602 E 150th St · East Chicago, IN 46312

$120,000

3 bd · 2.0 ba · 1,480 sqft · MultiFamily public records · 72 Days on market

Built 1907 3,484 sqft lot ↓ 11% 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Appreciation +4.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Spacious 4 bed, 3 bath home offering flexible living options! Ideal for related living, live-in rental (occupy one level and rent another), or potential multi-unit setup. Furnace is 1 year old and home features new entry doors with front, side, and rear entrances. Lower level includes kitchen, full bath, living room, and 2 bedrooms. Main level offers its own kitchen, full bath, and 1 bedroom. Upper level has 2 large rooms and a half bath. Three separate entry areas provide natural separation between levels. Sold as-is. Needs TLC but offers strong potential and versatility. Bring your vision and schedule your showing today--opportunities like this don't last long!

Key facts

• New entry doors
• Live-in rental
• 3,484 sq ft lot

Tags

• FLEXIBLE LIVING OPTIONS
• LIVE-IN RENTAL
• POTENTIAL MULTI-UNIT SETUP
• NEW ENTRY DOORS
• THREE SEPARATE ENTRY AREAS

Property features AI

Exterior

• Parking: On-street parking; 2-car garage
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Natural gas connected
• Home design: Two levels; Built in 1907; Fixer condition
• Construction: Vinyl siding; Shingle roof; Has finished basement (walk-out access)
• Exterior features: Neighborhood view; Patio/porch features; No additional exterior features listed

Interior

• Kitchen: Gas range; Refrigerator; Other appliances
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Other flooring
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Country-style kitchen; Walk-in closets; In-law floorplan; Finished walk-out basement; Bonus room
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#371 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety D+, crime F, amenities F.
• School City Of East Chicago (suburban): math 7% / reading 15% proficiency, ranked #293 of 301 in IN (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Carrie Gosch Pk Center (150 students, 84% FRL); Joseph Block Middle School (math 3% / reading 13%, grade F, #317 of 330 statewide, top 96%, 487 students, 82% FRL); East Chicago Central High School (math 23% / reading 56%, grade F, #221 of 369 statewide, top 63%, 1,079 students, 77% FRL).
• Zoned-school proficiency averages 24% at this address vs 11% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the School City Of East Chicago average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 40% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $466 of equity ($830 loan paydown + $-364 appreciation (-0.3% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.3% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.74%
• DSCR: 1.52
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.3% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.69×
• Total profit: $23,083
• Equity at exit: $33,034

10-year hold

• IRR: 22.2%
• Equity multiple: 3.81×
• Total profit: $94,379
• Equity at exit: $38,292

Cash invested: $33,600 (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 46312

• Home prices YoY: -0.1%
• Rents YoY: 8.1%
• Active inventory: 79
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,394 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$93 /mo · $1,114/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $329

Break-even live

Break-even rent $977

Max offer price $120,000

Occupancy floor 71%

Sensitivity live

Price	-10% $397	-5% $363	+0% $329	+5% $295	+10% $261
Rent	-10% $219	-5% $274	+0% $329	+5% $384	+10% $439
Rate	-1.0pp $389	-0.5pp $359	base $329	+0.5pp $298	+1.0pp $266

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4001 McCook Ave Unit 2 East Chicago, IN	3.0	1.0	960	$1,650	$1.72	4d	1	1.23mi
1311 E # E Unit Columbus Dr unit 1 East Chicago, IN	3.0	1.5	1056	$1,350	$1.28	9d	1	1.23mi

Listing history 9 events

1. 2026-05-01
   status Pending
2. 2026-04-19
   price $120,000
3. 2026-02-16
   listed $139,900 Active
4. 2025-12-14
   historical
5. 2025-11-24
   listed $139,000 Active
6. 2025-11-21
   status Active
7. 2025-11-21
   historical
8. 2025-08-22
   historical Active Under Contract
9. 2025-07-16
   listed $135,000 Active

ⓘ 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: $1,114 · $93/mo
• Projected year-2 tax: $1,114 · $93/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,723
• − Mortgage interest: −$6,722
• − Property taxes: −$1,114
• − Insurance: −$600
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − Depreciation: −$3,491
• Taxable income: $2,121
• Est. tax owed @ 24.0%: −$509
• After-tax cash flow: $3,437/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: School City Of East Chicago
• NCES district ID: 1802880
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 15% ▼ -7.00%
• Median HH income: $28,423
• Composite: 8.36/100
• National rank: #9909
• State rank: #293 of 301 in IN

Livability — East Chicago

• Score: 64/100
• State rank: #371
• US rank: #13869

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment F Housing A Health & safety D+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Chicago, IN
• County: Lake County · 422,878 people
• City population: 26,022
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,022
• Household income: $42,125
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 1227.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (56%)
• Race & ethnicity: Hispanic / Latino 56% Black 36% Two or more races 11% White 7%
• Hispanic origin (detail): Mexican 45% Puerto Rican 6%
• Common ancestry: Romanian 2%
• Foreign-born: 16% · Canada
• Languages at home: 59% English-only · Spanish 40%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.30%
• Current HPI: 267.9232
• Rent YoY: ▲ 8.06%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

-11.1% since first listed

9 events — show timeline

• 2026-05-01 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-19 Price Changed $120,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-16 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2025-12-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-11-24 Listed $139,000 NIRA MLS as Distributed by MLS Grid
• 2025-11-21 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-11-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-08-22 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-07-16 Listed $135,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.8%/yr

Latest (2024): $1,114 · +5.2% YoY. Source: county tax records.