940 S 34th St · South Bend, IN 46615

$174,900

4 bd · 1.0 ba · 1,780 sqft · SingleFamily public records · 6 Days on market

Built 1922 5,500 sqft lot Est $203k · 14% 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 +23.6/30.0
• ARV discount +13.7/15.0
• DSCR +7.6/10.0
• 1% rule +5.6/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Multiple Offers Received. Highest and best by Monday 4/25 at 10:00am. Please have offer expiration reflect accordingly. Take advantage of the opportunity to make this affordable River Park home yours! The property boasts an oversized 3 car garage, sun room with lots of natural light, updated kitchen and fenced in back yard. The home is originally a 4 bedroom home that has been modified into multiple living spaces at this time, but could be convert back to bedrooms. This River Park gem is located close to shopping, parks and more. Hurry, this one will not last long!

Key facts

• Garden beds
• Spacious deck
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• CHARMING GREENHOUSE WINDOW
• FULLY FENCED BACKYARD
• SPACIOUS DECK
• GARDEN BEDS

Property features AI

Exterior

• Parking: Detached garage; 3 garage spaces; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories; Located in the Fordham subdivision
• Construction: Vinyl siding; Block foundation; Built as site-built construction
• Exterior features: Level lot; Chain link fencing; Asphalt shingle roof

Interior

• Kitchen: Gas range; Refrigerator
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Refrigerator; Gas Range; Stacked washer and dryer; Carpet, laminate and vinyl flooring; Includes 7 total rooms; Crawl space / partial, unfinished basement
• Laundry & utility: Main-level laundry (stacked washer/dryer)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.6% 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: Nuner Fine Arts Academy (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 479 students, 90% FRL); Edison Middle School (math 7% / reading 13%, grade F, #314 of 330 statewide, top 95%, 381 students, 84% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL).
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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).
• This rent runs 35% of the median local income ($63k/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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $100k; list at $175k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,900

Questions for the listing agent

1. Built in 1922 — 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: 1.06% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $202,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
801 Webster St	0.40mi	3/1.0 (-1)	1,830 (+3%)	1mo	$210,000	$115	71
946 S 28th St	0.36mi	4/2.0	1,680 (-6%)	1mo	$220,000	$131	69
2605 Mishawaka St	0.53mi	3/1.0 (-1)	1,785 (+0%)	4mo	$175,000	$98	67
742 S 26th St	0.58mi	3/1.0 (-1)	1,744 (-2%)	1mo	$185,000	$106	64
806 32nd St	0.23mi	4/2.0	1,984 (+12%)	4mo	$213,500	$108	63
2204 Milburn Blvd	0.72mi	4/1.0	1,764 (-1%)	4mo	$205,000	$116	61
501 S Logan St	0.56mi	3/2.0 (-1)	1,828 (+3%)	0mo	$190,000	$104	60
910 W Lawrence St	0.39mi	3/1.5 (-1)	1,652 (-7%)	4mo	$225,000	$136	60
815 Meridian St	0.74mi	3/1.5 (-1)	1,734 (-3%)	3mo	$198,500	$114	52
1113 S 23rd St	0.72mi	3/1.0 (-1)	1,680 (-6%)	0mo	$185,000	$110	52
517 Forest Ave	0.52mi	3/1.5 (-1)	1,537 (-14%)	1mo	$215,000	$140	45
1225 S 27th St	0.52mi	3/2.0 (-1)	1,536 (-14%)	0mo	$149,500	$97	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 · 6.27% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-984
• Equity at exit: $26,078

10-year hold

• IRR: 12.2%
• Equity multiple: 2.10×
• Total profit: $53,819
• Equity at exit: $15,122

Cash invested: $48,972 (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 46615

• Home prices YoY: -34.0%
• Rents YoY: 6.3%
• Active inventory: 73
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,851 high
• Mortgage (P&I): −$917
• Tax from tax record: −$141 /mo · $1,691/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $331

Break-even live

Break-even rent $1,432

Max offer price $174,900

Occupancy floor 77%

Sensitivity live

Price	-10% $430	-5% $381	+0% $331	+5% $282	+10% $232
Rent	-10% $185	-5% $258	+0% $331	+5% $404	+10% $477
Rate	-1.0pp $419	-0.5pp $376	base $331	+0.5pp $286	+1.0pp $240

