3219 Mckinley Ave · South Bend, IN 46615

$165,000

2 bd · 1.5 ba · 952 sqft · SingleFamily public records · 6 Days on market

Built 1953 10,875 sqft lot $173/sqft · 8% below area Est $180k · 8% under

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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 +11.7/30.0
• ARV discount +11.2/15.0
• Rent growth +4.1/5.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally remodeled Full bath, updated kitchen includes appliances, greet finished breezeway for additional Sq ft, sunny LR, 3 bedrooms and oversized garage! Roof 2016, Furnace and A/C 2018, siding 2012. So close to shopping, dining, medical facilities.

Key facts

• Remolded bathroom
• Breezeway area
• Attached garage

Tags

• REMOLDED BATHROOM
• BREEZEWAY AREA
• ATTACHED GARAGE
• FENCED IN BACKYARD

Property features AI

Finance

• Other: Lot dimensions approximately 87 x 125 (0.25 acre)

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener; Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One-story
• Construction: Vinyl siding; Asphalt roof; Slab with concrete perimeter foundation; Built as site-built construction
• Exterior features: Patio; Fully fenced wood yard

Interior

• Kitchen: Microwave; Refrigerator; Electric cooktop
• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air; Ceiling fans; Natural gas forced air heating
• Interior features: Ceiling fans; Eat-in kitchen; Open floor plan; Laminate counters; One fireplace
• Laundry & utility: Washer included; Gas dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-47 ($-564/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (21.7% below list).
• Recommended offer: $129k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: 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) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 73 active listings in the ZIP; 20 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,242 (21.7% 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. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.78% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• GRM: 10.6

CMA / ARV

• ARV (median comp): $179,971
• List price: $165,000
• Delta: -8.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3219 Mckinley Ave	0.00mi	3/1.0 (+1)	952 (0%)	0mo	$170,000	$179	93
3113 Salem Dr	0.44mi	3/1.5 (+1)	952 (0%)	8mo	$154,500	$162	68
3003 Wilder Dr	0.31mi	3/1.5 (+1)	1,008 (+6%)	9mo	$175,000	$174	63
807 W Lowell Ave	0.55mi	3/1.0 (+1)	925 (-3%)	1mo	$164,900	$178	62
915 W Borley Ave	0.61mi	2/2.0	960 (+1%)	10mo	$120,000	$125	60
526 S 30th St	0.71mi	2/1.0	978 (+3%)	11mo	$78,000	$80	51
1132 Manchester Dr	0.71mi	3/1.0 (+1)	896 (-6%)	2mo	$190,000	$212	49
526 S 35th St	0.71mi	3/1.0 (+1)	1,028 (+8%)	2mo	$154,500	$150	45
929 W Borley Ave	0.59mi	2/1.0	816 (-14%)	9mo	$120,000	$147	39
3215 Bentley Ln	0.72mi	3/1.0 (+1)	1,064 (+12%)	3mo	$180,000	$169	38
527 Imus Dr	0.70mi	3/1.0 (+1)	825 (-13%)	4mo	$150,000	$182	35
610 S 30th St	0.74mi	1/2.0 (-1)	810 (-15%)	10mo	$122,500	$151	25

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: -15.0%
• Equity multiple: 0.45×
• Total profit: $-25,366
• Equity at exit: $24,602

10-year hold

• IRR: -1.9%
• Equity multiple: 0.85×
• Total profit: $-6,773
• Equity at exit: $14,266

Cash invested: $46,200 (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: 10.6×

Monthly cashflow live

• Estimated rent: $1,292 high
• Mortgage (P&I): −$865
• Tax from tax record: −$134 /mo · $1,608/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-47

Break-even live

Break-even rent $1,352

Max offer price $156,690

Occupancy floor 99%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	13d	21	0.43mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,052	$1.26	13d	1	0.56mi
427 S 27th St South Bend, IN	2.0	1.0	840	$950	$1.13	43d	1	0.74mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	13d	1	0.78mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	43d	1	0.91mi
804 S 27th St South Bend, IN	1.0	1.0	700	$850	$1.21	21d	1	1.01mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	43d	1	1.10mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	13d	1	1.15mi
2508 E Mishawaka Ave Unit 3A South Bend, IN	1.0	1.0	600	$1,200	$2.00	43d	1	1.18mi
1006 S 35th St South Bend, IN	3.0	2.0	816	$1,000	$1.23	13d	1	1.19mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,619	$1.76	13d	25	1.30mi
1512 Rosemary Ln South Bend, IN	2.0	1.0	910	$1,138	$1.25	21d	1	1.30mi
724 Elizabeth St Mishawaka, IN	1.0	1.0	850	$875	$1.03	13d	1	1.34mi
4312 Hickory Rd Mishawaka, IN	2.0	1.0	591	$1,171	$1.98	13d	44	1.37mi
2530 Pleasant St Unit 3 South Bend, IN	1.0	1.0	600	$925	$1.54	13d	1	1.37mi
1218 S 26th St South Bend, IN	3.0	1.0	856	$1,400	$1.64	13d	1	1.39mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$1,591	$1.67	13d	33	1.39mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	13d	1	1.41mi
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$1,914	$2.02	13d	31	1.42mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$924	$1.04	13d	1	1.47mi

Listing history 5 events

1. 2026-05-11
   status Pending 280-char remark
2. 2026-05-05
   listed $165,000 Active 280-char remark
3. 2023-11-20
   soldstatus $148,000 Closed 253-char remark

   Show marketing remark (253 chars)

   Totally remodeled Full bath, updated kitchen includes appliances, greet finished breezeway for additional Sq ft, sunny LR, 3 bedrooms and oversized garage! Roof 2016, Furnace and A/C 2018, siding 2012. So close to shopping, dining, medical facilities.

4. 2023-10-07
   status Pending 253-char remark

   Show marketing remark (253 chars)

   Totally remodeled Full bath, updated kitchen includes appliances, greet finished breezeway for additional Sq ft, sunny LR, 3 bedrooms and oversized garage! Roof 2016, Furnace and A/C 2018, siding 2012. So close to shopping, dining, medical facilities.

5. 2023-10-01
   listed $147,500 Active 253-char remark

   Show marketing remark (253 chars)

   Totally remodeled Full bath, updated kitchen includes appliances, greet finished breezeway for additional Sq ft, sunny LR, 3 bedrooms and oversized garage! Roof 2016, Furnace and A/C 2018, siding 2012. So close to shopping, dining, medical facilities.

ⓘ 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: $1,608 · $134/mo
• Projected year-2 tax: $1,608 · $134/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 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: $15,509
• − Mortgage interest: −$9,243
• − Property taxes: −$1,608
• − Insurance: −$825
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$4,800
• Taxable loss: −$3,448
• Est. tax savings @ 24.0%: +$828
• After-tax cash flow: $263/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

+15.3% since first listed

6 events — show timeline

• 2026-06-08 Sold (MLS) $170,000 IRMLS
• 2026-05-11 Pending — IRMLS
• 2026-05-05 Listed $165,000 IRMLS
• 2023-11-20 Sold (MLS) $148,000 IRMLS
• 2023-10-07 Pending — IRMLS
• 2023-10-01 Listed $147,500 IRMLS

Property tax history

+6.1%/yr

Latest (2025): $1,608 · -5.5% YoY. Source: county tax records.