1066 Millpond Rd Unit G · Valparaiso, IN 46385

$155,000

2 bd · 2.0 ba · 6,832 sqft · Condo public records · 122 Days on market

Built 1988 $187/mo HOA · 12% of rent ↓ 6% since listing

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Why this score? — see what drove the C- 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 +17.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +5.4/10.0
• Schools +5.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

NEWLY PAINTED!! Photos capture the previously Painted walls and the updated wall. The whole Condo got Repainted! Discover one of Heritage Valley's hidden gems--a well-cared-for 2-bedroom, 2-bath condo perfectly located in the heart of Valparaiso. Just minutes from downtown dining, shopping, and entertainment, this home is truly move-in ready--simply bring your belongings and settle in. Step outside to your private patio overlooking a quiet, nature-filled setting, offering a relaxing escape right at home. Inside, you'll appreciate the spacious closets, comfortable layout, and thoughtful upkeep throughout. This condo includes a covered carport to keep you protected year-round, along with an

Key facts

• Covered carport
• Private patio
• $187 HOA

Tags

• PRIVATE PATIO
• NATURE FILLED SETTING
• COVERED CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.8% in Valparaiso — 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 82/100 on livability (#12 in IN, #1,149 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Valparaiso Community Schools (suburban): math 56% / reading 64% proficiency, ranked #18 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 375 active listings in the ZIP; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.04% ✓
• Cap rate: 7.26%
• Cash-on-cash: 3.45%
• DSCR: 1.15
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-17,111
• Equity at exit: $23,111

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-4,400
• Equity at exit: $13,402

Cash invested: $43,400 (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 46385

• Active inventory: 375
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,605 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$79 /mo · $951/yr
• Insurance: −$65
• HOA: −$187
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $125

Break-even live

Break-even rent $1,448

Max offer price $155,000

Occupancy floor 87%

Sensitivity live

Price	-10% $212	-5% $168	+0% $125	+5% $81	+10% $37
Rent	-10% $-2	-5% $61	+0% $125	+5% $188	+10% $251
Rate	-1.0pp $203	-0.5pp $164	base $125	+0.5pp $84	+1.0pp $44

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $187 · $2,244/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-04-23
   status Pending
2. 2026-01-29
   price $155,000
3. 2025-12-22
   listed $165,000 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: $951 · $79/mo
• Projected year-2 tax: $1,134 · $95/mo
• Expected delta: +$183/yr (+$15/mo · 19.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,265
• − Mortgage interest: −$8,682
• − Property taxes: −$951
• − Insurance: −$775
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − HOA: −$2,244
• − Depreciation: −$4,509
• Taxable loss: −$979
• Est. tax savings @ 24.0%: +$235
• After-tax cash flow: $1,730/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: Valparaiso Community Schools
• NCES district ID: 1811970
• Math proficiency: 56% ▼ -9.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $56,736
• Composite: 51.69/100
• National rank: #1691
• State rank: #18 of 301 in IN

Livability — Valparaiso

• Score: 82/100
• State rank: #12
• US rank: #1149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Porter County · 151,647 people
• City population: 83,039
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,856
• Household income: $98,957
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 304.0

Population outlook (Porter County) Hauer SSP2

• Today (2025): 177,804 people
• By 2030: 181,552 · +2.1%
• By 2040: 185,830 · +4.5%
• By 2050: 187,498 · +5.5%
• By 2075: 189,585 · +6.6%
• By 2100: 183,722 · +3.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Italian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Porter

• 2024 margin: R (+10.5) · D 43.8% · R 54.3% · Other 1.8%
• 2008→2024 swing: -17.7pp toward R · 2008: 7.2pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+6.1 2016: R+6.8 2012: D+3.8 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.11%
• Current HPI: 201.7039
• Rent YoY: —
• 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

-6.1% since first listed

3 events — show timeline

• 2026-04-23 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-01-29 Price Changed $155,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-22 Listed $165,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.4%/yr

Latest (2024): $951 · +4.6% YoY. Source: county tax records.