705 N Johnson St · South Bend, IN 46628

$129,900

4 bd · 2.5 ba · 1,976 sqft · SingleFamily public records · 23 Days on market

Built 1922 4,356 sqft lot $66/sqft · 23% below area

---

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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• 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

Discover an incredible investment opportunity with this spacious 4 bedroom, 2 full bathroom property. Perfect for maximizing rental income, expanding your portfolio or looking to find a fixer upper for yourself? This is the right house for you!! Located near Downtown South Bend, Notre Dame, close to shopping and grocery stores.

Key facts

• 4,356 sq ft lot
• Built 1922
• Listed 23 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Brick and wood siding exterior; Asphalt roof; Concrete perimeter foundation; Built as site-built home
• Exterior features: Corner lot; Lot dimensions approximately 37 x 118

Interior

• Kitchen: Refrigerator
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Refrigerator; Electric water heater; Unfinished basement; Basement laundry (in basement); Total of 8 rooms
• Laundry & utility: Laundry located in the basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: Harrison Elementary School (math 3% / reading 3%, grade F, #988 of 994 statewide, top 99%, 654 students, 91% 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 86% FRL vs 66% district-wide (19 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 30% of the median local income ($62k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 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 $49k; list at $130k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.20% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.32%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (median comp): $84,423
• List price: $129,900
• Delta: 53.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
710 N Johnson St	0.03mi	5/1.5 (+1)	2,080 (+5%)	8mo	$70,000	$34	74
1609 Florence Ave	0.35mi	4/1.0	1,980 (+0%)	9mo	$136,000	$69	70
1421 Linden Ave	0.46mi	4/2.0	1,932 (-2%)	6mo	$122,000	$63	68
317 Studebaker St	0.46mi	3/2.0 (-1)	1,960 (-1%)	5mo	$106,250	$54	66
2205 Kenwood Ave	0.26mi	4/2.5	1,700 (-14%)	2mo	$49,000	$29	63
1201 N Brookfield St	0.47mi	3/1.5 (-1)	1,968 (-0%)	8mo	$174,000	$88	62
807 Diamond Ave	0.48mi	3/1.5 (-1)	1,920 (-3%)	2mo	$70,000	$36	62
418 Studebaker St	0.44mi	3/1.0 (-1)	2,016 (+2%)	5mo	$106,250	$53	61
711 Blaine Ave	0.59mi	5/2.0 (+1)	1,896 (-4%)	7mo	$77,000	$41	52
1134 Fremont St	0.50mi	3/2.0 (-1)	1,728 (-13%)	2mo	$138,000	$80	47
2733 W Lincoln Way	0.62mi	5/2.0 (+1)	2,146 (+9%)	7mo	$245,000	$114	44
2815 Humboldt St	0.70mi	3/1.5 (-1)	1,716 (-13%)	10mo	$180,000	$105	28

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: 3.7%
• Equity multiple: 1.15×
• Total profit: $5,370
• Equity at exit: $19,369

10-year hold

• IRR: 16.5%
• Equity multiple: 2.60×
• Total profit: $58,145
• Equity at exit: $11,231

Cash invested: $36,372 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$681
• Tax from tax record: −$122 /mo · $1,463/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $318

Break-even live

Break-even rent $1,155

Max offer price $129,900

Occupancy floor 75%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	21d	1	0.26mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	13d	1	0.30mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	13d	1	0.30mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	13d	1	0.37mi
2530 Bonds Ave South Bend, IN	5.0	1.5	1866	$2,000	$1.07	43d	1	0.44mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	43d	1	0.49mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	21d	1	0.49mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	43d	1	0.50mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	21d	1	0.64mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	43d	1	0.75mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	43d	1	0.82mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	13d	1	0.89mi
609 N Scott St South Bend, IN	5.0	1.5	1951	$1,450	$0.74	43d	1	0.98mi
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	13d	1	1.13mi
721 S Arnold St South Bend, IN	4.0	2.0	2568	$1,800	$0.70	13d	1	1.27mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$7,491	$6.44	21d	19	1.46mi

Listing history 10 events

1. 2026-06-18
   days on market $129,900 Active 23 DOM
2. 2026-06-17
   status $129,900 Active 22 DOM
3. 2026-05-06
   listed $129,900 Active 535-char remark
4. 2025-05-12
   soldstatus $49,000 Closed 330-char remark

   Show marketing remark (330 chars)

   Discover an incredible investment opportunity with this spacious 4 bedroom, 2 full bathroom property. Perfect for maximizing rental income, expanding your portfolio or looking to find a fixer upper for yourself? This is the right house for you!! Located near Downtown South Bend, Notre Dame, close to shopping and grocery stores.

5. 2025-05-05
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Discover an incredible investment opportunity with this spacious 4 bedroom, 2 full bathroom property. Perfect for maximizing rental income, expanding your portfolio or looking to find a fixer upper for yourself? This is the right house for you!! Located near Downtown South Bend, Notre Dame, close to shopping and grocery stores.

6. 2025-03-11
   historical Active Under Contract 330-char remark

   Show marketing remark (330 chars)

   Discover an incredible investment opportunity with this spacious 4 bedroom, 2 full bathroom property. Perfect for maximizing rental income, expanding your portfolio or looking to find a fixer upper for yourself? This is the right house for you!! Located near Downtown South Bend, Notre Dame, close to shopping and grocery stores.

7. 2025-03-06
   listed $45,000 Active 330-char remark

   Show marketing remark (330 chars)

   Discover an incredible investment opportunity with this spacious 4 bedroom, 2 full bathroom property. Perfect for maximizing rental income, expanding your portfolio or looking to find a fixer upper for yourself? This is the right house for you!! Located near Downtown South Bend, Notre Dame, close to shopping and grocery stores.

8. 2023-06-09
   soldstatus $40,000 Closed

   Show marketing remark (123 chars)

   Great investment opportunity located just minutes from Downtown South Bend, Notre Dame, and the airport! 4 bed/2 full bath.

9. 2023-05-19
   status Pending

   Show marketing remark (123 chars)

   Great investment opportunity located just minutes from Downtown South Bend, Notre Dame, and the airport! 4 bed/2 full bath.

10. 2023-05-09
    listed $40,000 Active

    Show marketing remark (123 chars)

    Great investment opportunity located just minutes from Downtown South Bend, Notre Dame, and the airport! 4 bed/2 full bath.

ⓘ 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: $1,463 · $122/mo
• Projected year-2 tax: $1,463 · $122/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 7/10 Severe FEMA zone X (unshaded) · 99% 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: $18,691
• − Mortgage interest: −$7,276
• − Property taxes: −$1,463
• − Insurance: −$1,316
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$3,779
• Taxable income: $1,867
• Est. tax owed @ 24.0%: −$448
• After-tax cash flow: $3,365/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

+224.8% since first listed

10 events — show timeline

• 2026-06-17 Relisted — IRMLS
• 2026-05-29 Pending — IRMLS
• 2026-05-06 Listed $129,900 IRMLS
• 2025-05-12 Sold (MLS) $49,000 IRMLS
• 2025-05-05 Pending — IRMLS
• 2025-03-11 Contingent — IRMLS
• 2025-03-06 Listed $45,000 IRMLS
• 2023-06-09 Sold (MLS) $40,000 IRMLS
• 2023-05-19 Pending — IRMLS
• 2023-05-09 Listed $40,000 IRMLS

Property tax history

-1.4%/yr

Latest (2025): $1,463 · -1.1% YoY. Source: county tax records.