1133 Altgeld St · South Bend, IN 46614

$109,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 88 Days on market

Built 1923 4,792 sqft lot $126/sqft · 22% below area Est $141k · 22% under ↓ 13% since listing

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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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained one-story investment property with a strong rental history and excellent income potential. This home features two bedrooms and one full bathroom, along with a spacious living and dining room combination, a functional kitchen, and an enclosed front porch. The basement includes a convenient laundry area. Schedule your showing today—opportunities like this don’t last long!

Key facts

• Functional kitchen
• Investment property
• Enclosed front porch

Tags

• INVESTMENT PROPERTY
• STRONG RENTAL HISTORY
• EXCELLENT INCOME POTENTIAL
• FUNCTIONAL KITCHEN
• ENCLOSED FRONT PORCH
• CONVENIENT LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Kennedy Academy (math 45% / reading 52%, grade D, #304 of 994 statewide, top 31%, 520 students, 61% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Zoned-school proficiency averages 40% at this address vs 16% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 193 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.03% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.60%
• DSCR: 1.38
• GRM: 8.1

CMA / ARV

• ARV (median comp): $140,642
• List price: $109,000
• Delta: -22.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
817 E Eckman St	0.36mi	2/1.0	880 (+2%)	2mo	$130,000	$148	78
1144 E Dayton St	0.38mi	3/1.0 (+1)	864 (0%)	1mo	$67,000	$78	76
1140 E Dayton St	0.38mi	2/1.0	864 (0%)	7mo	$119,000	$138	76
1340 E Calvert St	0.39mi	2/1.0	888 (+3%)	3mo	$65,500	$74	75
1714 S Twyckenham Dr	0.63mi	2/1.0	870 (+1%)	1mo	$91,000	$105	69
1148 E Dayton St	0.38mi	2/1.0	936 (+8%)	1mo	$67,000	$72	68
804 E Calvert St	0.40mi	2/1.0	779 (-10%)	1mo	$72,000	$92	64
821 E Irvington Ave	0.32mi	2/1.0	752 (-13%)	3mo	$109,500	$146	61
1405 E Donald St	0.36mi	2/1.0	756 (-12%)	2mo	$55,000	$73	61
1113 E Donald St	0.19mi	3/1.0 (+1)	972 (+12%)	5mo	$95,000	$98	61
1710 E Calvert St	0.67mi	1/1.0 (-1)	808 (-6%)	2mo	$115,000	$142	51
1618 E Dayton St	0.67mi	2/1.0	748 (-13%)	2mo	$135,000	$180	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-3,769
• Equity at exit: $16,252

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $14,514
• Equity at exit: $9,424

Cash invested: $30,520 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 193
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,125 high
• Mortgage (P&I): −$572
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $219

Break-even live

Break-even rent $849

Max offer price $109,000

Occupancy floor 76%

Sensitivity live

Price	-10% $280	-5% $250	+0% $219	+5% $188	+10% $157
Rent	-10% $130	-5% $174	+0% $219	+5% $263	+10% $308
Rate	-1.0pp $274	-0.5pp $246	base $219	+0.5pp $190	+1.0pp $162

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	22d	1	0.23mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	45d	1	0.35mi
1142 E Indiana Ave South Bend, IN	1.0	1.0	751	$599	$0.80	15d	1	0.58mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	45d	1	0.61mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	15d	1	0.68mi
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	45d	1	0.69mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	45d	1	0.71mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	22d	1	0.74mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	22d	1	0.81mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	15d	1	0.96mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	15d	1	1.22mi
2500 Topsfield Rd #907 South Bend, IN	1.0	1.0	700	$1,100	$1.57	45d	1	1.24mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	45d	1	1.33mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	15d	1	1.34mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.34mi
2032 Southern Vw Unit 1a South Bend, IN	2.0	1.0	1000	$1,200	$1.20	15d	1	1.36mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	15d	1	1.43mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	45d	1	1.43mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	15d	1	1.44mi
1471 E Ireland Rd South Bend, IN	3.0	2.0	1073	$1,350	$1.26	45d	1	1.46mi

Listing history 20 events

1. 2026-06-22
   days on market $109,000 Active 88 DOM
2. 2026-06-18
   days on market $109,000 Active 85 DOM
3. 2026-06-17
   days on market $109,000 Active 84 DOM
4. 2026-06-16
   days on market $109,000 Active 83 DOM
5. 2026-06-15
   days on market $109,000 Active 82 DOM
6. 2026-06-14
   days on market $109,000 Active 80 DOM
7. 2026-06-13
   days on market $109,000 Active 79 DOM
8. 2026-06-10
   days on market $109,000 Active 77 DOM
9. 2026-06-09
   days on market $109,000 Active 76 DOM
10. 2026-06-08
    days on market $109,000 Active 75 DOM
11. 2026-06-07
    days on market $109,000 Active 74 DOM
12. 2026-06-03
    days on market $109,000 Active 70 DOM
13. 2026-06-02
    days on market $109,000 Active 69 DOM
14. 2026-06-01
    days on market $109,000 Active 68 DOM
15. 2026-05-31
    days on market $109,000 Active 67 DOM
16. 2026-05-30
    days on market $109,000 Active 66 DOM
17. 2026-05-19
    price $109,000 400-char remark

    Show marketing remark (400 chars)

    Well-maintained one-story investment property with a strong rental history and excellent income potential. This home features two bedrooms and one full bathroom, along with a spacious living and dining room combination, a functional kitchen, and an enclosed front porch. The basement includes a convenient laundry area. Schedule your showing today—opportunities like this don’t last long!

18. 2026-04-21
    price $114,000 400-char remark

    Show marketing remark (400 chars)

    Well-maintained one-story investment property with a strong rental history and excellent income potential. This home features two bedrooms and one full bathroom, along with a spacious living and dining room combination, a functional kitchen, and an enclosed front porch. The basement includes a convenient laundry area. Schedule your showing today—opportunities like this don’t last long!

19. 2026-04-09
    price $119,000 400-char remark

    Show marketing remark (400 chars)

    Well-maintained one-story investment property with a strong rental history and excellent income potential. This home features two bedrooms and one full bathroom, along with a spacious living and dining room combination, a functional kitchen, and an enclosed front porch. The basement includes a convenient laundry area. Schedule your showing today—opportunities like this don’t last long!

20. 2026-03-25
    listed $125,000 Active 400-char remark

    Show marketing remark (400 chars)

    Well-maintained one-story investment property with a strong rental history and excellent income potential. This home features two bedrooms and one full bathroom, along with a spacious living and dining room combination, a functional kitchen, and an enclosed front porch. The basement includes a convenient laundry area. Schedule your showing today—opportunities like this don’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: $641 · $53/mo
• Projected year-2 tax: $784 · $65/mo
• Expected delta: +$143/yr (+$12/mo · 22.2%)

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,506
• − Mortgage interest: −$6,106
• − Property taxes: −$641
• − Insurance: −$545
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$3,171
• Taxable income: $882
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $2,412/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): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

-12.8% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $109,000 IRMLS
• 2026-04-21 Price Changed $114,000 IRMLS
• 2026-04-09 Price Changed $119,000 IRMLS
• 2026-03-25 Listed $125,000 IRMLS

Property tax history

-11.0%/yr

Latest (2023): $641 · -0.7% YoY. Source: county tax records.