54483 Whitesell Dr · Chain-O-Lakes, IN 46628

$120,000

2 bd · 1.0 ba · 804 sqft · SingleFamily public records · 212 Days on market

Built 1939 0.51 ac lot $149/sqft · at area comps Est $124k · at est.

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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 +20.2/30.0
• ARV discount +9.1/15.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Situated right across the road from the Conservation Club, on just over 1/2 acre and over 100 ft of roadside frontage, This Bungalow offers 1 Bedroom and 1 Bathroom. The Septic was replaced in 2022. Some of the home has been remolded. The Shed needs some work. This could be your new lake get away, Schedule a showing today.

Key facts

• 1/2 acre
• Septic replaced
• Remodeled

Tags

• 1/2 ACRE
• 100 FT ROADSIDE FRONTAGE
• SEPTIC REPLACED
• REMODELED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.3% in Chain-O-Lakes — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Kennedy Academy (math 45% / reading 52%, grade D, #304 of 994 statewide, top 31%, 520 students, 61% FRL); Lasalle Academy (math 23% / reading 53%, grade F, #136 of 330 statewide, top 44%, 488 students, 56% FRL); Washington High School (math 12% / reading 42%, grade F, #315 of 369 statewide, top 86%, 834 students, 79% FRL) — zoned schools at 65% FRL track the district average.
• Zoned-school proficiency averages 38% at this address vs 16% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the South Bend Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.8%/yr); 429 active listings in the ZIP; 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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 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 1939 — 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 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: 1.03% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.45%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (median comp): $124,468
• List price: $120,000
• Delta: -3.59%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54520 Norwood Dr	0.07mi	3/1.0 (+1)	857 (+7%)	4mo	$261,500	$305	78
26077 Kenwood Dr	0.17mi	2/2.0	850 (+6%)	2mo	$249,900	$294	76
26666 Edison Rd	0.65mi	3/1.0 (+1)	924 (+15%)	2mo	$140,000	$152	38

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-4,863
• Equity at exit: $17,892

10-year hold

• IRR: 9.8%
• Equity multiple: 1.89×
• Total profit: $29,876
• Equity at exit: $10,375

Cash invested: $33,600 (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 46628

• Rents YoY: 6.8%
• Active inventory: 429
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,231 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$141 /mo · $1,688/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $152

Break-even live

Break-even rent $1,038

Max offer price $120,000

Occupancy floor 83%

Sensitivity live

Price	-10% $220	-5% $186	+0% $152	+5% $118	+10% $85
Rent	-10% $55	-5% $104	+0% $152	+5% $201	+10% $250
Rate	-1.0pp $213	-0.5pp $183	base $152	+0.5pp $121	+1.0pp $90

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-22
   days on market $120,000 Active 212 DOM
2. 2026-06-18
   days on market $120,000 Active 209 DOM
3. 2026-06-17
   days on market $120,000 Active 208 DOM
4. 2026-06-16
   days on market $120,000 Active 207 DOM
5. 2026-06-15
   days on market $120,000 Active 206 DOM
6. 2026-06-14
   days on market $120,000 Active 204 DOM
7. 2026-06-13
   days on market $120,000 Active 203 DOM
8. 2026-06-10
   days on market $120,000 Active 201 DOM
9. 2026-06-09
   days on market $120,000 Active 200 DOM
10. 2026-06-08
    days on market $120,000 Active 199 DOM
11. 2026-06-07
    days on market $120,000 Active 198 DOM
12. 2026-06-03
    days on market $120,000 Active 194 DOM
13. 2026-06-02
    days on market $120,000 Active 193 DOM
14. 2026-06-01
    days on market $120,000 Active 192 DOM
15. 2026-05-31
    days on market $120,000 Active 191 DOM
16. 2025-11-20
    listed $120,000 Active 324-char remark

    Show marketing remark (324 chars)

    Situated right across the road from the Conservation Club, on just over 1/2 acre and over 100 ft of roadside frontage, This Bungalow offers 1 Bedroom and 1 Bathroom. The Septic was replaced in 2022. Some of the home has been remolded. The Shed needs some work. This could be your new lake get away, Schedule a showing today.

ⓘ 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: $1,688 · $141/mo
• Projected year-2 tax: $1,688 · $141/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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,771
• − Mortgage interest: −$6,722
• − Property taxes: −$1,688
• − Insurance: −$600
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$3,491
• Taxable loss: −$93
• Est. tax savings @ 24.0%: +$22
• After-tax cash flow: $1,852/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 — Chain-O-Lakes

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Chain-O-Lakes, 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

1 event — show timeline

• 2025-11-20 Listed $120,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2023): $1,688 · -0.7% YoY. Source: county tax records.