510 S Ironwood Dr · South Bend, IN 46615

$89,500

2 bd · 1.0 ba · 660 sqft · SingleFamily public records · 297 Days on market

Built 1923 5,120 sqft lot $136/sqft · 33% below area Est $134k · 33% under ↓ 2% since listing

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.7/10.0
• 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

Investors Welcome! Charming 2 bedroom 1 bath home. Eat-in kitchen, living room with fireplace, main floor laundry, fenced in backyard and detached garage. Being sold AS-IS. Home is occupied, Tenant’s rights apply.

Key facts

• Fenced in backyard
• Main floor laundry
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• LIVING ROOM WITH FIREPLACE
• MAIN FLOOR LAUNDRY
• FENCED IN BACKYARD
• DETACHED GARAGE

🏷️ Possibly a rental listed for sale. The $89,500 price doesn't fit this home's estimated sale value (~$134,274) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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, schools 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.
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $78,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.27% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.74%
• DSCR: 1.48
• GRM: 6.6

CMA / ARV

• ARV (median comp): $134,274
• List price: $89,500
• Delta: -33.35%
• 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
509 S 24th St	0.10mi	2/1.0	712 (+8%)	8mo	$83,500	$117	75
623 S 23rd St	0.10mi	2/1.0	676 (+2%)	23mo	$90,000	$133	72
514 S 23rd St	0.06mi	2/1.0	728 (+10%)	11mo	$100,000	$137	70
610 S 27th St	0.32mi	2/1.0	704 (+7%)	6mo	$72,000	$102	69
609 S 27th St	0.29mi	2/1.0	654 (-1%)	20mo	$70,000	$107	68
501 S 27th St	0.29mi	2/1.0	689 (+4%)	15mo	$105,000	$152	67
509 S 28th St	0.35mi	2/1.0	726 (+10%)	18mo	$110,000	$152	52
519 S 29th St	0.41mi	2/1.0	600 (-9%)	22mo	$79,000	$132	48
2925 E Hastings St	0.47mi	1/1.0 (-1)	732 (+11%)	13mo	$132,500	$181	44
805 S 28th St	0.43mi	2/1.0	730 (+11%)	22mo	$161,900	$222	43
734 S 33rd St	0.74mi	2/1.0	748 (+13%)	3mo	$141,000	$189	41
529 S 33rd St	0.69mi	2/1.0	726 (+10%)	18mo	$87,500	$121	36

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: 3.7%
• Equity multiple: 1.15×
• Total profit: $3,685
• Equity at exit: $13,345

10-year hold

• IRR: 16.2%
• Equity multiple: 2.55×
• Total profit: $38,730
• Equity at exit: $7,738

Cash invested: $25,060 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,135 high
• Mortgage (P&I): −$469
• Tax from tax record: −$166 /mo · $1,991/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $224

Break-even live

Break-even rent $851

Max offer price $89,500

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	21d	1	0.39mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	43d	1	0.42mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	13d	1	0.56mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	13d	1	0.64mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	0.70mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	1.14mi
2804 Delaware St Mishawaka, IN	2.0	1.0	720	$1,200	$1.67	13d	1	1.22mi
1234 Bissell St South Bend, IN	2.0	1.0	704	$1,249	$1.77	43d	1	1.25mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	43d	1	1.28mi
607 Hendricks St Mishawaka, IN	2.0	1.0	528	$1,200	$2.27	21d	1	1.30mi
1202 W 7th St Unit B Mishawaka, IN	2.0	1.0	600	$1,100	$1.83	13d	1	1.44mi
604 E South St South Bend, IN	1.0	1.0	750	$825	$1.10	43d	1	1.45mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	13d	27	1.49mi
1213 E Donald St South Bend, IN	2.0	1.0	648	$1,050	$1.62	21d	1	1.50mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,052	$1.26	13d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $89,500 Active 297 DOM
2. 2026-06-17
   days on market $89,500 Active 296 DOM
3. 2026-06-16
   days on market $89,500 Active 295 DOM
4. 2026-06-15
   days on market $89,500 Active 294 DOM
5. 2026-06-14
   days on market $89,500 Active 292 DOM
6. 2026-06-13
   days on market $89,500 Active 291 DOM
7. 2026-06-10
   days on market $89,500 Active 289 DOM
8. 2026-06-09
   days on market $89,500 Active 288 DOM
9. 2026-06-08
   days on market $89,500 Active 287 DOM
10. 2026-06-07
    days on market $89,500 Active 286 DOM
11. 2026-06-03
    days on market $89,500 Active 282 DOM
12. 2026-06-02
    days on market $89,500 Active 281 DOM
13. 2026-06-01
    days on market $89,500 Active 280 DOM
14. 2026-05-31
    days on market $89,500 Active 279 DOM
15. 2025-08-25
    listed $90,300 Active 219-char remark

    Show marketing remark (219 chars)

    Investors Welcome! Charming 2 bedroom 1 bath home. Eat-in kitchen, living room with fireplace, main floor laundry, fenced in backyard and detached garage. Being sold AS-IS. Home is occupied, Tenant’s rights apply.

16. 2025-08-15
    listed $85,000 Active
17. 2024-10-04
    status Active
18. 2024-03-19
    listed $92,000 Active
19. 2024-03-15
    historical

ⓘ 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: $1,991 · $166/mo
• Projected year-2 tax: $1,991 · $166/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: $13,621
• − Mortgage interest: −$5,013
• − Property taxes: −$1,991
• − Insurance: −$448
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − Depreciation: −$2,604
• Taxable income: $1,387
• Est. tax owed @ 24.0%: −$333
• After-tax cash flow: $2,358/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

-1.8% since first listed

5 events — show timeline

• 2025-08-25 Listed $90,300 IRMLS
• 2025-08-15 Listed $85,000 IRMLS
• 2024-10-04 Relisted — IRMLS
• 2024-03-19 Listed $92,000 IRMLS
• 2024-03-15 Coming Soon — IRMLS

Property tax history

-1.9%/yr

Latest (2023): $1,991 · +19.0% YoY. Source: county tax records.