3022 Hartzer St · South Bend, IN 46628

$89,500

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 25 Days on market

Built 1926 5,125 sqft lot Est $99k · 10% under ↓ 10% since listing

---

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 +26.7/30.0
• ARV discount +12.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.8/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

2 bedroom, 1 bath, newly painted. Newer windows, central air conditioning, off street parking and a 1 car garage. All appliances are less than 3 years old. This house has a great rental history. Broker owned RB14040176.

Key facts

• 5,125 sq ft lot
• Garage
• Built 1926

Property features AI

Finance

• Other: No additional financial details
• Financial info: Tax information not included
• HOA & community: No HOA information provided

Exterior

• Parking: Detached 1-car garage
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Block foundation; Built area above grade approximately 896
• Exterior features: Level lot; Lot dimensions approximately 41 x 125

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Full basement; Five total rooms
• Laundry & utility: Laundry located on lower level

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 $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: Coquillard Elementary School (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 343 students, 89% FRL); Dickinson Fine Arts Academy (math 0% / reading 5%, grade F, #329 of 330 statewide, top 100%, 449 students, 86% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools average 85% FRL vs 66% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.8%/yr); 424 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,157 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — 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. 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.
6. 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.
7. 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: 1.28% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.59%
• DSCR: 1.52
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $99,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 Goodland Ave	0.21mi	2/1.0	890 (-1%)	5mo	$99,000	$111	85
2702 Prast Blvd	0.23mi	2/1.0	804 (-10%)	0mo	$75,000	$93	72
722 Johnson St	0.72mi	2/1.0	892 (-0%)	0mo	$65,000	$73	65
2429 Fredrickson St	0.38mi	2/1.0	984 (+10%)	4mo	$149,900	$152	62
1142 N Olive St	0.50mi	2/1.0	850 (-5%)	7mo	$45,000	$53	62
1413 N Wellington St	0.63mi	3/1.0 (+1)	924 (+3%)	0mo	$170,000	$184	60
2226 Roger St	0.61mi	3/1.0 (+1)	936 (+4%)	6mo	$57,150	$61	54
1122 Fremont St	0.43mi	3/1.0 (+1)	1,008 (+12%)	2mo	$120,000	$119	52
1025 Obrien St	0.62mi	2/1.0	816 (-9%)	7mo	$115,000	$141	50
1122 Obrien St	0.67mi	2/1.0	810 (-10%)	5mo	$64,000	$79	49
2317 Roger St	0.57mi	3/1.0 (+1)	995 (+11%)	4mo	$146,000	$147	47
1233 Huey St	0.63mi	3/1.0 (+1)	1,008 (+12%)	5mo	$75,000	$74	40

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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.22×
• Total profit: $5,461
• Equity at exit: $13,345

10-year hold

• IRR: 18.1%
• Equity multiple: 2.79×
• Total profit: $44,784
• Equity at exit: $7,738

Cash invested: $25,060 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,143 high
• Mortgage (P&I): −$469
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $242

Break-even live

Break-even rent $836

Max offer price $89,500

Occupancy floor 74%

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3224 Ardmore Trl South Bend, IN	1.0	1.0	675	$864	$1.28	13d	2	0.19mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	0.40mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	21d	1	0.42mi
729 N Elmer St South Bend, IN	2.0	1.0	672	$1,100	$1.64	13d	1	0.51mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	21d	1	0.52mi
717 Huey St South Bend, IN	2.0	1.0	672	$1,050	$1.56	44d	1	0.58mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.63mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	21d	1	0.73mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	21d	1	0.77mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	13d	1	0.78mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	44d	1	0.80mi
202 N Chicago St South Bend, IN	2.0	1.0	720	$1,055	$1.47	44d	1	0.85mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	13d	1	0.91mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	21d	1	0.92mi
208 S Bendix Dr South Bend, IN	3.0	1.0	864	$1,150	$1.33	21d	1	0.93mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	0.98mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	44d	1	1.01mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	13d	1	1.10mi
421 S Lake St South Bend, IN	2.0	1.0	900	$1,200	$1.33	44d	1	1.11mi
453 S Kaley St Unit 1 South Bend, IN	2.0	1.0	1100	$1,050	$0.95	44d	1	1.17mi
4510 W Washington St South Bend, IN	2.0	1.0	720	$1,039	$1.44	44d	1	1.32mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	44d	1	1.34mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	1.35mi
3220 Vermont Pl South Bend, IN	2.0	1.0	725	$1,100	$1.52	13d	1	1.37mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	13d	1	1.38mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	1.40mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	1.43mi

Listing history 4 events

1. 2026-05-14
   status Pending
2. 2026-05-13
   status Active
3. 2026-05-13
   price $89,500
4. 2026-03-20
   listed $99,500 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: $1,850 · $154/mo
• Projected year-2 tax: $1,850 · $154/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 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: $13,713
• − Mortgage interest: −$5,013
• − Property taxes: −$1,850
• − Insurance: −$448
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$2,604
• Taxable income: $1,604
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $2,518/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): 27,685
• Household income: $61,759
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1024.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Lithuanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Russian/Polish/Slavic 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: ▼ -130.47%
• Current HPI: 202.112
• Rent YoY: ▲ 6.78%
• 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

-10.1% since first listed

4 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-05-13 Relisted — IRMLS
• 2026-05-13 Price Changed $89,500 IRMLS
• 2026-03-20 Listed $99,500 IRMLS

Property tax history

-3.7%/yr

Latest (2023): $1,850 · +19.2% YoY. Source: county tax records.