54286 Terrace Ln · South Bend, IN 46635

$259,900

3 bd · 2.0 ba · 1,308 sqft · SingleFamily public records · 66 Days on market

Built 1942 9,180 sqft lot $199/sqft · 60% above area Est $206k · 26% over

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Why this score? — see what drove the F 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 +8.5/30.0
• Livability +3.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Campus-close and full of potential, this home sits just minutes from Notre Dame in a location that’s always in demand. Inside, you’ll find a bright living space with large windows and a vaulted, beamed ceiling that brings in natural light and adds character. The main level offers a flexible layout with two bedrooms and a full bath. Upstairs, the private primary suite creates separation from the main living area and includes its own full bath along with generous closet space (currently used as a bedroom) offering a true retreat that’s hard to find at this price point. The finished basement expands your living space with a rec room and bonus room, ideal for hobbies, workouts, or additional storage. Outside, you’ll appreciate the oversized garage along with multiple storage options including a shed and lean-to. With updated mechanicals over the years and a location that keeps you close to campus, parks, and everyday amenities, this home is a smart option for owner-occupants, investors, or anyone looking to be near the heart of it all.

Key facts

• Bright living space
• Flexible layout
• Rec room

Tags

• BRIGHT LIVING SPACE
• VAULTED BEAMED CEILING
• FLEXIBLE LAYOUT
• PRIVATE PRIMARY SUITE
• FINISHED BASEMENT
• REC ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (24.2% below list).
• Recommended offer: $197k (24.2% below list) — sets the bar for 1% rule.

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: 32 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $111k; list at $260k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,897 (24.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.76% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.75%
• DSCR: 0.83
• GRM: 11.0

CMA / ARV

• ARV (median comp): $206,011
• List price: $259,900
• Delta: 26.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54150 N Ironwood Rd	0.13mi	3/2.0	1,308 (0%)	7mo	$210,000	$161	88
54335 Maple Lane Ave	0.09mi	3/1.0	1,330 (+2%)	2mo	$197,500	$148	87
54162 N Ironwood Rd	0.12mi	3/2.0	1,392 (+6%)	2mo	$165,000	$119	82
54296 Maple Ln	0.08mi	3/2.0	1,404 (+7%)	5mo	$214,000	$152	80
54611 28th St	0.44mi	3/1.0	1,336 (+2%)	7mo	$215,000	$161	66
18377 Dunn Rd	0.49mi	3/1.5	1,324 (+1%)	11mo	$635,000	$480	64
17751 Hastings Ct	0.17mi	3/1.5	1,468 (+12%)	10mo	$280,000	$191	62
1728 Winston Dr	0.68mi	4/1.5 (+1)	1,351 (+3%)	3mo	$250,000	$185	53
1703 Crestwood Blvd	0.60mi	4/2.0 (+1)	1,462 (+12%)	3mo	$251,000	$172	45
1801 Winston Dr	0.64mi	4/1.5 (+1)	1,462 (+12%)	4mo	$212,000	$145	40
2522 Edison Rd	0.74mi	3/1.5	1,431 (+9%)	10mo	$200,000	$140	39
1851 Winston Dr	0.59mi	4/2.0 (+1)	1,462 (+12%)	11mo	$240,000	$164	38

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: -22.6%
• Equity multiple: 0.22×
• Total profit: $-56,593
• Equity at exit: $38,752

10-year hold

• IRR: -16.8%
• Equity multiple: 0.07×
• Total profit: $-67,862
• Equity at exit: $22,471

Cash invested: $72,772 (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 46635

• Home prices YoY: -29.8%
• Active inventory: 32
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,969 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$312 /mo · $3,743/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-228

Break-even live

Break-even rent $2,257

Max offer price $219,684

Occupancy floor —

Sensitivity live

Price	-10% $-81	-5% $-154	+0% $-228	+5% $-301	+10% $-375
Rent	-10% $-383	-5% $-305	+0% $-228	+5% $-150	+10% $-72
Rate	-1.0pp $-97	-0.5pp $-162	base $-228	+0.5pp $-295	+1.0pp $-364

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Rosemary Ln South Bend, IN	2.0	1.0	910	$1,138	$1.25	21d	1	0.66mi
1824 Peachtree Ln South Bend, IN	3.0	1.5	1852	$2,700	$1.46	21d	1	1.00mi
5640 Irish Way Mishawaka, IN	3.0	2.0	1189	$1,675	$1.41	44d	1	1.07mi
1160 Helmen Dr South Bend, IN	3.0	2.0	1528	$2,300	$1.51	14d	1	1.22mi
5630 University Park Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,003	$2.11	14d	17	1.30mi
724 Northwood Dr South Bend, IN	4.0	2.0	1594	$2,600	$1.63	44d	1	1.44mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$4,377	$4.56	44d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $259,900 Active 66 DOM
2. 2026-06-17
   days on market $259,900 Active 65 DOM
3. 2026-06-16
   days on market $259,900 Active 64 DOM
4. 2026-06-15
   days on market $259,900 Active 63 DOM
5. 2026-06-14
   days on market $259,900 Active 61 DOM
6. 2026-06-13
   days on market $259,900 Active 60 DOM
7. 2026-06-10
   days on market $259,900 Active 58 DOM
8. 2026-06-09
   days on market $259,900 Active 57 DOM
9. 2026-06-08
   days on market $259,900 Active 56 DOM
10. 2026-06-07
    days on market $259,900 Active 55 DOM
11. 2026-06-03
    days on market $259,900 Active 51 DOM
12. 2026-06-02
    days on market $259,900 Active 50 DOM
13. 2026-06-01
    days on market $259,900 Active 49 DOM
14. 2026-05-31
    days on market $259,900 Active 48 DOM
15. 2026-05-30
    days on market $259,900 Active 47 DOM
16. 2026-04-13
    listed $259,900 Active 1071-char remark

