Real Estate Investing in South Bend, Indiana (46628)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46628 (South Bend, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- Elevated vacancy: 11.0% vacancy may signal weakening demand.
What’s happening in South Bend, IN (46628)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46628 South Bend
This part of Saint Joseph County is not an easy win. The 46628 ZIP clocks in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Rent of $1,255/mo on a $182K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 46628 sits below the stated 0.0% once reality is priced in.
Statewide comparisons place 46628 among IN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Looking more closely, 27,929 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
New investors are better served looking at South Bend's stable or hybrid ZIPs before stepping into 46628. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in South Bend:
Property Strategy for 46628
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $88,131 | $1,120 | 9.2% | — | $88,131 |
| 2BR | $90,896 | $1,310 | 10.4% | +12.5% | $45,448 |
| 3BR | $185,841 | $1,590 | 6.2% | +9.5% | $61,947 |
| 4BR | $273,809 | $1,730 | 4.5% | +8.9% | $68,452 |
| 5BR | $350,180 | — | — | +8.9% | $70,036 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46628 Compare?
| Metric | 46628 | South Bend | Indiana |
|---|---|---|---|
| Home Value | $181,785 | $186,529 | $248,442 |
| 5-Year CAGR | 8.7% | 8.7% | 7.7% |
| Avg Rent | $1,255 | $1,233 | - |
| Cap Rate | 5.4% | 5.2% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46628 (South Bend, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $181,785 |
| Monthly Rent | $1,255 |
| Price-to-Rent | 12.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.3% |
| Cap Rate | 5.4% |
| 5-Year IRR | 14.1% |
📈 Home Appreciation
| 1-Year | +13.0% ▲ |
| 3-Year CAGR | +7.5% ▲ |
| 5-Year CAGR | +8.7% ▲ |
| 10-Year CAGR | +9.7% ▲ |
🏠 Rent Trends
| 1-Year | +4.9% ▲ |
| 3-Year CAGR | +3.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (7.0%) exceeds the estimated cap rate (5.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 46628
Population: 27,929
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 46628
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,262 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What investment strategy works best in South Bend, IN?
In South Bend, IN the solid play is typically careful cash-flow rentals with hands-on management. The combination of $182K prices and $1,255/mo rents suits that approach.
How strong is the working-renter base in South Bend, IN?
The renter base in South Bend, IN is reasonable for the $1,255/mo price point. Screening well and pricing to market typically yields measured tenants.
Is housing expensive in South Bend, IN?
South Bend, IN median home values land near $182K. That is reasonable territory for investors looking at $1,255/mo-per-month rentals.
Are eviction rules reasonable in South Bend, IN?
For rental operators, South Bend, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
Can I live-in-and-rent in South Bend, IN?
The house hack math a challenging in South Bend, IN. Owner-occupant buyers benefit from the $1,255/mo rents and $182K home values.
You know 46628 now. You don’t know where it ranks.
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