803 N Main St · Mishawaka, IN 46545

$203,000

5 bd · 3.0 ba · 2,448 sqft · MultiFamily public records · 424 Days on market

Built 1895 5,544 sqft lot $83/sqft · at area comps Est $208k · at est. ↓ 12% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

Key facts

• Corner location
• 5,544 sq ft lot
• 3 parking spots

Tags

• CORNER LOCATION
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $203k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $203k).
• Recommended offer: $179k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 5.3% in Mishawaka — 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 76/100 on livability (#53 in IN, #3,586 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools C-, amenities F, employment F.
• School City Of Mishawaka (urban): math 23% / reading 30% proficiency, ranked #260 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.2%/yr); 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $4,009/mo this rent would consume 85% of the median local household income ($57k/yr) (locally 1243% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $57k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 424 days — a 12% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $27k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 424 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 1895 — 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. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.97% ✓
• Cap rate: 15.89%
• Cash-on-cash: 34.26%
• DSCR: 2.52
• GRM: 4.2

CMA / ARV

• ARV (median comp): $207,555
• List price: $203,000
• Delta: -2.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 218 W Grove St	0.13mi	5/2.0	2,514 (+3%)	24mo	$140,000	$56	66
1009-1011 E Lawrence St	0.66mi	6/3.0 (+1)	2,678 (+9%)	2mo	$175,000	$65	47

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 2.40×
• Total profit: $79,680
• Equity at exit: $30,268

10-year hold

• IRR: 40.6%
• Equity multiple: 5.26×
• Total profit: $242,001
• Equity at exit: $17,552

Cash invested: $56,840 (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 46545

• Rents YoY: 5.2%
• Active inventory: 77
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $4,009 high
• Mortgage (P&I): −$1,065
• Tax from tax record: −$395 /mo · $4,742/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$842
• Net cashflow: $1,623

Break-even live

Break-even rent $1,955

Max offer price $203,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,738	-5% $1,680	+0% $1,623	+5% $1,565	+10% $1,508
Rent	-10% $1,306	-5% $1,464	+0% $1,623	+5% $1,781	+10% $1,940
Rate	-1.0pp $1,725	-0.5pp $1,674	base $1,623	+0.5pp $1,570	+1.0pp $1,517

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,008
Total (3 units)			$4,009

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: $50,750
• Closing costs: $6,090
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 E 7th St Mishawaka, IN	4.0	2.0	2300	$1,750	$0.76	14d	1	0.84mi

Listing history 28 events

1. 2026-06-18
   days on market $203,000 Active 424 DOM
2. 2026-06-17
   days on market $203,000 Active 423 DOM
3. 2026-06-16
   days on market $203,000 Active 422 DOM
4. 2026-06-15
   days on market $203,000 Active 421 DOM
5. 2026-06-14
   days on market $203,000 Active 419 DOM
6. 2026-06-13
   days on market $203,000 Active 418 DOM
7. 2026-06-10
   days on market $203,000 Active 416 DOM
8. 2026-06-09
   days on market $203,000 Active 415 DOM
9. 2026-06-08
   days on market $203,000 Active 414 DOM
10. 2026-06-07
    days on market $203,000 Active 413 DOM
11. 2026-06-02
    days on market $203,000 Active 408 DOM
12. 2026-06-01
    days on market $203,000 Active 407 DOM
13. 2026-05-31
    days on market $203,000 Active 406 DOM
14. 2026-05-30
    days on market $203,000 Active 405 DOM
15. 2026-04-06
    price $203,000 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

16. 2026-02-04
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

17. 2026-01-09
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

18. 2025-09-15
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

19. 2025-08-23
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

20. 2025-08-23
    historical 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

21. 2025-07-21
    price $210,000 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

22. 2025-06-05
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

23. 2025-04-09
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

24. 2025-03-04
    status Pending 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

25. 2025-01-07
    price $219,000 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

26. 2024-12-05
    status Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

27. 2024-11-25
    status Pending 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

28. 2024-07-25
    listed $230,000 Active 273-char remark

    Show marketing remark (273 chars)

    Nice three-unit investment property located in Mishawaka. Located on the corner of Mishawaka and Lawrence. There is a one car detached garage. Great investment opportunity! Must have 24-48 hour notice! Buyer to check all information, taxes, schools and all measurements.

ⓘ 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: $4,742 · $395/mo
• Projected year-2 tax: $4,742 · $395/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 ≥100°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: $48,108
• − Mortgage interest: −$11,371
• − Property taxes: −$4,742
• − Insurance: −$1,015
• − Repairs & maintenance: −$3,849
• − Management: −$3,849
• − Depreciation: −$5,905
• Taxable income: $17,377
• Est. tax owed @ 24.0%: −$4,171
• After-tax cash flow: $15,303/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: School City Of Mishawaka
• NCES district ID: 1806840
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $39,290
• Composite: 22.26/100
• National rank: #8143
• State rank: #260 of 301 in IN

Livability — Mishawaka

• Score: 76/100
• State rank: #53
• US rank: #3586

Category grades

Amenities F Commute C Cost of living A+ Crime C Employment F Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 26,606
• Household income: $56,865
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1243.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Lithuanian 2% English 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -114.83%
• Current HPI: 188.2811
• Rent YoY: ▲ 5.20%
• 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

-11.7% since first listed

14 events — show timeline

• 2026-04-06 Price Changed $203,000 IRMLS
• 2026-02-04 Relisted — IRMLS
• 2026-01-09 Relisted — IRMLS
• 2025-09-15 Relisted — IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-07-21 Price Changed $210,000 IRMLS
• 2025-06-05 Relisted — IRMLS
• 2025-04-09 Relisted — IRMLS
• 2025-03-04 Pending — IRMLS
• 2025-01-07 Price Changed $219,000 IRMLS
• 2024-12-05 Relisted — IRMLS
• 2024-11-25 Pending — IRMLS
• 2024-07-25 Listed $230,000 IRMLS

Property tax history

+2.4%/yr

Latest (2023): $4,742 · +0.1% YoY. Source: county tax records.