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	44d	1	0.06mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	21d	1	0.41mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	44d	1	0.71mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	14d	31	0.93mi
103 E 7th St Mishawaka, IN	4.0	2.0	2300	$1,750	$0.76	14d	1	1.16mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	14d	1	1.33mi
2121 E Madison St South Bend, IN	3.0	3.0	2319	$4,500	$1.94	44d	1	1.47mi

Listing history 5 events

1. 2026-05-21
   listed $174,900 Active
2. 2023-03-23
   status Pending 571-char remark

   Show marketing remark (571 chars)

   Multiple Offers Received. Highest and best by Monday 4/25 at 10:00am. Please have offer expiration reflect accordingly. Take advantage of the opportunity to make this affordable River Park home yours! The property boasts an oversized 3 car garage, sun room with lots of natural light, updated kitchen and fenced in back yard. The home is originally a 4 bedroom home that has been modified into multiple living spaces at this time, but could be convert back to bedrooms. This River Park gem is located close to shopping, parks and more. Hurry, this one will not last long!

3. 2022-05-23
   soldstatus $100,000 571-char remark

   Show marketing remark (571 chars)

   Multiple Offers Received. Highest and best by Monday 4/25 at 10:00am. Please have offer expiration reflect accordingly. Take advantage of the opportunity to make this affordable River Park home yours! The property boasts an oversized 3 car garage, sun room with lots of natural light, updated kitchen and fenced in back yard. The home is originally a 4 bedroom home that has been modified into multiple living spaces at this time, but could be convert back to bedrooms. This River Park gem is located close to shopping, parks and more. Hurry, this one will not last long!

4. 2022-05-23
   soldstatus $100,000 Closed 571-char remark

   Show marketing remark (571 chars)

   Multiple Offers Received. Highest and best by Monday 4/25 at 10:00am. Please have offer expiration reflect accordingly. Take advantage of the opportunity to make this affordable River Park home yours! The property boasts an oversized 3 car garage, sun room with lots of natural light, updated kitchen and fenced in back yard. The home is originally a 4 bedroom home that has been modified into multiple living spaces at this time, but could be convert back to bedrooms. This River Park gem is located close to shopping, parks and more. Hurry, this one will not last long!

5. 2022-04-21
   listed $79,900 571-char remark

   Show marketing remark (571 chars)

   Multiple Offers Received. Highest and best by Monday 4/25 at 10:00am. Please have offer expiration reflect accordingly. Take advantage of the opportunity to make this affordable River Park home yours! The property boasts an oversized 3 car garage, sun room with lots of natural light, updated kitchen and fenced in back yard. The home is originally a 4 bedroom home that has been modified into multiple living spaces at this time, but could be convert back to bedrooms. This River Park gem is located close to shopping, parks and more. Hurry, this one will not 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: $1,691 · $141/mo
• Projected year-2 tax: $1,691 · $141/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: $22,209
• − Mortgage interest: −$9,797
• − Property taxes: −$1,691
• − Insurance: −$874
• − Repairs & maintenance: −$1,777
• − Management: −$1,777
• − Depreciation: −$5,088
• Taxable income: $1,205
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $3,684/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): 14,190
• Household income: $62,964
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 420.0

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 (65%)
• Race & ethnicity: White 65% Black 14% Two or more races 11% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 6% Italian 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 7% Tagalog/Filipino 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: ▼ -124.82%
• Current HPI: 242.1938
• Rent YoY: ▲ 6.27%
• 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

+118.9% since first listed

5 events — show timeline

• 2026-05-21 Listed $174,900 IRMLS
• 2023-03-23 Pending — IRMLS
• 2022-05-23 Sold (MLS) $100,000 IRMLS
• 2022-05-23 Sold (MLS) $100,000 IRMLS
• 2022-04-21 Listed $79,900 IRMLS

Property tax history

+2.5%/yr

Latest (2023): $1,691 · +17.3% YoY. Source: county tax records.