    Show marketing remark (1071 chars)

    Campus-close and full of potential, this home sits just minutes from Notre Dame in a location that’s always in demand. Inside, you’ll find a bright living space with large windows and a vaulted, beamed ceiling that brings in natural light and adds character. The main level offers a flexible layout with two bedrooms and a full bath. Upstairs, the private primary suite creates separation from the main living area and includes its own full bath along with generous closet space (currently used as a bedroom) offering a true retreat that’s hard to find at this price point. The finished basement expands your living space with a rec room and bonus room, ideal for hobbies, workouts, or additional storage. Outside, you’ll appreciate the oversized garage along with multiple storage options including a shed and lean-to. With updated mechanicals over the years and a location that keeps you close to campus, parks, and everyday amenities, this home is a smart option for owner-occupants, investors, or anyone looking to be near the heart of it all.

17. 2018-08-31
    soldstatus $111,000 625-char remark

    Show marketing remark (625 chars)

    CAMPUS CLOSE! SO CLOSE YO ROOM WITH HIGH BEAMED CEILING FEATURES NEW CARPETING AND LOTS OF WINDOWS FOR NATURAL LIGHT. 2 BEDROOMS & BATH ON MAIN LEVEL (2ND BEDROOM CURRENTLY USED AS FORMAL DINING ROOM). ALL APPLIANCES & BLINDS ARE INCLUDED! MASTER SUITE IS UPSTAIRS AND OFFERS A FULL, PRIVATE BATH PLUS TWO SUPER SIZED WALK IN CLOSETS (ONE IS 4X8 AND ONE IS 7X9) PARTIALLY FINISHED BASEMENT. OVERSIZED GARAGE PLUS STORAGE SHED + LEAN-TO SHED WILL GIVE YOU PLENTY OF ROOM TO STORE ALL OF YOUR TOYS! NEWER FURNACE, CENTRAL A/C & WELL PLUS BRAND NEW WATER HEATER (6/4/18) . .. CALL ME QUICK BEFORE IT IS GONE!

18. 2018-06-12
    listed $110,000 625-char remark

    Show marketing remark (625 chars)

    CAMPUS CLOSE! SO CLOSE YO ROOM WITH HIGH BEAMED CEILING FEATURES NEW CARPETING AND LOTS OF WINDOWS FOR NATURAL LIGHT. 2 BEDROOMS & BATH ON MAIN LEVEL (2ND BEDROOM CURRENTLY USED AS FORMAL DINING ROOM). ALL APPLIANCES & BLINDS ARE INCLUDED! MASTER SUITE IS UPSTAIRS AND OFFERS A FULL, PRIVATE BATH PLUS TWO SUPER SIZED WALK IN CLOSETS (ONE IS 4X8 AND ONE IS 7X9) PARTIALLY FINISHED BASEMENT. OVERSIZED GARAGE PLUS STORAGE SHED + LEAN-TO SHED WILL GIVE YOU PLENTY OF ROOM TO STORE ALL OF YOUR TOYS! NEWER FURNACE, CENTRAL A/C & WELL PLUS BRAND NEW WATER HEATER (6/4/18) . .. CALL ME QUICK BEFORE IT IS GONE!

ⓘ 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: $3,743 · $312/mo
• Projected year-2 tax: $3,743 · $312/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 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: $23,628
• − Mortgage interest: −$14,558
• − Property taxes: −$3,743
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,890
• − Management: −$1,890
• − Depreciation: −$7,561
• Taxable loss: −$7,314
• Est. tax savings @ 24.0%: +$1,755
• After-tax cash flow: $-976/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

• City population: 99,767
• Population (ZIP): 6,552

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Black 5% Asian 3% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 1% Vietnamese 1% Arabic 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: ▼ -90.65%
• Current HPI: 213.5397
• Rent YoY: —
• Metro: —
• 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

+136.3% since first listed

3 events — show timeline

• 2026-04-13 Listed $259,900 IRMLS
• 2018-08-31 Sold (MLS) $111,000 IRMLS
• 2018-06-12 Listed $110,000 IRMLS

Property tax history

+20.3%/yr

Latest (2023): $3,743 · -0.8% YoY. Source: county tax records.