134 W Battell St · Mishawaka, IN 46545

$172,500

3 bd · 1.0 ba · 1,448 sqft · SingleFamily public records · 3 Days on market

Built 1940 2,178 sqft lot Est $203k · 15% under

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Why this score? — see what drove the C+ 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 +23.1/30.0
• ARV discount +14.2/15.0
• DSCR +7.4/10.0
• 1% rule +5.2/10.0
• 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

Listing remarks

Charming 3 bedroom, 1 bath, 1.5 story home offering comfort, space and a fantastic location! Enjoy a spacious living room perfect for relaxing or entertaining. Large primary bedroom provides a peaceful retreat. The roomy kitchen offers plenty of space for cooking and gathering. An enclosed front porch adds extra space. Fenced in yard great for pets or gardening. Conveniently located near the Mishawaka Riverwalk, you'll love easy access to scenic parks and a variety of dining options. A wonderful opportunity to own an affordable home in a fantastic and convenient area. All appliances stay, including washer and dryer. Buyer to verify room sizes, taxes and schools. Subject to sellers finding s

Key facts

• Roomy kitchen
• Fenced in yard
• Spacious living room

Tags

• SPACIOUS LIVING ROOM
• ROOMY KITCHEN
• ENCLOSED FRONT PORCH
• FENCED IN YARD
• NEAR MISHAWAKA RIVERWALK
• EASY ACCESS TO SCENIC PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Cap rate 8.4% 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: 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.
• Zoned schools: Liberty Elementary School (math 23% / reading 22%, grade F, #788 of 994 statewide, top 79%, 417 students, 80% FRL); John J Young Middle School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 735 students, 74% FRL); Mishawaka High School (math 24% / reading 60%, grade F, #197 of 369 statewide, top 57%, 1,488 students, 65% FRL) — zoned schools average 73% FRL vs 54% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 78 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 37% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 11y 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 $130k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,500

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.02% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.67%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $202,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 W Battell St	0.00mi	3/1.0	1,496 (+3%)	0mo	$172,500	$115	94
109 E Battell St	0.11mi	3/1.5	1,476 (+2%)	5mo	$175,000	$119	86
211 E Battell St	0.20mi	2/1.0 (-1)	1,430 (-1%)	1mo	$178,000	$124	83
217 Stanley St	0.30mi	3/2.0	1,448 (0%)	0mo	$249,000	$172	82
1016 Division St	0.33mi	4/1.5 (+1)	1,456 (+1%)	3mo	$215,000	$148	74
522 Benton St	0.48mi	3/1.0	1,501 (+4%)	2mo	$224,900	$150	70
517 Forest Ave	0.44mi	3/1.5	1,537 (+6%)	1mo	$215,000	$140	66
552 Calhoun St	0.66mi	2/1.5 (-1)	1,444 (-0%)	1mo	$169,900	$118	61
1022 Division St	0.34mi	3/1.5	1,302 (-10%)	6mo	$172,000	$132	60
131 E Marion St	0.19mi	2/1.5 (-1)	1,232 (-15%)	1mo	$172,000	$140	59
708 W 3rd St	0.70mi	2/1.0 (-1)	1,376 (-5%)	1mo	$207,500	$151	54
910 W Lawrence St	0.60mi	3/1.5	1,652 (+14%)	4mo	$225,000	$136	44

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-4,346
• Equity at exit: $25,720

10-year hold

• IRR: 9.5%
• Equity multiple: 1.80×
• Total profit: $38,505
• Equity at exit: $14,915

Cash invested: $48,300 (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: 78
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,765 high
• Mortgage (P&I): −$905
• Tax from tax record: −$110 /mo · $1,315/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $309

Break-even live

Break-even rent $1,375

Max offer price $172,500

Occupancy floor 78%

Sensitivity live

Price	-10% $406	-5% $357	+0% $309	+5% $260	+10% $211
Rent	-10% $169	-5% $239	+0% $309	+5% $378	+10% $448
Rate	-1.0pp $395	-0.5pp $352	base $309	+0.5pp $264	+1.0pp $218

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: $43,125
• Closing costs: $5,175
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 W Mishawaka Ave Mishawaka, IN	3.0	1.0–2.0	948	$2,321	$2.45	15d	31	0.16mi
232 E Grove St Mishawaka, IN	3.0	1.0	1188	$1,500	$1.26	15d	1	0.27mi
365 W Front St Mishawaka, IN	2.0	1.0–2.0	825	$3,050	$3.70	15d	1	0.43mi
209 E Edgar Ave Mishawaka, IN	3.0	1.0	1400	$1,400	$1.00	15d	1	0.48mi
3530 Northside Blvd South Bend, IN	1.0–2.0	1.0	850	$1,200	$1.41	15d	1	0.95mi
931 S 34th St South Bend, IN	3.0	1.5	1656	$1,550	$0.94	45d	1	0.95mi
211 Columbia St Mishawaka, IN	4.0	2.5	1500	$1,795	$1.20	23d	1	0.95mi
3001 E Jefferson Blvd South Bend, IN	1.0–2.0	1.0–2.0	848	$1,329	$1.57	15d	21	1.08mi
300 Pin Oak Cir Mishawaka, IN	1.0–3.0	1.0–1.5	835	$1,225	$1.47	15d	1	1.14mi
737 S 30th St South Bend, IN	3.0	2.0	1000	$1,600	$1.60	45d	1	1.18mi
117 Palau Ave Mishawaka, IN	3.0	1.0	1100	$1,650	$1.50	15d	1	1.19mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	23d	1	1.28mi
526 S 28th St South Bend, IN	2.0	1.0	1000	$1,350	$1.35	15d	1	1.29mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	45d	1	1.38mi
303 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	918	$1,975	$2.15	15d	25	1.42mi
302 Village Dr Mishawaka, IN	1.0–3.0	1.0–1.5	950	$2,043	$2.15	15d	33	1.48mi

Listing history 8 events

1. 2026-04-20
   status Pending
2. 2026-04-17
   listed $172,500 Active
3. 2021-07-09
   soldstatus $130,000
4. 2021-05-26
   listed $119,900
5. 2020-03-10
   listed $99,900
6. 2017-11-01
   soldstatus $42,501
7. 2017-06-23
   listed $40,000
8. 2015-07-13
   listed $69,000

ⓘ 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: $1,315 · $110/mo
• Projected year-2 tax: $1,391 · $116/mo
• Expected delta: +$76/yr (+$6/mo · 5.7%)

ⓘ 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: $21,184
• − Mortgage interest: −$9,663
• − Property taxes: −$1,315
• − Insurance: −$862
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$5,018
• Taxable income: $936
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $3,478/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

+150.0% since first listed

8 events — show timeline

• 2026-04-20 Pending — IRMLS
• 2026-04-17 Listed $172,500 IRMLS
• 2021-07-09 Sold (MLS) $130,000 IRMLS
• 2021-05-26 Listed $119,900 IRMLS
• 2020-03-10 Listed $99,900 IRMLS
• 2017-11-01 Sold (MLS) $42,501 IRMLS
• 2017-06-23 Listed $40,000 IRMLS
• 2015-07-13 Listed $69,000 IRMLS

Property tax history

+7.2%/yr

Latest (2023): $1,315 · -1.4% YoY. Source: county tax records.