Most Affordable ZIP Codes in South Bend-Mishawaka, IN-MI (2026)

The lowest entry prices that still hold a decent investability rating — cheap is only useful if the market underneath it is sound.

# ZIP City Home value Rent Cap rate 5-yr growth
1 46613 1% rule South Bend, IN $113,402 $1,193 8.21% 11.3%
2 46619 South Bend, IN $142,085 $1,221 6.70% 10.0%
3 46616 South Bend, IN $154,667 $1,283 6.47% 8.9%
4 46601 South Bend, IN $156,033 $1,038 5.19% 7.1%
5 46628 South Bend, IN $181,785 $1,255 5.38% 8.7%
6 46615 South Bend, IN $185,625 $1,356 5.70% 8.6%
7 46544 Mishawaka, IN $212,769 $1,292 4.74% 7.0%
8 46545 Mishawaka, IN $221,527 $1,267 4.46% 6.9%
9 49045 Decatur, MI $223,750 $873 3.04% 2.8%
10 49047 Dowagiac, MI $232,302 $936 3.14% 5.2%
11 46574 Walkerton, IN $237,650 $936 3.07% 7.3%
12 46614 South Bend, IN $247,627 $1,119 3.53% 7.8%
13 49061 Jones, MI $258,312 $918 2.77% 5.1%
14 49067 Marcellus, MI $259,143 $963 2.90% 5.0%
15 46637 South Bend, IN $259,991 $1,265 3.79% 7.6%
16 46635 South Bend, IN $272,359 $1,080 3.09% 7.9%
17 46554 North Liberty, IN $275,067 $954 2.71% 7.9%
18 46552 New Carlisle, IN $282,676 $1,044 2.88% 7.1%
19 49031 Cassopolis, MI $285,581 $873 2.38% 3.6%
20 46536 Lakeville, IN $296,929 $1,026 2.70% 8.1%
21 46561 Osceola, IN $299,383 $1,251 3.26% 6.9%
22 49112 Edwardsburg, MI $313,486 $1,008 2.51% 4.9%
23 46617 South Bend, IN $338,242 $1,522 3.51% 9.1%
24 49095 Vandalia, MI $363,282 $1,062 2.28% 4.5%
25 49130 Union, MI $386,000 $873 1.76% 4.6%

Ranked from Repit’s own ZIP-level data — Zillow home values and rents, HUD fair-market rents where Zillow has no coverage, and U.S. Census vacancy. Cap rate is gross: annual rent over purchase price, before financing and expenses. Every ZIP above links to its full free page. How we calculate this →

Same metro, different strategy

Cash Flow in South Bend-Mishawaka, IN-MI  ·  Appreciation in South Bend-Mishawaka, IN-MI

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