428 W Navarre St · South Bend, IN 46616

$145,000

2 bd · 2.5 ba · 1,784 sqft · SingleFamily public records · 78 Days on market

Built 1888 4,917 sqft lot $81/sqft · 11% below area Est $164k · 11% 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 +17.1/30.0
• ARV discount +12.6/15.0
• DSCR +5.3/10.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great income producing property! 2 miles from Notre Dame and in the NNN neighborhood. The house features beautiful traditional hardwood and trim, main floor master suite, large main floor laundry room, fenced in back yard, a full bath on each floor. Can be sold with 504 Navarre.

Key facts

• Fenced in back yard
• 4,917 sq ft lot
• 2 garage spots

Tags

• FENCED IN BACK YARD
• MAIN FLOOR MASTER SUITE
• LARGE MAIN FLOOR LAUNDRY ROOM
• FULL BATH ON EACH FLOOR
• 2 MILES FROM NOTRE DAME

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (10.3% below list).
• Recommended offer: $130k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Madison S.T.E.A.M. Academy (math 2% / reading 2%, grade F, #994 of 994 statewide, top 100%, 618 students, 93% FRL); Jackson Middle School (math 3% / reading 8%, grade F, #326 of 330 statewide, top 99%, 528 students, 82% FRL); Adams High School (math 28% / reading 57%, grade F, #195 of 369 statewide, top 53%, 1,976 students, 56% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 44 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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 $99k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,102 (10.3% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1888 — 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: 0.90% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.94%
• DSCR: 1.13
• GRM: 9.3

CMA / ARV

• ARV (median comp): $163,607
• List price: $145,000
• Delta: -11.37%
• 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
516 W Navarre St	0.05mi	3/2.5 (+1)	1,624 (-9%)	10mo	$214,000	$132	69
1040 Woodward Ave	0.50mi	3/2.0 (+1)	1,656 (-7%)	4mo	$185,000	$112	55
1219 Leeper Ave	0.75mi	3/1.5 (+1)	1,847 (+4%)	0mo	$385,000	$208	50
204 Tonti St	0.65mi	3/2.0 (+1)	1,696 (-5%)	8mo	$285,000	$168	48
122 E North Shore Dr	0.56mi	3/2.5 (+1)	1,649 (-8%)	10mo	$412,900	$250	48
807 Diamond Ave	0.73mi	3/1.5 (+1)	1,920 (+8%)	2mo	$70,000	$36	42
1125 W Washington St	0.68mi	3/1.5 (+1)	1,636 (-8%)	4mo	$224,000	$137	42
744 Blaine Ave	0.56mi	3/1.0 (+1)	1,566 (-12%)	1mo	$152,000	$97	41
210 Wakewa Ave	0.56mi	3/1.0 (+1)	1,530 (-14%)	2mo	$300,000	$196	38
507 Ostemo Pl	0.72mi	3/2.0 (+1)	1,608 (-10%)	10mo	$302,000	$188	34
919 Allen St	0.60mi	3/1.5 (+1)	1,530 (-14%)	6mo	$175,000	$114	34
702 W Angela Blvd	0.74mi	3/1.0 (+1)	1,638 (-8%)	10mo	$285,000	$174	32

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 · 6.49% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.69×
• Total profit: $-12,448
• Equity at exit: $21,620

10-year hold

• IRR: 5.3%
• Equity multiple: 1.45×
• Total profit: $18,075
• Equity at exit: $12,537

Cash invested: $40,600 (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 46616

• Home prices YoY: -17.9%
• Rents YoY: 6.5%
• Active inventory: 44
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,301 high
• Mortgage (P&I): −$760
• Tax from tax record: −$107 /mo · $1,288/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $100

Break-even live

Break-even rent $1,175

Max offer price $145,000

Occupancy floor 87%

Sensitivity live

Price	-10% $182	-5% $141	+0% $100	+5% $59	+10% $18
Rent	-10% $-3	-5% $48	+0% $100	+5% $151	+10% $202
Rate	-1.0pp $173	-0.5pp $137	base $100	+0.5pp $62	+1.0pp $24

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 W Navarre St South Bend, IN	3.0	1.5	1520	$1,350	$0.89	15d	1	0.04mi
211 W Washington St South Bend, IN	3.0	1.0–2.5	1162	$5,399	$4.64	22d	19	0.50mi
1118 Van Buren St South Bend, IN	3.0	1.0	1394	$1,375	$0.99	22d	1	0.55mi
300 E Lasalle Ave South Bend, IN	3.0	1.0–3.0	1013	$2,409	$2.38	15d	31	0.58mi
1032 Allen St South Bend, IN	3.0	2.0	1580	$1,200	$0.76	45d	1	0.62mi
752 Diamond Ave South Bend, IN	3.0	1.5	1248	$1,400	$1.12	45d	1	0.68mi
1243 Portage Ave South Bend, IN	3.0	1.0	1570	$1,500	$0.96	45d	1	0.80mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	15d	1	1.06mi
1018 S Bend Ave South Bend, IN	2.0	1.0–2.0	836	$2,950	$3.53	15d	27	1.19mi
1145 N Eddy St South Bend, IN	3.0	1.0–3.0	959	$3,387	$3.53	45d	1	1.21mi
1008 O Brien St Unit O South Bend, IN	3.0	1.0	1634	$800	$0.49	22d	1	1.22mi
1206 Johnson St South Bend, IN	3.0	1.5	1320	$1,400	$1.06	45d	1	1.25mi
1210 Johnson St South Bend, IN	3.0	2.0	1568	$1,250	$0.80	22d	1	1.26mi
2203 Smith St South Bend, IN	3.0	1.0	1248	$1,215	$0.97	15d	1	1.28mi
1642 Johnson St South Bend, IN	3.0	1.0	1375	$1,400	$1.02	15d	1	1.48mi

