1234 Obrien St · South Bend, IN 46628

$65,000

3 bd · 1.0 ba · 1,058 sqft · SingleFamily public records · 5 Days on market

Built 1919 5,000 sqft lot Est $126k · 48% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Attention investors and bargain hunters! Come check out this Dutch Colonial close to Downtown South Bend, Notre Dame, and the airport! This charming home is currently used as a rental property and features three bedrooms, a basement with laundry hookups, and 2-stall detached garage which will all help maximize your return on investment! Don't wait, this amazing opportunity won't last long!

Key facts

• Great layout
• Ready for renovation
• Conveniently located

Tags

• READY FOR RENOVATION
• CONVENIENTLY LOCATED
• GREAT LAYOUT
• DESIRABLE AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 17.2% 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, 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 fast (+6.8%/yr); 424 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 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 $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $55k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1919 — 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: 2.05% ✓
• Cap rate: 17.18%
• Cash-on-cash: 38.88%
• DSCR: 2.73
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $125,902
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1310 N Brookfield St	0.13mi	3/1.0	1,092 (+3%)	2mo	$140,000	$128	87
1233 Wilber St	0.29mi	3/1.0	1,079 (+2%)	0mo	$67,490	$63	83
1122 Fremont St	0.28mi	3/1.0	1,008 (-5%)	2mo	$120,000	$119	77
1414 Wilber St	0.36mi	3/1.0	1,020 (-4%)	0mo	$118,000	$116	77
1119 College St	0.21mi	3/1.0	960 (-9%)	3mo	$121,000	$126	73
1650 N Meade St	0.48mi	3/1.5	1,120 (+6%)	3mo	$145,000	$129	63
1734 N Elmer St	0.48mi	3/1.0	1,148 (+8%)	1mo	$178,000	$155	62
1322 Johnson St	0.08mi	2/2.0 (-1)	912 (-14%)	3mo	$72,500	$79	62
1506 N Huey St	0.23mi	2/1.0 (-1)	924 (-13%)	3mo	$70,000	$76	60
1749 N Fremont St	0.56mi	3/2.0	1,120 (+6%)	2mo	$155,000	$138	58
2018 Roger St	0.65mi	3/1.0	1,152 (+9%)	2mo	$75,000	$65	53
1233 Van Buren St	0.68mi	3/1.0	1,168 (+10%)	2mo	$50,000	$43	49

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: 39.4%
• Equity multiple: 2.78×
• Total profit: $32,308
• Equity at exit: $9,692

10-year hold

• IRR: 47.6%
• Equity multiple: 6.49×
• Total profit: $99,913
• Equity at exit: $5,620

Cash invested: $18,200 (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 46628

• Rents YoY: 6.8%
• Active inventory: 424
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$341
• Tax from tax record: −$94 /mo · $1,123/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $590

Break-even live

Break-even rent $584

Max offer price $65,000

Occupancy floor 51%

Sensitivity live

Price	-10% $627	-5% $608	+0% $590	+5% $571	+10% $553
Rent	-10% $485	-5% $537	+0% $590	+5% $642	+10% $695
Rate	-1.0pp $622	-0.5pp $606	base $590	+0.5pp $573	+1.0pp $556

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	14d	1	0.07mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	44d	1	0.09mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	44d	1	0.14mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	14d	1	0.21mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	21d	1	0.22mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	21d	1	0.24mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	21d	1	0.29mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	14d	1	0.29mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	44d	1	0.29mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	14d	1	0.30mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	14d	1	0.32mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	14d	1	0.34mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	21d	1	0.37mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	21d	1	0.37mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	44d	1	0.41mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	21d	1	0.41mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	44d	1	0.50mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	44d	1	0.63mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	14d	1	0.67mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	14d	1	0.68mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	44d	1	0.68mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	44d	1	0.69mi
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	14d	1	0.70mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	44d	1	0.79mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	21d	1	0.80mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.80mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	14d	1	0.83mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.86mi
1033 Beale St South Bend, IN	3.0	1.0	840	$1,250	$1.49	21d	1	0.91mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	44d	1	0.96mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	44d	1	1.01mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	14d	1	1.26mi
208 S Bendix Dr South Bend, IN	3.0	1.0	864	$1,150	$1.33	21d	1	1.34mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	21d	1	1.41mi

Listing history 6 events

1. 2026-03-01
   status Pending
2. 2026-02-21
   listed $65,000 Active
3. 2023-09-28
   soldstatus $55,000 Closed 392-char remark

   Show marketing remark (392 chars)

   Attention investors and bargain hunters! Come check out this Dutch Colonial close to Downtown South Bend, Notre Dame, and the airport! This charming home is currently used as a rental property and features three bedrooms, a basement with laundry hookups, and 2-stall detached garage which will all help maximize your return on investment! Don't wait, this amazing opportunity won't last long!

4. 2023-09-13
   status Pending 392-char remark

   Show marketing remark (392 chars)

   Attention investors and bargain hunters! Come check out this Dutch Colonial close to Downtown South Bend, Notre Dame, and the airport! This charming home is currently used as a rental property and features three bedrooms, a basement with laundry hookups, and 2-stall detached garage which will all help maximize your return on investment! Don't wait, this amazing opportunity won't last long!

5. 2023-09-06
   price $60,000 392-char remark

   Show marketing remark (392 chars)

   Attention investors and bargain hunters! Come check out this Dutch Colonial close to Downtown South Bend, Notre Dame, and the airport! This charming home is currently used as a rental property and features three bedrooms, a basement with laundry hookups, and 2-stall detached garage which will all help maximize your return on investment! Don't wait, this amazing opportunity won't last long!

6. 2023-07-26
   listed $65,000 Active 392-char remark

   Show marketing remark (392 chars)

   Attention investors and bargain hunters! Come check out this Dutch Colonial close to Downtown South Bend, Notre Dame, and the airport! This charming home is currently used as a rental property and features three bedrooms, a basement with laundry hookups, and 2-stall detached garage which will all help maximize your return on investment! Don't wait, this amazing opportunity won't last long!

ⓘ 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: $1,123 · $94/mo
• Projected year-2 tax: $1,123 · $94/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: $15,968
• − Mortgage interest: −$3,641
• − Property taxes: −$1,123
• − Insurance: −$325
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$1,891
• Taxable income: $6,434
• Est. tax owed @ 24.0%: −$1,544
• After-tax cash flow: $5,533/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

+0.0% since first listed

6 events — show timeline

• 2026-03-01 Pending — IRMLS
• 2026-02-21 Listed $65,000 IRMLS
• 2023-09-28 Sold (MLS) $55,000 IRMLS
• 2023-09-13 Pending — IRMLS
• 2023-09-06 Price Changed $60,000 IRMLS
• 2023-07-26 Listed $65,000 IRMLS

Property tax history

-5.4%/yr

Latest (2023): $1,123 · -2.9% YoY. Source: county tax records.