1702 Commonwealth Dr · Mishawaka, IN 46544

$75,999

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 256 Days on market

Built 2025 Excellent condition $62/sqft · 58% below area ↓ 29% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Condition / age +5.0/5.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this brand new, 3 bed/2 bath home that offers the perfect blend of comfort, affordability, and modern living. This home boasts an open floor plan, new appliances, and access to community amenities. Don't miss out on the chance to make this charming and affordable residence your own. Schedule a showing today! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

Key facts

• Built 2025
• Listed 255 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $76k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $76k).
• Recommended offer: $67k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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: schools C-, 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.
• Market conditions: Rents rising fast (+9.1%/yr); 140 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 31% of the median local income ($59k/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 $525 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($67k) is reasonable based on typical stale-listing flexibility.

Recommended offer $66,879 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.98% ✓
• Cap rate: 16.82%
• Cash-on-cash: 37.58%
• DSCR: 2.67
• GRM: 4.2

CMA / ARV

• ARV (median comp): $180,729
• List price: $75,999
• Delta: -57.95%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 39.1%
• Equity multiple: 2.79×
• Total profit: $38,128
• Equity at exit: $11,332

10-year hold

• IRR: 48.0%
• Equity multiple: 6.84×
• Total profit: $124,236
• Equity at exit: $6,571

Cash invested: $21,280 (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 46544

• Rents YoY: 9.1%
• Active inventory: 140
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,508 medium
• Mortgage (P&I): −$399
• Tax est. 1.5%: −$95 /mo · $1,140/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $666

Break-even live

Break-even rent $665

Max offer price $75,999

Occupancy floor 51%

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: $19,000
• Closing costs: $2,280
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1434 Fallcreek Dr Mishawaka, IN	2.0–3.0	1.0–2.0	1176	$1,529	$1.30	13d	1	0.28mi
703 E 12th St Unit A Mishawaka, IN	2.0	1.0	900	$1,295	$1.44	43d	1	1.27mi
703 E 12th St Unit D Mishawaka, IN	2.0	1.0	850	$1,395	$1.64	13d	1	1.27mi
642 E 11th St Mishawaka, IN	3.0	1.0	1248	$1,295	$1.04	20d	1	1.34mi

Listing history 11 events

1. 2026-06-10
   days on market $75,999 Active 256 DOM
2. 2026-06-09
   days on market $75,999 Active 255 DOM
3. 2026-06-08
   days on market $75,999 Active 254 DOM
4. 2026-06-07
   days on market $75,999 Active 253 DOM
5. 2026-06-02
   days on market $75,999 Active 248 DOM
6. 2026-06-01
   days on market $75,999 Active 247 DOM
7. 2026-05-31
   days on market $75,999 Active 246 DOM
8. 2026-05-30
   days on market $75,999 Active 245 DOM
9. 2026-05-12
   price $75,999 412-char remark

   Show marketing remark (412 chars)

   Welcome to this brand new, 3 bed/2 bath home that offers the perfect blend of comfort, affordability, and modern living. This home boasts an open floor plan, new appliances, and access to community amenities. Don't miss out on the chance to make this charming and affordable residence your own. Schedule a showing today! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

10. 2026-04-02
    price $74,999 412-char remark

    Show marketing remark (412 chars)

    Welcome to this brand new, 3 bed/2 bath home that offers the perfect blend of comfort, affordability, and modern living. This home boasts an open floor plan, new appliances, and access to community amenities. Don't miss out on the chance to make this charming and affordable residence your own. Schedule a showing today! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

11. 2025-09-27
    listed $106,999 Active 412-char remark

    Show marketing remark (412 chars)

    Welcome to this brand new, 3 bed/2 bath home that offers the perfect blend of comfort, affordability, and modern living. This home boasts an open floor plan, new appliances, and access to community amenities. Don't miss out on the chance to make this charming and affordable residence your own. Schedule a showing today! * All photos and renderings shown are for illustration purposes only. Actual home may vary.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,102
• − Mortgage interest: −$4,257
• − Property taxes: −$1,140
• − Insurance: −$380
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$2,211
• Taxable income: $7,217
• Est. tax owed @ 24.0%: −$1,732
• After-tax cash flow: $6,266/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.

Condition & rehab AI · 1 photo

Excellent 100/100 None rehab

This brand new, 3-bedroom, 2-bathroom manufactured home is move-in ready with a fresh exterior and landscaping. No repairs or maintenance are needed.

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

• Census place: Mishawaka, IN
• County: Saint Joseph County · 189,048 people
• City population: 57,683
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,077
• Household income: $58,829
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 7% English 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -116.74%
• Current HPI: 188.9996
• Rent YoY: ▲ 9.10%
• 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

-29.0% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $75,999 Zillow
• 2026-04-02 Price Changed $74,999 Zillow
• 2025-09-27 Listed $106,999 Zillow