Listing history 27 events

1. 2026-06-16
   days on market $145,000 Active 78 DOM
2. 2026-06-15
   days on market $145,000 Active 77 DOM
3. 2026-06-14
   days on market $145,000 Active 75 DOM
4. 2026-06-13
   days on market $145,000 Active 74 DOM
5. 2026-06-10
   days on market $145,000 Active 72 DOM
6. 2026-06-09
   days on market $145,000 Active 71 DOM
7. 2026-06-08
   days on market $145,000 Active 70 DOM
8. 2026-06-07
   days on market $145,000 Active 69 DOM
9. 2026-06-03
   days on market $145,000 Active 65 DOM
10. 2026-06-02
    days on market $145,000 Active 64 DOM
11. 2026-06-01
    days on market $145,000 Active 63 DOM
12. 2026-05-31
    days on market $145,000 Active 62 DOM
13. 2026-05-30
    days on market $145,000 Active 61 DOM
14. 2026-03-30
    listed $145,000 Active 279-char remark

    Show marketing remark (279 chars)

    Great income producing property! 2 miles from Notre Dame and in the NNN neighborhood. The house features beautiful traditional hardwood and trim, main floor master suite, large main floor laundry room, fenced in back yard, a full bath on each floor. Can be sold with 504 Navarre.

15. 2024-08-28
    historical $1,250
16. 2024-08-14
    listed $1,250
17. 2024-08-12
    historical $1,350
18. 2024-07-02
    listed $1,350
19. 2023-05-24
    historical
20. 2023-01-13
    soldstatus $99,000 Closed 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

21. 2022-12-14
    historical Active Under Contract 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

22. 2022-12-12
    price $105,000 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

23. 2022-11-15
    status Active 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

24. 2022-11-04
    status Pending 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

25. 2022-11-01
    listed $115,000 Active 587-char remark

    Show marketing remark (587 chars)

    Rare find for this price! This home features 3 bedrooms and 2 FULL baths!! Lots of original details like hardwood floors, wood trim and charming built-ins. Light filled front porch welcomes you in. Main floor bedroom with attached bathroom is an added bonus for a home of this age. New flooring in this spacious kitchen with large windows that overlook the backyard. . Talk about a rare find-this home boasts a main floor mudroom with laundry also with new flooring! You can move right in to this home but it lends itself to opportunity to enhance the charm and original characteristics.

26. 2018-05-18
    soldstatus $73,000
27. 2018-03-26
    listed $75,000

ⓘ 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: $1,288 · $107/mo
• Projected year-2 tax: $1,288 · $107/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 · 16 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: $15,612
• − Mortgage interest: −$8,122
• − Property taxes: −$1,288
• − Insurance: −$725
• − Repairs & maintenance: −$1,249
• − Management: −$1,249
• − Depreciation: −$4,218
• Taxable loss: −$1,240
• Est. tax savings @ 24.0%: +$297
• After-tax cash flow: $1,493/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): 5,979
• Household income: $58,537
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 339.0

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 0.59)
• Race & ethnicity: White 59% Black 21% Hispanic / Latino 16% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 7% Portuguese 2% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 7% 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: ▼ -51.53%
• Current HPI: 237.0154
• Rent YoY: ▲ 6.49%
• 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

+93.3% since first listed

14 events — show timeline

• 2026-03-30 Listed $145,000 IRMLS
• 2024-08-28 Rental Removed $1,250 BUILDIUM
• 2024-08-14 Listed for Rent $1,250 BUILDIUM
• 2024-08-12 Rental Removed $1,350 RENTEC
• 2024-07-02 Listed for Rent $1,350 RENTEC
• 2023-05-24 Rental Removed — RENTEC
• 2023-01-13 Sold (MLS) $99,000 IRMLS
• 2022-12-14 Contingent — IRMLS
• 2022-12-12 Price Changed $105,000 IRMLS
• 2022-11-15 Relisted — IRMLS
• 2022-11-04 Pending — IRMLS
• 2022-11-01 Listed $115,000 IRMLS
• 2018-05-18 Sold (MLS) $73,000 IRMLS
• 2018-03-26 Listed $75,000 IRMLS

Property tax history

+7.4%/yr

Latest (2023): $1,288 · +23.3% YoY. Source: county tax records.