5702 Lute Rd · Portage, IN 46368

$174,900

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 2 Days on market

Built 1967 0.37 ac lot Est $225k · 22% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.3/30.0
• DSCR +4.4/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 3 bedroom 1 bath ranch on 1/3 acre lot backing up to Rails to Trails! This vinyl sided home offers hardwood flooring throughout, eat-in kitchen with lots of cabinets, laundry room with door to back yard, full bath, 3 bedrooms with ceiling fans, appliances, central air, newer furnace and hot water heater & plenty of room to add a garage all close to Toll Road - 80/94 and South Shore.

Key facts

• Hardwood flooring
• Newer furnace
• Laundry room

Tags

• 1/3 ACRE LOT
• HARDWOOD FLOORING
• EAT-IN KITCHEN
• LAUNDRY ROOM
• CENTRAL AIR
• NEWER FURNACE

Property features AI

Finance

• Other: Living area source: Assessor; Built before 1978: Yes; Possession: Negotiable
• HOA & community: No master association fee required

Exterior

• Utilities: Well water; Public sewer
• Home design: Detached single-family home; One-story
• Construction: Vinyl siding; Built before 1978 (approximately 51–60 years old); Fee simple ownership
• Exterior features: Lot dimensions approximately 127 x 127; Lot about 0.25–0.49 acre; Directions: Willowcreek and Lute W to home on N side

Interior

• Kitchen: Kitchen on main level (12 x 14)
• Bedrooms: 3 bedrooms; Master bedroom on main level (12 x 9); Bedroom on main level (11 x 10); Bedroom on main level (11 x 11)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 5 total rooms; Dining room; Family room; Living room
• Laundry & utility: Laundry room on main level (10 x 8)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $32 ($389/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (18.6% below list).
• Recommended offer: $142k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: schools D, 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.
• Market conditions: Rents rising fast (+4.3%/yr); 311 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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.
• Current owner paid $95k; list at $175k implies a 84% gain — meaningful room to come down on a strong offer.

Recommended offer $142,435 (18.6% below list)

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.81% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.79%
• DSCR: 1.04
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $225,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5659 Redwood Ave	0.10mi	2/1.0 (-1)	1,120 (0%)	11mo	$225,000	$201	82
5596 Robbins Ave	0.34mi	3/1.0	1,120 (0%)	9mo	$224,900	$201	77
3300 Belmont St	0.55mi	3/1.0	1,120 (0%)	1mo	$233,000	$208	74
5533 Lark Ave	0.52mi	3/1.5	1,120 (0%)	0mo	$224,000	$200	73
3283 Oakwood St	0.59mi	3/1.0	1,120 (0%)	4mo	$215,000	$192	70
5561 Batson Ave	0.30mi	3/1.0	1,058 (-6%)	9mo	$185,000	$175	70
5445 Osage Ave	0.53mi	3/1.0	1,040 (-7%)	2mo	$235,000	$226	61
5598 Stone Ave	0.54mi	3/2.0	1,175 (+5%)	10mo	$207,500	$177	55
5508 Harmony Ave	0.49mi	3/1.0	1,216 (+9%)	12mo	$255,000	$210	53
2941 Bryant St	0.64mi	3/1.0	1,066 (-5%)	13mo	$218,200	$205	51
5811 Stone Ave	0.52mi	3/2.5	1,244 (+11%)	5mo	$265,000	$213	47
2906 Bryant St	0.72mi	3/2.0	1,216 (+9%)	11mo	$220,000	$181	39

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-24,457
• Equity at exit: $26,078

10-year hold

• IRR: -3.2%
• Equity multiple: 0.78×
• Total profit: $-10,955
• Equity at exit: $15,122

Cash invested: $48,972 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,424 high
• Mortgage (P&I): −$917
• Tax from tax record: −$103 /mo · $1,233/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $32

Break-even live

Break-even rent $1,383

Max offer price $174,900

Occupancy floor 93%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5946 Fiesta Ave Portage, IN	2.0	2.0	912	$1,350	$1.48	43d	1	0.64mi
3557 Ash St Unit 10 Portage, IN	2.0	1.0	1200	$1,175	$0.98	43d	1	0.72mi
3300 Denise Dr Portage, IN	1.0–2.0	1.0	810	$1,185	$1.46	1d	3	0.81mi
5266 Mulberry Ave Unit A7 Portage, IN	2.0	1.0	700	$1,200	$1.71	5d	1	1.29mi
5260 Mulberry Ave Portage, IN	2.0	1.0	850	$1,200	$1.41	24d	1	1.31mi
5260 Mulberry Ave Portage, IN	2.0	1.0	950	$1,300	$1.37	1d	1	1.31mi
5260 Mulberry Ave Portage, IN	2.0	1.0	700	$1,200	$1.71	3d	1	1.31mi
5260 Mulberry Ave Unit C1 Portage, IN	2.0	1.5	950	$1,300	$1.37	1d	1	1.31mi
5270 Mulberry Ave Unit B8 Portage, IN	2.0	1.0	850	$1,200	$1.41	2d	1	1.33mi
5247 Concord Ave Portage, IN	3.0	1.0	980	$1,400	$1.43	1d	1	1.39mi
3101 County Line Rd Portage, IN	3.0	2.0	1177	$1,900	$1.61	1d	1	1.39mi

