918 E Bowman St · South Bend, IN 46613

$85,000

3 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 12 Days on market

Built 1924 10,454 sqft lot Est $100k · 15% 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 +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This property is a great opportunity as either your next home or an investment with a strong tenant history and immediate income potential. Situated on two lots, it offers added space and flexibility. The upper-level features three bedrooms and a full bathroom, while the main level includes a spacious living room, formal dining room, kitchen, and an enclosed front porch. The basement provides a convenient laundry area, adding to tenant appeal. Add this reliable, income-producing property to your portfolio—schedule your showing today!

Key facts

• Enclosed front porch
• 0.24 acre lot
• Built 1924

Tags

• ENCLOSED FRONT PORCH
• CONVENIENT LAUNDRY AREA
• STRONG TENANT HISTORY
• IMMEDIATE INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 13.9% 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: Lincoln Elementary School (math 7% / reading 6%, grade F, #964 of 994 statewide, top 97%, 467 students, 86% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 39% of the median local income ($43k/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 $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1924 — 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: 1.62% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
918 E Bowman St	0.00mi	3/1.0	1,248 (0%)	1mo	$77,000	$62	99
1112 E Fox St	0.18mi	3/1.0	1,300 (+4%)	2mo	$148,500	$114	83
922 Milton St	0.11mi	3/1.5	1,344 (+8%)	3mo	$60,000	$45	78
1133 Milton St	0.24mi	3/1.0	1,344 (+8%)	0mo	$85,000	$63	76
2517 Erskine Blvd	0.40mi	2/1.0 (-1)	1,248 (0%)	2mo	$100,000	$80	74
316 E Dayton St	0.46mi	3/1.0	1,176 (-6%)	2mo	$77,000	$65	67
514 E Fairview Ave	0.52mi	3/1.0	1,180 (-5%)	0mo	$172,500	$146	66
2609 Rush St	0.51mi	3/1.0	1,332 (+7%)	2mo	$166,000	$125	64
1149 E Indiana Ave	0.42mi	4/1.5 (+1)	1,344 (+8%)	1mo	$90,000	$67	60
822 E Woodside St	0.63mi	2/1.0 (-1)	1,213 (-3%)	2mo	$143,000	$118	59
830 Eckman St	0.50mi	3/1.5	1,100 (-12%)	1mo	$79,000	$72	54
1522 E Ewing Ave	0.67mi	3/1.5	1,411 (+13%)	0mo	$220,000	$156	44

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 1.92×
• Total profit: $21,860
• Equity at exit: $12,674

10-year hold

• IRR: 30.8%
• Equity multiple: 3.91×
• Total profit: $69,310
• Equity at exit: $7,349

Cash invested: $23,800 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,377 high
• Mortgage (P&I): −$446
• Tax from tax record: −$71 /mo · $846/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $536

Break-even live

Break-even rent $698

Max offer price $85,000

Occupancy floor 56%

Sensitivity live

Price	-10% $584	-5% $560	+0% $536	+5% $512	+10% $488
Rent	-10% $427	-5% $481	+0% $536	+5% $590	+10% $645
Rate	-1.0pp $579	-0.5pp $557	base $536	+0.5pp $514	+1.0pp $491

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	44d	1	0.12mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	44d	1	0.16mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	44d	1	0.39mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	14d	1	0.39mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	44d	1	0.39mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	0.45mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.52mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	21d	1	0.55mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	44d	1	0.59mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	44d	1	0.61mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	21d	1	0.61mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	0.76mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	0.78mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	44d	1	0.83mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	0.92mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	44d	1	1.10mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	14d	1	1.11mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	44d	1	1.12mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	14d	1	1.14mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	14d	1	1.20mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	1.30mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	44d	1	1.41mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.48mi
1009 E Jefferson Blvd South Bend, IN	2.0	1.0	770	$1,049	$1.36	21d	1	1.48mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	14d	1	1.49mi

Listing history 2 events

1. 2026-04-06
   status Pending
2. 2026-03-25
   listed $85,000 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: $846 · $71/mo
• Projected year-2 tax: $846 · $71/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 ≥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: $16,518
• − Mortgage interest: −$4,761
• − Property taxes: −$846
• − Insurance: −$425
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$2,473
• Taxable income: $5,370
• Est. tax owed @ 24.0%: −$1,289
• After-tax cash flow: $5,140/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

2 events — show timeline

• 2026-04-06 Pending — IRMLS
• 2026-03-25 Listed $85,000 IRMLS

Property tax history

-5.8%/yr

Latest (2023): $846 · -0.7% YoY. Source: county tax records.