54609 Whispering Oak Dr · Mishawaka, IN 46545

$330,000

4 bd · 2.5 ba · 2,166 sqft · SingleFamily public records

Built 1966 0.34 ac lot Est $362k · 9% under $9/mo HOA

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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 +12.3/30.0
• ARV discount +11.4/15.0
• Schools +5.1/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

“Meticulous” doesn’t even begin to describe how well the owners have kept this Winding Brook two-story home with an in-ground pool! Winding Brook’s central location, close to St. Joe Regional Hospital, Walt Disney Elementary, Montessori at Edison Lakes, and Main Street shopping makes it the perfect place to call home. With two living rooms, an eat-in kitchen, and a bonus den/office (or formal dining) to use as you need, this home has space to gather or spread out! The first floor also has two pantries (one under the stairs), a half-bath, main-floor laundry, and a mudroom/drop zone with beautiful views of the backyard oasis! The 2-car garage with workshop is oversized

Key facts

• 0.34 acre lot
• 2 garage spots
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $-63 ($-754/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (23.1% below list).
• Recommended offer: $254k (23.1% below list) — sets the bar for 1% rule.

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: amenities F, employment F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Walt Disney Elementary School (math 41% / reading 38%, grade F, #500 of 994 statewide, top 53%, 521 students, 56% FRL); Schmucker Middle School (math 40% / reading 56%, grade C-, #60 of 330 statewide, top 18%, 1,004 students, 36% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools average 40% FRL vs 21% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 77 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• At $2,538/mo this rent would consume 54% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $253,759 (23.1% 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 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.77% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $361,722
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15333 Whispering Oak Dr	0.29mi	4/2.5	2,240 (+3%)	8mo	$319,206	$143	74
15640 Springmill Dr	0.16mi	4/2.5	2,485 (+15%)	3mo	$364,900	$147	65
15525 Carriage Ln	0.28mi	4/2.5	1,998 (-8%)	19mo	$330,000	$165	58
54763 Windingbrook Dr	0.35mi	3/2.0 (-1)	1,962 (-9%)	8mo	$329,900	$168	54
3309 W Chapel Hill Dr	0.64mi	3/2.0 (-1)	2,060 (-5%)	3mo	$347,500	$169	53
15635 Hearthstone Dr	0.29mi	3/2.0 (-1)	1,995 (-8%)	21mo	$345,000	$173	49
14942 Douglas Rd	0.73mi	3/2.5 (-1)	2,271 (+5%)	7mo	$292,000	$129	46
5506 Getty Ct	0.73mi	3/3.0 (-1)	2,032 (-6%)	10mo	$340,000	$167	40
1324 Peachtree Ln	0.51mi	3/2.5 (-1)	1,846 (-15%)	9mo	$314,900	$171	39
1245 Chapel Hill Dr	0.69mi	3/2.5 (-1)	2,060 (-5%)	23mo	$345,000	$167	36

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: -15.5%
• Equity multiple: 0.44×
• Total profit: $-51,827
• Equity at exit: $49,204

10-year hold

• IRR: -3.9%
• Equity multiple: 0.72×
• Total profit: $-26,016
• Equity at exit: $28,532

Cash invested: $92,400 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,538 medium
• Mortgage (P&I): −$1,731
• Tax from tax record: −$190 /mo · $2,285/yr
• Insurance: −$138
• HOA: −$9
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $-63

Break-even live

Break-even rent $2,617

Max offer price $318,906

Occupancy floor 97%

Sensitivity live

Price	-10% $124	-5% $31	+0% $-63	+5% $-156	+10% $-250
Rent	-10% $-263	-5% $-163	+0% $-63	+5% $37	+10% $138
Rate	-1.0pp $103	-0.5pp $21	base $-63	+0.5pp $-148	+1.0pp $-235

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5504 Town Center Dr Granger, IN	1.0–3.0	1.0–2.0	1035	$2,676	$2.59	14d	48	0.69mi
6205 N Fir Rd Granger, IN	1.0–3.0	1.0–2.0	1285	$2,671	$2.08	14d	22	1.04mi

HOA detail

• Monthly dues: $9 · $108/yr
• Likely covers: pool

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $2,285 · $190/mo
• Projected year-2 tax: $2,545 · $212/mo
• Expected delta: +$260/yr (+$22/mo · 11.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $30,451
• − Mortgage interest: −$18,485
• − Property taxes: −$2,285
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,436
• − Management: −$2,436
• − HOA: −$108
• − Depreciation: −$9,600
• Taxable loss: −$6,550
• Est. tax savings @ 24.0%: +$1,572
• After-tax cash flow: $818/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 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

• 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

Property tax history

+2.2%/yr

Latest (2023): $2,285 · -10.5% YoY. Source: county tax records.