1849 N Johnson St · South Bend, IN 46628

$159,900

3 bd · 1.0 ba · 1,180 sqft · SingleFamily public records · 13 Days on market

Built 1923 1,176 sqft lot Est $151k · 6% over

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Why this score? — see what drove the D 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 +16.3/30.0
• DSCR +5.1/10.0
• ARV discount +4.9/15.0
• Rent growth +4.2/5.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Completely remodeled and move-in ready! This stunning 3-bedroom, 2-bath home has been beautifully updated from top to bottom. Recent improvements include a brand-new roof, new siding, new windows, fresh paint, new flooring throughout, beautifully designed bathrooms, and a new water heater. The open-concept layout creates a bright and inviting living space with plenty of room for entertaining and everyday living. The full basement offers endless possibilities for storage, a workshop, or future finished living space. Whether you're a first-time homebuyer or looking for the perfect starter home, this property offers modern updates, comfort, and value all in one package. Don't miss your opportu

Key facts

• New siding
• Fresh paint
• Designed bathrooms

Tags

• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• FRESH PAINT
• NEW FLOORING
• DESIGNED BATHROOMS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Level lot; Lot dimensions approximately 124 x 37

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range; Exhaust fan
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Natural gas heating; No centralized cooling
• Interior features: Dishwasher; Microwave; Refrigerator; Exhaust fan; Gas range; Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (16.9% below list).
• Recommended offer: $133k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.3% 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: Marquette Montessori Academy (math 8% / reading 15%, grade F, #908 of 994 statewide, top 91%, 383 students, 69% 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).
• Market conditions: Rents rising fast (+6.8%/yr); 429 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $38k; list at $160k implies a 316% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $132,947 (16.9% below list)

Questions for the listing agent

1. Built in 1923 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.83% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $151,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1734 N Elmer St	0.22mi	3/1.0	1,148 (-3%)	2mo	$178,000	$155	84
1710 College St	0.25mi	3/2.0	1,116 (-5%)	4mo	$174,000	$156	72
1749 N Fremont St	0.33mi	3/2.0	1,120 (-5%)	2mo	$155,000	$138	70
1958 Beverly Pl	0.38mi	2/1.0 (-1)	1,120 (-5%)	1mo	$130,000	$116	68
1650 N Meade St	0.42mi	3/1.5	1,120 (-5%)	3mo	$145,000	$129	67
1521 Huey St	0.38mi	2/1.0 (-1)	1,280 (+8%)	2mo	$105,900	$83	62
1310 N Brookfield St	0.59mi	3/1.0	1,092 (-8%)	2mo	$140,000	$128	58
1233 Wilber St	0.66mi	3/1.0	1,079 (-9%)	0mo	$67,490	$63	54
2237 Hollywood Place St	0.60mi	3/1.0	1,064 (-10%)	2mo	$145,000	$136	54
1414 Wilber St	0.52mi	3/1.0	1,020 (-14%)	0mo	$118,000	$116	53
1234 Obrien St	0.62mi	3/1.0	1,058 (-10%)	3mo	$47,500	$45	51
1026 W Rose St	0.73mi	2/2.0 (-1)	1,008 (-15%)	3mo	$93,000	$92	30

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: -8.9%
• Equity multiple: 0.66×
• Total profit: $-15,073
• Equity at exit: $23,842

10-year hold

• IRR: 4.6%
• Equity multiple: 1.38×
• Total profit: $17,165
• Equity at exit: $13,825

Cash invested: $44,772 (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: 429
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,329 high
• Mortgage (P&I): −$839
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $89

Break-even live

Break-even rent $1,217

Max offer price $159,900

Occupancy floor 88%

Sensitivity live

Price	-10% $179	-5% $134	+0% $89	+5% $44	+10% $-2
Rent	-10% $-16	-5% $36	+0% $89	+5% $141	+10% $194
Rate	-1.0pp $169	-0.5pp $130	base $89	+0.5pp $47	+1.0pp $5

