138 W Broadway St · Mishawaka, IN 46545

$199,900

5 bd · 2.0 ba · 1,640 sqft · SingleFamily public records · 10 Days on market

Built 1895 5,160 sqft lot Est $221k · 10% under

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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 +19.5/30.0
• ARV discount +11.9/15.0
• DSCR +6.2/10.0
• 1% rule +4.9/10.0
• 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

Investors alert, cash only sold as is. Great location, close to Bethel College and shopping, newer roof, furnace and A/C, first floor laundry and formal dining room, some flooring and paint will make this house wonderful!!

Key facts

• Local attractions
• Thoughtful updates
• Mishawaka riverwalk

Tags

• MISHAWAKA RIVERWALK
• LOCAL ATTRACTIONS
• THOUGHTFUL UPDATES
• FUNCTIONAL FLOOR PLAN
• MOVE IN READY

Property features AI

Finance

• Other: Lot dimensions approximately 43 x 120 (0.12 acre)

Exterior

• Parking: Detached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories; Vinyl siding
• Construction: Asphalt shingle roof; Concrete perimeter and block foundation; Built with vinyl siding
• Exterior features: Deck; Enclosed porch; Chain link and privacy fencing; Level lot

Interior

• Kitchen: Refrigerator; Gas oven
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Hardwood; Carpet; Laminate
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Entrance foyer; Laminate counters; Window treatments; Partial unfinished basement
• Laundry & utility: Washer and dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/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 $198k (1.0% below list).
• Recommended offer: $198k (1.0% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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); 78 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 42% 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $70k; list at $200k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,816 (1.0% below list)

Questions for the listing agent

1. Built in 1895 — 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. 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.
4. 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.
5. 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: 0.99% ✗
• Cap rate: 7.66%
• Cash-on-cash: 4.88%
• DSCR: 1.22
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $221,400
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 W Grove St	0.20mi	4/2.0 (-1)	1,799 (+10%)	2mo	$258,000	$143	68
1016 Division St	0.32mi	4/1.5 (-1)	1,456 (-11%)	3mo	$215,000	$148	56
901 E Lawrence St	0.67mi	4/2.0 (-1)	1,695 (+3%)	7mo	$221,000	$130	52
611 W Mishawaka Ave	0.47mi	4/2.0 (-1)	1,774 (+8%)	20mo	$214,000	$121	43
119 Towle Ave	0.61mi	4/2.0 (-1)	1,788 (+9%)	11mo	$242,500	$136	42
1015 W Battell St	0.67mi	4/2.5 (-1)	1,760 (+7%)	11mo	$237,500	$135	41
540 Webster St	0.63mi	4/1.5 (-1)	1,456 (-11%)	8mo	$107,000	$73	38
540 Webster St	0.63mi	4/1.5 (-1)	1,456 (-11%)	8mo	$107,000	$73	38
3120 Falling Oak Dr	0.54mi	4/2.5 (-1)	1,830 (+12%)	14mo	$369,900	$202	37

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: -6.3%
• Equity multiple: 0.76×
• Total profit: $-13,405
• Equity at exit: $29,806

10-year hold

• IRR: 5.8%
• Equity multiple: 1.47×
• Total profit: $26,225
• Equity at exit: $17,284

Cash invested: $55,972 (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: 78
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,978 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$203 /mo · $2,440/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $228

Break-even live

Break-even rent $1,690

Max offer price $199,900

Occupancy floor 83%

Sensitivity live

Price	-10% $341	-5% $284	+0% $228	+5% $171	+10% $115
Rent	-10% $72	-5% $150	+0% $228	+5% $306	+10% $384
Rate	-1.0pp $329	-0.5pp $279	base $228	+0.5pp $176	+1.0pp $123

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	23d	1	1.01mi

Listing history 8 events

1. 2026-06-22
   days on market $199,900 Active 10 DOM
2. 2026-06-18
   days on market $199,900 Active 7 DOM
3. 2026-06-17
   days on market $199,900 Active 6 DOM
4. 2026-06-16
   days on market $199,900 Active 5 DOM
5. 2026-06-15
   days on market $199,900 Active 4 DOM
6. 2026-06-14
   days on market $199,900 Active 2 DOM
7. 2026-06-13
   remarks 681-char remark
8. 2026-06-13
   listed $199,900 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: $2,440 · $203/mo
• Projected year-2 tax: $2,440 · $203/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 3/10 Moderate 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: $23,738
• − Mortgage interest: −$11,198
• − Property taxes: −$2,440
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$5,815
• Taxable loss: −$512
• Est. tax savings @ 24.0%: +$123
• After-tax cash flow: $2,857/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

+124.6% since first listed

4 events — show timeline

• 2026-06-11 Listed $199,900 IRMLS
• 2021-10-29 Sold (MLS) $70,500 IRMLS
• 2021-09-23 Listed $75,000 IRMLS
• 2021-07-27 Listed $89,000 IRMLS

Property tax history

+5.2%/yr

Latest (2025): $2,440 · +31.7% YoY. Source: county tax records.