6356 Prophet Ave · Portage, IN 46368

$230,000

4 bd · 2.5 ba · 1,479 sqft · SingleFamily public records · 4 Days on market

Built 1965 0.32 ac lot $156/sqft · 25% below area Est $244k · 6% under ↓ 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 +19.9/30.0
• ARV discount +10.1/15.0
• DSCR +6.3/10.0
• 1% rule +5.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This spacious all brick bi-level is full of potential and ready for your personal touch. Generous living spaces, and a desirable layout, this home is the perfect opportunity for you to build equity while also creating your dream home! With some TLC, the possibilities are endless! Whether you're an investor, first-time home buyer or someone looking for a great value, this property offers incredible potential at an unbeatable price! Don't miss your chance to own this home in a great location for an amazing investment opportunity!

Key facts

• 0.32 acre lot
• Garage
• Built 1965

Property features AI

Exterior

• Parking: Attached and detached garage(s); Garage door opener; Driveway with additional parking; On-street parking; Concrete and asphalt surfaces
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (circuit breakers); Cable available/connected
• Home design: Brick and vinyl siding exterior; Shingle roof; Built in 1965; Property listed as fixer
• Construction: Brick construction; Vinyl siding; Shingle roof
• Exterior features: Covered, screened and front porches; Patio and deck; Private fenced backyard with chain link fencing; Exterior lighting; Rain gutters; Garage(s) and shed(s)

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator; Microwave; Garbage disposal; Gas water heater
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Total of 9 rooms (includes bonus room, living room, great room)
• Flooring: Laminate; Concrete; Vinyl; Tile; Linoleum; Other
• Bathrooms: One full bathroom; One three-quarter bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Walk-in closets; Wet bar; Soaking tub; Laminate countertops; Kitchen island; Accessible approach with ramp; Has basement (partially finished with storage space, interior entry, sump pump)
• Laundry & utility: Laundry room on lower level; Washer hookup; Gas dryer hookup; Laundry sink

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Cap rate 7.7% vs local median 4.0% in Portage — 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 72/100 on livability (#111 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F.
• Portage Township Schools (suburban): math 26% / reading 36% proficiency, ranked #221 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowena Kyle Elementary School (math 34% / reading 45%, grade F, #500 of 994 statewide, top 53%, 472 students, 55% FRL); Willowcreek Middle School (math 19% / reading 31%, grade F, #247 of 330 statewide, top 76%, 949 students, 59% FRL); Portage High School (math 25% / reading 55%, grade F, #217 of 369 statewide, top 59%, 2,243 students, 55% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 311 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,000

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 8.3

CMA / ARV

• ARV (median comp): $244,037
• List price: $230,000
• Delta: -5.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2738 Tecumseh St	0.19mi	4/1.5	1,456 (-2%)	4mo	$230,000	$158	82
2719 Charlotte St	0.24mi	3/1.5 (-1)	1,578 (+7%)	6mo	$277,500	$176	63
2708 Airport Rd	0.28mi	3/2.0 (-1)	1,351 (-9%)	6mo	$239,000	$177	60
2781 Lois St	0.55mi	4/2.0	1,557 (+5%)	9mo	$269,000	$173	56
2717 Lois St	0.53mi	3/2.0 (-1)	1,624 (+10%)	0mo	$279,900	$172	52
2408 Doretta St	0.65mi	3/2.0 (-1)	1,554 (+5%)	5mo	$244,900	$158	50
6291 Lakewood Ave	0.73mi	3/2.0 (-1)	1,435 (-3%)	9mo	$255,500	$178	47
2712 Eleanor St	0.50mi	3/1.5 (-1)	1,323 (-10%)	6mo	$234,900	$178	45
2410 Norman St	0.61mi	3/1.0 (-1)	1,600 (+8%)	2mo	$237,000	$148	45
6428 Amanda Dr	0.57mi	3/2.5 (-1)	1,700 (+15%)	2mo	$369,000	$217	42
6679 Joseph Ave	0.69mi	3/2.0 (-1)	1,597 (+8%)	9mo	$280,000	$175	40
2792 Irving St	0.66mi	3/1.0 (-1)	1,274 (-14%)	4mo	$245,000	$192	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-20,026
• Equity at exit: $34,294

10-year hold

• IRR: 2.8%
• Equity multiple: 1.21×
• Total profit: $13,768
• Equity at exit: $19,886

Cash invested: $64,400 (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 46368

• Rents YoY: 4.3%
• Active inventory: 311
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,310 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$245 /mo · $2,940/yr
• Insurance: −$96
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $222

Break-even live

Break-even rent $2,029

Max offer price $230,000

Occupancy floor 85%

Sensitivity live

Price	-10% $353	-5% $287	+0% $222	+5% $157	+10% $92
Rent	-10% $40	-5% $131	+0% $222	+5% $314	+10% $405
Rate	-1.0pp $338	-0.5pp $281	base $222	+0.5pp $163	+1.0pp $102

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	4d	1	0.29mi
3300 Portside Ct Portage, IN	1.0–3.0	1.0–2.0	839	$1,439	$1.72	2d	6	1.42mi

Listing history 3 events

1. 2026-05-15
   listed $230,000 Active 533-char remark
2. 2022-03-18
   historical
3. 2022-03-18
   listed $245,000 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: $2,940 · $245/mo
• Projected year-2 tax: $2,940 · $245/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 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,720
• − Mortgage interest: −$12,884
• − Property taxes: −$2,940
• − Insurance: −$1,816
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − Depreciation: −$6,691
• Taxable loss: −$1,046
• Est. tax savings @ 24.0%: +$251
• After-tax cash flow: $2,920/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: Portage Township Schools
• NCES district ID: 1809150
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 36% ▼ -10.00%
• Median HH income: $53,880
• Composite: 27.37/100
• National rank: #6978
• State rank: #221 of 301 in IN

Livability — Portage

• Score: 72/100
• State rank: #111
• US rank: #5725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, IN
• County: Porter County · 151,647 people
• City population: 40,301
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,301
• Household income: $76,368
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 856.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 18% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -195.94%
• Current HPI: 181.3254
• Rent YoY: ▲ 4.29%
• 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

4 events — show timeline

• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-15 Listed $230,000 NIRA MLS as Distributed by MLS Grid
• 2022-03-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-03-18 Listed $245,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2024): $2,940 · -8.0% YoY. Source: county tax records.