2143 N Johnson St · South Bend, IN 46628

$75,000

2 bd · 1.0 ba · 722 sqft · SingleFamily public records · 230 Days on market

Built 1927 0.44 ac lot $104/sqft · 14% below area Est $87k · 14% under

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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 +30.0/30.0
• ARV discount +13.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

Key facts

• Investment property
• Downtown access
• Interior work

Tags

• INVESTMENT PROPERTY
• INTERIOR WORK
• UPDATED SPACES
• CURB APPEAL
• LOCAL AMENITIES
• DOWNTOWN ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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, 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 (+6.8%/yr); 424 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 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 1927 — 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: 1.44% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.75%
• DSCR: 1.75
• GRM: 5.8

CMA / ARV

• ARV (median comp): $86,859
• List price: $75,000
• Delta: -13.65%
• 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
1650 N Brookfield St	0.62mi	2/1.0	720 (-0%)	1mo	$50,000	$69	70
2022 Hollywood Pl	0.54mi	2/1.0	746 (+3%)	2mo	$175,500	$235	68
1701 Johnson St	0.58mi	2/1.0	720 (-0%)	7mo	$70,900	$98	67
1216 Edgewood Dr	0.56mi	2/1.0	768 (+6%)	6mo	$82,500	$107	58
1424 Joyce Dr	0.51mi	2/1.0	768 (+6%)	10mo	$83,000	$108	57
1524 Lagoon Ct	0.48mi	2/1.0	768 (+6%)	13mo	$155,000	$202	56
1329 Eastbrook Dr	0.50mi	2/1.0	768 (+6%)	12mo	$55,000	$72	56
1717 Anderson Ave	0.70mi	2/1.0	736 (+2%)	13mo	$50,000	$68	53
1532 Lagoon Ct	0.49mi	2/1.0	768 (+6%)	17mo	$140,000	$182	53
1229 Joyce Dr	0.60mi	2/1.0	768 (+6%)	12mo	$93,000	$121	51
1518 Keller St	0.68mi	2/1.0	748 (+4%)	14mo	$115,000	$154	51
1626 Fremont St	0.72mi	2/1.0	672 (-7%)	12mo	$75,000	$112	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 · 6.78% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.52×
• Total profit: $10,824
• Equity at exit: $11,183

10-year hold

• IRR: 24.2%
• Equity multiple: 3.50×
• Total profit: $52,551
• Equity at exit: $6,485

Cash invested: $21,000 (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: 424
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,080 high
• Mortgage (P&I): −$393
• Tax from tax record: −$135 /mo · $1,626/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $293

Break-even live

Break-even rent $709

Max offer price $75,000

Occupancy floor 68%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1709 Huey St South Bend, IN	2.0	1.0	720	$995	$1.38	21d	1	0.57mi
1614 Fremont St South Bend, IN	2.0	1.0	720	$850	$1.18	21d	1	0.73mi
1308 Kinyon St South Bend, IN	2.0	1.0	700	$1,100	$1.57	43d	1	0.82mi
2013 Elwood Ave South Bend, IN	3.0	1.0	720	$999	$1.39	43d	1	0.82mi
929 Beale St South Bend, IN	2.0	1.0	720	$975	$1.35	43d	1	0.93mi
937 Roosevelt St South Bend, IN	2.0	1.0	720	$1,060	$1.47	43d	1	0.95mi
2823 Calhoun St South Bend, IN	2.0	1.0	720	$1,249	$1.73	43d	1	1.06mi
3224 Ardmore Trl South Bend, IN	1.0	1.0	675	$864	$1.28	13d	2	1.41mi
717 Huey St South Bend, IN	2.0	1.0	672	$1,050	$1.56	43d	1	1.50mi

Listing history 8 events

1. 2026-05-18
   status Pending 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

2. 2026-05-07
   status Active 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

3. 2026-05-07
   historical 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

4. 2026-05-04
   status Active 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

5. 2026-01-25
   price $75,000 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

6. 2025-09-29
   listed $80,000 Active 555-char remark

   Show marketing remark (555 chars)

   * Seller financing available * Check out an excellent investment property near NOTRE DAME, with much of the interior work already completed. Inside, you’ll find updated spaces that are well on their way to being move-in ready, making this a great head start for investors. The exterior still needs some attention, giving you the perfect chance to add value and increase curb appeal. Conveniently located near local amenities, schools, and downtown access, this property is ideal for anyone looking to finish a project and unlock its full potential.

7. 2024-07-15
   price $64,000
8. 2024-07-09
   listed $69,000 Active

ⓘ 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: $1,626 · $135/mo
• Projected year-2 tax: $1,626 · $135/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 · 15 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: $12,960
• − Mortgage interest: −$4,201
• − Property taxes: −$1,626
• − Insurance: −$375
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$2,182
• Taxable income: $2,503
• Est. tax owed @ 24.0%: −$601
• After-tax cash flow: $2,917/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

+8.7% since first listed

8 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-05-04 Relisted — IRMLS
• 2026-01-25 Price Changed $75,000 IRMLS
• 2025-09-29 Listed $80,000 IRMLS
• 2024-07-15 Price Changed $64,000 IRMLS
• 2024-07-09 Listed $69,000 IRMLS

Property tax history

+1.2%/yr

Latest (2023): $1,626 · -0.7% YoY. Source: county tax records.