+1)	1,416 (-10%)	15mo	$212,500	$150	48
2732 N Main St	0.22mi	3/1.0 (+1)	1,391 (-12%)	16mo	$170,000	$122	48
224 W Colfax St	0.54mi	2/2.0	1,680 (+7%)	21mo	$149,900	$89	46
2010 Chestnut St	0.45mi	3/2.0 (+1)	1,752 (+11%)	18mo	$212,000	$121	40
409 E Lowell Ave	0.57mi	3/1.5 (+1)	1,378 (-13%)	12mo	$187,500	$136	36
705 E Lowell Ave	0.61mi	3/2.0 (+1)	1,362 (-14%)	15mo	$219,900	$161	32
1616 Chestnut St	0.64mi	3/1.5 (+1)	1,788 (+14%)	12mo	$220,000	$123	31

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-17,522
• Equity at exit: $27,569

10-year hold

• IRR: 2.9%
• Equity multiple: 1.22×
• Total profit: $11,633
• Equity at exit: $15,987

Cash invested: $51,772 (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 46545

• Rents YoY: 5.2%
• Active inventory: 74
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,623 high
• Mortgage (P&I): −$970
• Tax from tax record: −$97 /mo · $1,165/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $139

Break-even live

Break-even rent $1,448

Max offer price $184,900

Occupancy floor 86%

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	0.20mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,619	$1.76	13d	25	0.39mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,591	$1.67	13d	33	0.42mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	13d	1	0.60mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	13d	1	1.15mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	13d	31	1.22mi
1160 Helmen Dr South Bend, IN	3.0	2.0	1528	$2,300	$1.51	13d	1	1.24mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	1.41mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	13d	1	1.49mi

Listing history 6 events

1. 2026-06-15
   status $184,900 Pending 4 DOM
2. 2026-06-15
   days on market $184,900 Active 4 DOM
3. 2026-06-14
   remarks 699-char remark
4. 2026-06-14
   days on market $184,900 Active 2 DOM
5. 2026-06-13
   remarks 693-char remark
6. 2026-06-13
   listed $184,900 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: $1,165 · $97/mo
• Projected year-2 tax: $1,368 · $114/mo
• Expected delta: +$203/yr (+$17/mo · 17.5%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $19,478
• − Mortgage interest: −$10,357
• − Property taxes: −$1,165
• − Insurance: −$924
• − Repairs & maintenance: −$1,558
• − Management: −$1,558
• − Depreciation: −$5,379
• Taxable loss: −$1,464
• Est. tax savings @ 24.0%: +$351
• After-tax cash flow: $2,014/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): 26,606
• Household income: $56,865
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1243.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Lithuanian 2% English 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 4% 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: ▼ -114.83%
• Current HPI: 188.2811
• Rent YoY: ▲ 5.20%
• 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

+94.8% since first listed

8 events — show timeline

• 2026-06-11 Listed $184,900 IRMLS
• 2023-12-11 Sold (MLS) $150,000 IRMLS
• 2023-11-17 Pending — IRMLS
• 2023-10-13 Price Changed $155,000 IRMLS
• 2023-09-13 Price Changed $165,000 IRMLS
• 2023-09-01 Listed $175,000 IRMLS
• 2016-10-14 Sold (MLS) $86,000 IRMLS
• 2016-07-14 Listed $94,900 IRMLS

Property tax history

-1.0%/yr

Latest (2025): $1,165 · -9.8% YoY. Source: county tax records.