301 Altgeld St · South Bend, IN 46614

$105,000

3 bd · 1.0 ba · 1,070 sqft · SingleFamily public records · 14 Days on market

Built 1941 5,227 sqft lot Est $152k · 31% under

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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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This three bedroom, one bathroom home offers a finished attic space, and unfinished basement, and a detached one-stall garage. Sold AS IS, this is a prime opportunity for investors or those ready to put in some work. Located near shopping, grocery stores, and plenty of restaurants. Bring your vision and transform this property into its next chapter. Schedule your showing TODAY!

Key facts

• Finished attic space
• Unfinished basement
• Detached garage

Tags

• FINISHED ATTIC SPACE
• UNFINISHED BASEMENT
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Level lot; Lot dimensions approximately 42 x 127

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Lower-level laundry
• Laundry & utility: Laundry area on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $330 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 10.1% 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: Monroe Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 418 students, 90% FRL); Riley High School (math 19% / reading 46%, grade F, #293 of 369 statewide, top 80%, 992 students, 67% FRL).
• Market conditions: 190 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1941 — 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: 1.23% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.47%
• DSCR: 1.60
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $151,940
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514 E Fairview Ave	0.19mi	3/1.0	1,180 (+10%)	0mo	$172,500	$146	74
713 E Fairview Ave	0.34mi	3/2.5	1,025 (-4%)	2mo	$200,000	$195	70
1909 S Lafayette Blvd	0.47mi	2/1.5 (-1)	1,066 (-0%)	1mo	$151,000	$142	70
830 Eckman St	0.49mi	3/1.5	1,100 (+3%)	1mo	$79,000	$72	70
218 E Woodside St	0.40mi	3/1.0	1,163 (+9%)	4mo	$175,000	$150	64
316 E Dayton St	0.39mi	3/1.0	1,176 (+10%)	2mo	$77,000	$65	64
1508 Carroll St	0.60mi	3/1.0	1,144 (+7%)	4mo	$105,000	$92	57
214 E Woodside St	0.40mi	3/2.0	1,208 (+13%)	2mo	$207,000	$171	54
2126 S Scott St	0.66mi	3/1.0	960 (-10%)	0mo	$163,400	$170	52
712 W Calvert St	0.75mi	3/1.0	1,152 (+8%)	1mo	$154,000	$134	52
822 E Woodside St	0.55mi	2/1.0 (-1)	1,213 (+13%)	2mo	$143,000	$118	45
1515 Lebanon St	0.74mi	2/1.0 (-1)	1,161 (+8%)	4mo	$140,000	$121	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $4,008
• Equity at exit: $15,656

10-year hold

• IRR: 13.1%
• Equity multiple: 2.04×
• Total profit: $30,550
• Equity at exit: $9,078

Cash invested: $29,400 (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 46614

• Home prices YoY: -32.0%
• Active inventory: 190
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,289 high
• Mortgage (P&I): −$551
• Tax from tax record: −$94 /mo · $1,125/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $330

Break-even live

Break-even rent $871

Max offer price $105,000

Occupancy floor 69%

Sensitivity live

Price	-10% $390	-5% $360	+0% $330	+5% $300	+10% $271
Rent	-10% $228	-5% $279	+0% $330	+5% $381	+10% $432
Rate	-1.0pp $383	-0.5pp $357	base $330	+0.5pp $303	+1.0pp $275

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
237 E Victoria St South Bend, IN	3.0	1.0	840	$995	$1.18	44d	1	0.06mi
214 Altgeld St South Bend, IN	2.0	1.0	950	$1,200	$1.26	21d	1	0.07mi
525 E Eckman St South Bend, IN	3.0	1.0	1400	$1,500	$1.07	44d	1	0.28mi
202 E Calvert St South Bend, IN	2.0	1.0	1000	$999	$1.00	21d	1	0.30mi
405 E Woodside St South Bend, IN	3.0	1.0	1440	$1,425	$0.99	21d	1	0.37mi
2114 High St South Bend, IN	3.0	1.0	949	$1,300	$1.37	44d	1	0.39mi
821 E Fairview Ave South Bend, IN	3.0	1.0	1248	$1,399	$1.12	44d	1	0.41mi
909 E Fairview Ave South Bend, IN	3.0	1.0	1128	$1,450	$1.29	44d	1	0.46mi
317 E Indiana Ave South Bend, IN	3.0	1.0	1344	$1,200	$0.89	21d	1	0.57mi
1912 Miami St Unit 1912 South Bend, IN	3.0	1.5	1300	$1,400	$1.08	44d	1	0.66mi
2102 S Scott St South Bend, IN	3.0	1.0	768	$1,250	$1.63	44d	1	0.66mi
1920 S Scott St South Bend, IN	2.0	1.0	816	$1,000	$1.23	14d	1	0.69mi
922 Ridgedale Rd South Bend, IN	2.0	1.0	864	$1,200	$1.39	14d	1	0.80mi
2002 Catalpa Ave South Bend, IN	3.0	1.0	1424	$1,250	$0.88	21d	1	0.86mi
1149 E Indiana Ave South Bend, IN	4.0	2.0	1344	$1,200	$0.89	14d	1	0.90mi
1126 E Broadway St South Bend, IN	4.0	2.0	1492	$1,365	$0.91	21d	1	0.94mi
1007 E Chippewa Ave South Bend, IN	3.0	1.0	1344	$1,399	$1.04	44d	1	0.96mi
416 E Chippewa Ave South Bend, IN	4.0	2.0	1440	$1,900	$1.32	44d	1	1.06mi
4005 Addison St South Bend, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.08mi
1909 Swygart Ave South Bend, IN	2.0	1.0	720	$1,100	$1.53	14d	1	1.26mi
1701 E Donald St South Bend, IN	2.0	1.0	720	$1,075	$1.49	44d	1	1.26mi
1928 S Walnut St South Bend, IN	2.0	1.0	700	$1,150	$1.64	44d	1	1.29mi
1729 E Calvert St South Bend, IN	3.0	1.0	900	$1,300	$1.44	44d	1	1.34mi

Listing history 11 events

1. 2026-06-18
   days on market $105,000 Active 14 DOM
2. 2026-06-17
   pricedays on market $105,000 Active 13 DOM
3. 2026-06-16
   days on market $115,000 Active 12 DOM
4. 2026-06-15
   days on market $115,000 Active 11 DOM
5. 2026-06-14
   days on market $115,000 Active 9 DOM
6. 2026-06-13
   days on market $115,000 Active 8 DOM
7. 2026-06-10
   days on market $115,000 Active 6 DOM
8. 2026-06-09
   days on market $115,000 Active 5 DOM
9. 2026-06-08
   days on market $115,000 Active 4 DOM
10. 2026-06-07
    remarks 381-char remark
11. 2026-06-07
    listed $115,000 Active 3 DOM

ⓘ 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: $1,125 · $94/mo
• Projected year-2 tax: $1,125 · $94/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: $15,467
• − Mortgage interest: −$5,882
• − Property taxes: −$1,125
• − Insurance: −$525
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$3,055
• Taxable income: $2,406
• Est. tax owed @ 24.0%: −$578
• After-tax cash flow: $3,384/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): 29,602
• Household income: $74,153
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 496.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Italian 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Spanish 4%

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: ▼ -100.12%
• Current HPI: 212.2634
• Rent YoY: —
• 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

• 2026-06-04 Listed $115,000 IRMLS

Property tax history

-5.9%/yr

Latest (2024): $1,125 · +101.6% YoY. Source: county tax records.