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1918 Johnson St South Bend, IN	3.0	1.0	1200	$1,200	$1.00	15d	1	0.08mi
1710 Johnson St South Bend, IN	3.0	1.0	1000	$1,350	$1.35	45d	1	0.22mi
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	23d	1	0.26mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	15d	1	0.28mi
1630 Obrien St South Bend, IN	3.0	1.0	1120	$1,400	$1.25	15d	1	0.31mi
1505 Huey St South Bend, IN	3.0	1.0	864	$1,425	$1.65	23d	1	0.44mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	23d	1	0.45mi
1505 N Adams St South Bend, IN	3.0	1.0	1200	$1,350	$1.12	15d	1	0.45mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	45d	1	0.48mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	45d	1	0.55mi
1314 Johnson St South Bend, IN	2.0	1.0	902	$1,150	$1.27	15d	1	0.60mi
1214 Queen St South Bend, IN	3.0	1.0	1056	$1,300	$1.23	15d	1	0.66mi
1237 Wilber St South Bend, IN	2.0	1.0	880	$1,200	$1.36	45d	1	0.67mi
1033 Beale St South Bend, IN	3.0	1.0	840	$1,250	$1.49	23d	1	0.67mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	45d	1	0.69mi
1428 Kessler Blvd South Bend, IN	3.0	1.0	936	$1,000	$1.07	45d	1	0.73mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	45d	1	0.78mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	45d	1	0.79mi
1141 Fremont St South Bend, IN	3.0	1.0	760	$1,100	$1.45	23d	1	0.80mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	45d	1	0.81mi
1054 Huey St South Bend, IN	4.0	2.0	1288	$1,550	$1.20	15d	1	0.83mi
2527 Riverside Dr South Bend, IN	3.0	1.5	1048	$1,595	$1.52	23d	1	0.84mi
1046 N Elmer St South Bend, IN	2.0	1.0	1050	$1,025	$0.98	23d	1	0.85mi
2205 Lincoln Way W South Bend, IN	4.0	2.0	1440	$1,565	$1.09	15d	1	0.91mi
2010 Lincoln Way W Unit 2 South Bend, IN	3.0	1.0	1150	$1,325	$1.15	23d	1	0.99mi
1201 Woodward Ave South Bend, IN	2.0	1.0	960	$1,675	$1.74	45d	1	1.01mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	45d	1	1.15mi
910 Allen St South Bend, IN	3.0	1.0	1100	$1,350	$1.23	23d	1	1.16mi
736 Lawndale Ave Unit 1 South Bend, IN	3.0	1.0	1072	$1,200	$1.12	15d	1	1.17mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	23d	1	1.22mi
344 Parkovash Ave South Bend, IN	3.0	1.0	950	$1,900	$2.00	15d	1	1.37mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	15d	1	1.45mi
2417 Linden Ave South Bend, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	1.48mi

Listing history 10 events

1. 2026-06-22
   days on market $159,900 Active 13 DOM
2. 2026-06-18
   days on market $159,900 Active 10 DOM
3. 2026-06-17
   days on market $159,900 Active 9 DOM
4. 2026-06-16
   days on market $159,900 Active 8 DOM
5. 2026-06-15
   days on market $159,900 Active 7 DOM
6. 2026-06-14
   days on market $159,900 Active 5 DOM
7. 2026-06-13
   days on market $159,900 Active 4 DOM
8. 2026-06-10
   days on market $159,900 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $159,900 Active 1 DOM

ⓘ 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: $675 · $56/mo
• Projected year-2 tax: $1,017 · $85/mo
• Expected delta: +$342/yr (+$28/mo · 50.6%)

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

Taxation est. · year 1

• Rental income: $15,954
• − Mortgage interest: −$8,957
• − Property taxes: −$675
• − Insurance: −$800
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$4,652
• Taxable loss: −$1,682
• Est. tax savings @ 24.0%: +$404
• After-tax cash flow: $1,470/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

+315.9% since first listed

2 events — show timeline

• 2026-06-08 Listed $159,900 IRMLS
• 2014-12-01 Sold (Public Records) $38,450 Public Records

Property tax history

-12.5%/yr

Latest (2025): $675 · -7.9% YoY. Source: county tax records.