Listing history 7 events

1. 2026-05-14
   status Pending 402-char remark

   Show marketing remark (402 chars)

   Affordable 3 bedroom 1 bath ranch on 1/3 acre lot backing up to Rails to Trails! This vinyl sided home offers hardwood flooring throughout, eat-in kitchen with lots of cabinets, laundry room with door to back yard, full bath, 3 bedrooms with ceiling fans, appliances, central air, newer furnace and hot water heater & plenty of room to add a garage all close to Toll Road - 80/94 and South Shore.

2. 2026-05-13
   status Pending
3. 2026-05-11
   listed $174,900 Active 402-char remark

   Show marketing remark (402 chars)

   Affordable 3 bedroom 1 bath ranch on 1/3 acre lot backing up to Rails to Trails! This vinyl sided home offers hardwood flooring throughout, eat-in kitchen with lots of cabinets, laundry room with door to back yard, full bath, 3 bedrooms with ceiling fans, appliances, central air, newer furnace and hot water heater & plenty of room to add a garage all close to Toll Road - 80/94 and South Shore.

4. 2026-05-11
   listed $174,900 Active

   Show marketing remark (402 chars)

   Affordable 3 bedroom 1 bath ranch on 1/3 acre lot backing up to Rails to Trails! This vinyl sided home offers hardwood flooring throughout, eat-in kitchen with lots of cabinets, laundry room with door to back yard, full bath, 3 bedrooms with ceiling fans, appliances, central air, newer furnace and hot water heater & plenty of room to add a garage all close to Toll Road - 80/94 and South Shore.

5. 2015-08-31
   soldstatus $95,000 504-char remark

   Show marketing remark (504 chars)

   Great Location! Fabulous big yard backs up to Portage Rails to Trails! Great for entertaining and picnics. Minutes to Portage City beach and IMAX Theater. Close to Rt 6 shopping and restaurants. Beautiful Hardwood floors throughout the home. Ten year new architectural shingled roof, newer windows and siding. Brand new front and back porches. Large country kitchen. Very well maintained ranch. Freshly painted and all new trim. Lots of natural light. Nothing for you to do except move in day of closing.

6. 2015-06-25
   listed $96,500 504-char remark

   Show marketing remark (504 chars)

   Great Location! Fabulous big yard backs up to Portage Rails to Trails! Great for entertaining and picnics. Minutes to Portage City beach and IMAX Theater. Close to Rt 6 shopping and restaurants. Beautiful Hardwood floors throughout the home. Ten year new architectural shingled roof, newer windows and siding. Brand new front and back porches. Large country kitchen. Very well maintained ranch. Freshly painted and all new trim. Lots of natural light. Nothing for you to do except move in day of closing.

7. 2002-09-27
   listed $75,000

ⓘ 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: $1,233 · $103/mo
• Projected year-2 tax: $1,360 · $113/mo
• Expected delta: +$127/yr (+$11/mo · 10.3%)

ⓘ 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 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $17,092
• − Mortgage interest: −$9,797
• − Property taxes: −$1,233
• − Insurance: −$874
• − Repairs & maintenance: −$1,367
• − Management: −$1,367
• − Depreciation: −$5,088
• Taxable loss: −$2,636
• Est. tax savings @ 24.0%: +$633
• After-tax cash flow: $1,021/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

+133.2% since first listed

7 events — show timeline

• 2026-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Pending — MRED as Distributed by MLS Grid
• 2026-05-11 Listed $174,900 MRED as Distributed by MLS Grid
• 2026-05-11 Listed $174,900 NIRA MLS as Distributed by MLS Grid
• 2015-08-31 Sold (MLS) $95,000 NIRA MLS as Distributed by MLS Grid
• 2015-06-25 Listed $96,500 NIRA MLS as Distributed by MLS Grid
• 2002-09-27 Listed $75,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.6%/yr

Latest (2024): $1,233 · -4.0% YoY. Source: county tax records.