Asking $120,000 | Estimated ARV $152K–$190K | Potential Rent Up to $1,500/Month

Looking for a value-add rental in South Bend's highly desirable River Park neighborhood?

This charming brick home offers a manageable renovation, strong long-term rental appeal, and the opportunity to add a third bedroom in the basement.

With a $152K estimated ARV as a 2-bedroom and $190K as a 3-bedroom, the property's potential value increases considerably if the basement conversion can be completed successfully.

Property Snapshot

• 2 Bedrooms | 1 Bathroom (potential 3rd bedroom)

• 955 Finished Sq. Ft.

• Lot Size: 5,500 Sq. Ft.

• Year Built: 1955

• Exterior: Brick

• Asking Price: $120,000

• Estimated ARV: $152,000 (2-bedroom) | $190,000 (3-bedroom)

• Estimated Rehab: $30,000–$40,000

• Estimated Market Rent: $1,000/month (2-bed) | $1,500/month (3-bed)

Investment Opportunity

Buy & Hold: Located in River Park, this property offers the opportunity to own a brick home in an established neighborhood with appealing long-term appreciation potential.

Value-Add Potential: The basement has confirmed ceiling heights of at least 7 feet, making a potential third bedroom worth exploring.

With proper egress and code-compliant improvements, a third bedroom could increase estimated rental income from $1,000 to $1,500/month, generating approximately $18,000 in annual gross rental income.

BRRRR Potential: At the estimated $190K ARV for a finished 3-bedroom, the property offers a possible $30K–$40K equity spread against the $150K–$160K purchase-plus-rehab budget, before additional costs.

At a hypothetical 75% loan-to-value refinance, the property could support approximately $142,500 in financing, subject to appraisal and lender approval. Investors should expect to leave capital in the deal.

Short-Term Rental Potential: The River Park location may also appeal to investors exploring furnished or short-term rental strategies, subject to local requirements and verification of market demand.

Repairs & Important Considerations

The anticipated renovation appears relatively straightforward, with the primary improvements including:

• Windows: Replacement appears necessary

• Roof: May require an additional layer of shingles, subject to inspection and applicable roofing requirements

• Cosmetics: Potential interior paint and flooring updates

• Bathroom: Cosmetic improvements and updating

• Basement: Potential third bedroom with proper egress and applicable approvals

Estimated Rehab: $30,000–$40,000, depending on the final scope and whether the basement is finished.

Estimated Purchase + Rehab: $150,000–$160,000, before financing, closing costs, carrying costs, and contingencies.

Although basement ceiling height has been confirmed, buyers should independently verify moisture conditions, egress feasibility, permitting, and the final renovation budget.

Best Suited For

• Buy-and-hold investors seeking River Park properties

• Value-add investors interested in creating a third bedroom

• Newer investors with appropriate renovation support

• BRRRR investors comfortable leaving capital in the deal

• Short-term rental investors willing to research local demand and regulations

• Investors prioritizing long-term rental income and appreciation

Photos & Property Report

Property Gallery: https://app.companycam.com/galleries/cakiGVPF

Property Report: https://companycam-attachments-prod-us-east-1.s3.amazonaws.com/9ertztxxcfzxfg44yq6tt4yd8egr

Interested in learning more? Send me a message to discuss the opportunity.

Libby Riggs
Director of Business Development | AssetVia.ai

Taking the fear out of out-of-state investing through AI-powered deal analysis, vetted local teams, and access to off-market opportunities.

All ARVs, rent projections, repair estimates, and investment calculations are preliminary and subject to independent buyer verification.