502 N Arthur St · South Bend, IN 46617

$365,000

8 bd · 4.0 ba · 2,209 sqft · MultiFamily public records · 44 Days on market

Built 1915 3,640 sqft lot $165/sqft · 16% above area Est $313k · 16% over

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Why this score? — see what drove the C 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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Located just minutes from the University of Notre Dame, 502 N Arthur St presents a compelling investment opportunity in one of South Bend’s most consistently performing rental corridors. Offered at $365,000, this well-positioned triplex benefits from strong in-place income, future upside, and proximity to ongoing growth along the Eddy Street Commons district. The property features three units: one spacious 3-bedroom, 2-bath unit and two 1-bedroom, 1-bath units. Tenants pay their own electric, helping keep operating expenses low. Two units are currently occupied, while the third (a 1 bed / 1 bath) was recently vacated on March 31 and previously rented for $1,000/month, offering immediate lease-up potential or flexibility for an owner-user. The property supports a market rent roll of approximately $3,200/month. This location is a major highlight—just a short distance to Notre Dame’s campus, making it highly attractive to students, faculty, and local renters. Additionally, the continued expansion and investment along Eddy Street Commons—featuring retail, dining, office, and residential development—has transformed the area into a vibrant, walkable hub and continues to drive rental demand and property appreciation.

Key facts

• Tenants pay electric
• Three units
• 3,640 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG IN-PLACE INCOME
• THREE UNITS
• TENANTS PAY ELECTRIC
• IMMEDIATE LEASE-UP POTENTIAL
• HIGHLY ATTRACTIVE LOCATION

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 2×1bd/1ba units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $497/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $365k).
• Recommended offer: $354k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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, schools 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.
• Market conditions: Rents rising (+3.3%/yr); 140 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $4,758/mo this rent would consume 77% of the median local household income ($74k/yr) (locally 422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $102k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $354,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.51%
• DSCR: 1.78
• GRM: 6.4

CMA / ARV

• ARV (median comp): $313,441
• List price: $365,000
• Delta: 16.45%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 9.2%
• Equity multiple: 1.36×
• Total profit: $37,195
• Equity at exit: $54,423

10-year hold

• IRR: 18.6%
• Equity multiple: 2.57×
• Total profit: $160,299
• Equity at exit: $31,559

Cash invested: $102,200 (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: 15.6×

Monthly cashflow live

• Estimated rent: $4,758 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$201 /mo · $2,415/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$999
• Net cashflow: $1,491

Break-even live

Break-even rent $2,870

Max offer price $365,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,698	-5% $1,595	+0% $1,491	+5% $1,388	+10% $1,285
Rent	-10% $1,115	-5% $1,303	+0% $1,491	+5% $1,679	+10% $1,867
Rate	-1.0pp $1,675	-0.5pp $1,584	base $1,491	+0.5pp $1,397	+1.0pp $1,301

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,950
▸ 2× units	1	1	$2,808
Total (3 units)			$4,758

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $365,000 Active 44 DOM
2. 2026-06-17
   days on market $365,000 Active 43 DOM
3. 2026-06-16
   days on market $365,000 Active 42 DOM
4. 2026-06-15
   days on market $365,000 Active 41 DOM
5. 2026-06-14
   days on market $365,000 Active 39 DOM
6. 2026-06-13
   days on market $365,000 Active 38 DOM
7. 2026-06-10
   days on market $365,000 Active 36 DOM
8. 2026-06-09
   days on market $365,000 Active 35 DOM
9. 2026-06-08
   days on market $365,000 Active 34 DOM
10. 2026-06-07
    days on market $365,000 Active 33 DOM
11. 2026-06-03
    days on market $365,000 Active 29 DOM
12. 2026-06-02
    days on market $365,000 Active 28 DOM
13. 2026-06-01
    days on market $365,000 Active 27 DOM
14. 2026-05-31
    days on market $365,000 Active 26 DOM
15. 2026-05-30
    days on market $365,000 Active 25 DOM
16. 2026-05-08
    status Active 1259-char remark

    Show marketing remark (1259 chars)

