1149 E Indiana Ave · South Bend, IN 46613

$99,900

4 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 21 Days on market

Built 1910 5,227 sqft lot $74/sqft · at area comps Est $95k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +5.4/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large 4 bedroom house with 1 & 1/2 bathrooms on east Indiana Ave, just off Miami. This corner lot property has a front porch, one bedroom on the 1st (main) floor, a 1/2 bathroom off the kitchen, as well as a first floor laundry in the rear entry. This property is currently being managed by a professional Property Management Company. At the time of listing, it is vacant, but is up for lease. If an offer is made prior to a lease signing or can continue to go forward with a qualified tenant and a initial 1 year lease signed. This property has been managed for several years as an investment residential property.

Key facts

• 5,227 sq ft lot
• Built 1910
• Listed 21 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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, schools 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.
• Market conditions: Rents rising fast (+4.1%/yr); 77 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent runs 41% of the median local income ($43k/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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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 $10k; list at $100k implies a 919% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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. 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?
4. 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?
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: 1.45% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.69%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $95,389
• List price: $99,900
• Delta: 4.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1149 E Indiana Ave	0.00mi	4/1.5	1,344 (0%)	1mo	$90,000	$67	97
1133 Milton St	0.22mi	3/1.0 (-1)	1,344 (0%)	0mo	$85,000	$63	85
1122 Milton St	0.25mi	3/1.0 (-1)	1,328 (-1%)	4mo	$135,000	$102	78
922 Milton St	0.33mi	3/1.5 (-1)	1,344 (0%)	3mo	$60,000	$45	75
1405 Randolph St	0.34mi	3/1.0 (-1)	1,332 (-1%)	4mo	$168,000	$126	74
1530 Virginia St	0.15mi	4/1.5	1,208 (-10%)	4mo	$130,000	$108	70
1112 E Fox St	0.47mi	3/1.0 (-1)	1,300 (-3%)	2mo	$148,500	$114	66
918 E Bowman St	0.42mi	3/1.0 (-1)	1,248 (-7%)	1mo	$77,000	$62	63
1522 E Ewing Ave	0.69mi	3/1.5 (-1)	1,411 (+5%)	0mo	$220,000	$156	52
1013 E Fairview Ave	0.73mi	3/2.0 (-1)	1,392 (+4%)	4mo	$215,000	$154	48
1201 S Twyckenham Dr	0.46mi	3/2.0 (-1)	1,530 (+14%)	4mo	$228,900	$150	43
316 E Dayton St	0.68mi	3/1.0 (-1)	1,176 (-12%)	2mo	$77,000	$65	41

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.47×
• Total profit: $13,186
• Equity at exit: $14,895

10-year hold

• IRR: 21.6%
• Equity multiple: 2.93×
• Total profit: $54,007
• Equity at exit: $8,638

Cash invested: $27,972 (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 46613

• Home prices YoY: -7.2%
• Rents YoY: 4.1%
• Active inventory: 77
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$524
• Tax from tax record: −$140 /mo · $1,685/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $436

Break-even live

Break-even rent $894

Max offer price $99,900

Occupancy floor 65%

Sensitivity live

Price	-10% $492	-5% $464	+0% $436	+5% $408	+10% $379
Rent	-10% $322	-5% $379	+0% $436	+5% $493	+10% $550
Rate	-1.0pp $486	-0.5pp $461	base $436	+0.5pp $410	+1.0pp $384

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	14d	1	0.02mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	22d	1	0.09mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	45d	1	0.34mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	45d	1	0.56mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	22d	1	0.64mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	45d	1	0.68mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	45d	1	0.77mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	45d	1	0.78mi
1106 S 20th St South Bend, IN	1.0–3.0	1.0–2.0	885	$1,200	$1.36	14d	1	0.86mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	45d	1	1.01mi
114 Altgeld St South Bend, IN	3.0	2.0	1680	$1,399	$0.83	45d	1	1.05mi
754 S 23rd St South Bend, IN	3.0	1.0	884	$1,300	$1.47	45d	1	1.16mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	22d	1	1.16mi
819 S 24th St South Bend, IN	3.0	2.0	1480	$1,795	$1.21	45d	1	1.17mi
913 E Washington St South Bend, IN	4.0	1.5	1312	$1,295	$0.99	22d	1	1.25mi
911 E Washington St South Bend, IN	3.0	1.0	886	$1,195	$1.35	14d	1	1.25mi
116 N Notre Dame Ave South Bend, IN	3.0	1.5	1524	$1,295	$0.85	14d	1	1.28mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	45d	1	1.45mi

Listing history 14 events

1. 2026-05-07
   status Pending 621-char remark

   Show marketing remark (621 chars)

   Large 4 bedroom house with 1 & 1/2 bathrooms on east Indiana Ave, just off Miami. This corner lot property has a front porch, one bedroom on the 1st (main) floor, a 1/2 bathroom off the kitchen, as well as a first floor laundry in the rear entry. This property is currently being managed by a professional Property Management Company. At the time of listing, it is vacant, but is up for lease. If an offer is made prior to a lease signing or can continue to go forward with a qualified tenant and a initial 1 year lease signed. This property has been managed for several years as an investment residential property.

2. 2026-04-16
   listed $99,900 Active 621-char remark

   Show marketing remark (621 chars)

   Large 4 bedroom house with 1 & 1/2 bathrooms on east Indiana Ave, just off Miami. This corner lot property has a front porch, one bedroom on the 1st (main) floor, a 1/2 bathroom off the kitchen, as well as a first floor laundry in the rear entry. This property is currently being managed by a professional Property Management Company. At the time of listing, it is vacant, but is up for lease. If an offer is made prior to a lease signing or can continue to go forward with a qualified tenant and a initial 1 year lease signed. This property has been managed for several years as an investment residential property.

3. 2025-08-23
   status Active
4. 2025-08-23
   historical
5. 2025-05-28
   status Active
6. 2024-12-12
   listed $99,900 Active
7. 2024-09-12
   price $104,999
8. 2024-07-15
   status Active
9. 2024-07-15
   price $110,000
10. 2024-06-24
    price $105,000
11. 2024-03-19
    listed $115,000 Active
12. 2023-11-16
    price $120,000
13. 2023-09-18
    listed $130,000 Active
14. 2013-04-22
    soldstatus $9,800

ⓘ 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: $1,685 · $140/mo
• Projected year-2 tax: $1,685 · $140/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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,343
• − Mortgage interest: −$5,596
• − Property taxes: −$1,685
• − Insurance: −$500
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$2,906
• Taxable income: $3,881
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $4,298/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): 12,279
• Household income: $42,537
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 545.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 41% Hispanic / Latino 24% Black 23% Two or more races 22% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 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: ▼ -20.88%
• Current HPI: 270.0303
• Rent YoY: ▲ 4.08%
• 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

+919.4% since first listed

14 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-04-16 Listed $99,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-05-28 Relisted — IRMLS
• 2024-12-12 Listed $99,900 IRMLS
• 2024-09-12 Price Changed $104,999 IRMLS
• 2024-07-15 Relisted — IRMLS
• 2024-07-15 Price Changed $110,000 IRMLS
• 2024-06-24 Price Changed $105,000 IRMLS
• 2024-03-19 Listed $115,000 IRMLS
• 2023-11-16 Price Changed $120,000 IRMLS
• 2023-09-18 Listed $130,000 IRMLS
• 2013-04-22 Sold (Public Records) $9,800 Public Records

Property tax history

+9.8%/yr

Latest (2023): $1,685 · -0.7% YoY. Source: county tax records.