    Located just minutes from the University of Notre Dame, 502 N Arthur St presents a compelling investment opportunity in one of South Bend’s most consistently performing rental corridors. Offered at $365,000, this well-positioned triplex benefits from strong in-place income, future upside, and proximity to ongoing growth along the Eddy Street Commons district. The property features three units: one spacious 3-bedroom, 2-bath unit and two 1-bedroom, 1-bath units. Tenants pay their own electric, helping keep operating expenses low. Two units are currently occupied, while the third (a 1 bed / 1 bath) was recently vacated on March 31 and previously rented for $1,000/month, offering immediate lease-up potential or flexibility for an owner-user. The property supports a market rent roll of approximately $3,200/month. This location is a major highlight—just a short distance to Notre Dame’s campus, making it highly attractive to students, faculty, and local renters. Additionally, the continued expansion and investment along Eddy Street Commons—featuring retail, dining, office, and residential development—has transformed the area into a vibrant, walkable hub and continues to drive rental demand and property appreciation.

17. 2026-04-11
    status Pending 1259-char remark

    Show marketing remark (1259 chars)

    Located just minutes from the University of Notre Dame, 502 N Arthur St presents a compelling investment opportunity in one of South Bend’s most consistently performing rental corridors. Offered at $365,000, this well-positioned triplex benefits from strong in-place income, future upside, and proximity to ongoing growth along the Eddy Street Commons district. The property features three units: one spacious 3-bedroom, 2-bath unit and two 1-bedroom, 1-bath units. Tenants pay their own electric, helping keep operating expenses low. Two units are currently occupied, while the third (a 1 bed / 1 bath) was recently vacated on March 31 and previously rented for $1,000/month, offering immediate lease-up potential or flexibility for an owner-user. The property supports a market rent roll of approximately $3,200/month. This location is a major highlight—just a short distance to Notre Dame’s campus, making it highly attractive to students, faculty, and local renters. Additionally, the continued expansion and investment along Eddy Street Commons—featuring retail, dining, office, and residential development—has transformed the area into a vibrant, walkable hub and continues to drive rental demand and property appreciation.

18. 2026-04-07
    listed $365,000 Active 1259-char remark

    Show marketing remark (1259 chars)

    Located just minutes from the University of Notre Dame, 502 N Arthur St presents a compelling investment opportunity in one of South Bend’s most consistently performing rental corridors. Offered at $365,000, this well-positioned triplex benefits from strong in-place income, future upside, and proximity to ongoing growth along the Eddy Street Commons district. The property features three units: one spacious 3-bedroom, 2-bath unit and two 1-bedroom, 1-bath units. Tenants pay their own electric, helping keep operating expenses low. Two units are currently occupied, while the third (a 1 bed / 1 bath) was recently vacated on March 31 and previously rented for $1,000/month, offering immediate lease-up potential or flexibility for an owner-user. The property supports a market rent roll of approximately $3,200/month. This location is a major highlight—just a short distance to Notre Dame’s campus, making it highly attractive to students, faculty, and local renters. Additionally, the continued expansion and investment along Eddy Street Commons—featuring retail, dining, office, and residential development—has transformed the area into a vibrant, walkable hub and continues to drive rental demand and property appreciation.

19. 2016-02-14
    listed $49,900

ⓘ 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: $2,415 · $201/mo
• Projected year-2 tax: $2,759 · $230/mo
• Expected delta: +$344/yr (+$29/mo · 14.2%)

ⓘ 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 ≥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: $57,096
• − Mortgage interest: −$20,446
• − Property taxes: −$2,415
• − Insurance: −$1,825
• − Repairs & maintenance: −$4,568
• − Management: −$4,568
• − Depreciation: −$10,618
• Taxable income: $12,656
• Est. tax owed @ 24.0%: −$3,038
• After-tax cash flow: $14,859/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

+631.5% since first listed

4 events — show timeline

• 2026-05-08 Relisted — IRMLS
• 2026-04-11 Pending — IRMLS
• 2026-04-07 Listed $365,000 IRMLS
• 2016-02-14 Listed $49,900 IRMLS

Property tax history

+0.0%/yr

Latest (2023): $2,415 · +64.2% YoY. Source: county tax records.